Material Handling Equipment Market size to exceed $200bn by 2025
Published Date: October 25, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Material Handling Equipment Market size is set to surpass USD 200 billion by 2025; according to a new research report by Global Market Insights, Inc.
The material handling equipment market is expected to witness significant growth from 2019 to 2025 owing to the flourishing e-commerce sector and retail industry sectors. There has been a rapid decline in offline shopping trends, which is encouraging transport and logistics companies to implement technologies and remain competitive in the market. According to Ecommerce Europe, the online retail sector is estimated to grow by 14% to USD 694 billion in 2019 from USD 610 billion in 2018. Growing adoption of online shopping and increasing development of the e-commerce industry are forcing companies to adopt automation technologies for a smooth supply chain process.
Rise in adoption of bulk material handling equipment to improve production processes
Bulk material handling equipment market will witness high growth in the coming years. The equipment helps in the transportation and control of large volumes of material. In a typical bulk material handling system, raw materials are received from trucks, trains, or ships and are unloaded in a storage facility using a conveyor system and are stored in stockpiles. Materials can be retrieved from the stockpile through automated reclaimers and then transferred to a storage facility using conveyors. Belt conveyors are the most crucial component of the bulk material handling systems. Bulk material handling products provide a vital bridge that ensures rapid and efficient delivery. This equipment can handle the control, transportation, and storing of material in the loose bulk form that includes liquid, food and minerals. Reclaimers, stackers, conveyor belts, bucket elevators, hoppers, and silos form an important part of the system.
Rising application of industrial trucks for effective lifting and transporting material capabilities
The industrial trucks segment will witness high demand in the material handling equipment market for its ability to move materials over variable paths without restrictions. Trucks with forks are witnessing high-scale adoption to handle pallets and place the loads in manufacturing facilities. In addition, powered industrial trucks, such as forklifts, are being used to transport large quantities of materials around the production floor. These trucks are also utilized to efficiently unload or load heavy objects into delivery trucks. The increase in cross-border commerce, factory production, and disposable income is further escalating the industrial trucks’ demand.
Browse key industry insights spread across 395 pages with 417 market data tables and 39 figures & charts from the report, “Material Handling Equipment Market Size By Product (Storage & Handling Equipment [Racks, Stacking Frames, Shelves, Bins & Drawers, Mezzanines], Industrial Trucks [Automated Guided Vehicles (AGVs), Hand, Platform & Pallet Trucks, Order Pickers, Pallet Jacks, Side-Loaders, Walkie Stackers], Bulk Material Handling Equipment [Conveyor belts, Stackers, Reclaimers, Elevators], Robotics, Automated Storage & Retrieval System (AS/RS) [Unit-Load AS/RS, Mini-Load AS/RS]), By Application (3PL, E-Commerce, Durable Manufacturing, Food & Beverage, General Merchandise, Food Retail), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Growing adoption of automation in the e-commerce sector driving material handling equipment market
The e-commerce sector is witnessing high adoption of material handling equipment for its ability to provide a scalable and flexible solution to optimize productivity, increase order accuracy, and improve order cycle times. In the sector, IoT technology is majorly adopted by warehouse and logistics industry. The implementation of RFID and sensors into the equipment is enabling faster and error-free movements during the process. The technology helps to provide identification and tracking information such as identifying arrivals of pallets in warehouses and tracking environmental data. The integration of sensors into industrial trucks allows tracking the number of inventories managed, speed, and load capacity of machines. Moreover, the adoption of warehouse control systems enhances operations by directing the trucks to pick, locate & identify the height in which products are stored.
Rise in adoption of advanced technologies coupled with growth in the 3PL industry sector in North America
The North America material handling equipment market share is expected to witness substantial growth over the forecast time span owing to stable economic conditions favoring the adoption of latest advanced technologies. Growing industrialization has led to a rise in the demand for improved material handling solutions in the region. The region has witnessed considerable growth in 3PL owing to several companies delivering customized services and offering a variety of solutions by enhancing efficiency and reducing costs. Companies, such as Coyote Logistics and FedEx, are widely adopting the technology, resulting in providing the material handling equipment market with several growth opportunities. Moreover, increasing developments in robotics, electronics, and IoT in the region are further supporting the implementation of the latest technology infused material handling systems.
Companies are experiencing intense competition and focusing on enhancing their product portfolio. Players are entering into long-term partnerships and collaborations with other local players to strengthen their market presence. For instance, in January 2017, Columbus McKinnon Corporation, a manufacturer of material handling systems and services announced the acquisition of Stahl CraneSystems GmbH, an industrial cranes manufacturer, with an aim to establish a stronger combined business that expands the scope and scale of Stahl’s product platforms in emerging markets.
As the demand for material handling equipment market increases, the competitive landscape is expected to become more intense over the forecast timespan, which is encouraging vendors to increase investments in R&D activities for developing advanced technologies to increase their customer base globally. Some of the key players in the material handling equipment market share are Flexlink, KUKA AG, Columbus McKinnon, Daifuku Co., Ltd, Honeywell Intelligrated, Inc., Hyster-Yale Materials Handling, Inc., Dematic GmbH & Co., JBT Corporation, and Kion Group AG.
Explore More on Related Topics: