Bulk Material Handling Systems Market Expected to Behold a CAGR of 4.3% through 2027
The GDP of a country has a direct impact on the global trade and thus the economic prosperity of a country. Regional ports tend to play a pivotal role in cross border trades and leveraging commodity exchanges. The concentrated availability of bulk commodities such as coal, iron ore and petroleum products, has enhanced intra-connectivity amongst all the countries around the world. China is a major importer of raw materials, such as iron ore and coal, and hence is dependent on other countries, such as Australia and Brazil. China, being the chief producer of steel and various other commodities, drags dependency towards itself too. This consolidation of resources and productivity is an important factor responsible for connecting the world through sea routes. China, which is a prominent country in terms of import as well as export of bulk commodities which is almost 60% of world trade, has exhibited a comparatively slow economic growth and has thus reduced import of dry bulk in the last couple of years.
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In spite of the economic slowdown, the global seaborne trade crossed over 10 billion tons in 2015 and is anticipated to witness potential growth over the course of the forecast period. Increasing demand for minor commodities and liquid bulk is estimated to be one of the main drivers responsible for the growth of the bulk material handling systems market during the forecast period. Furthermore, the growing activities pertaining to mining in developing as well as developed regions and increasing construction activities, especially in GCC countries are expected to bode well for the growth of the global bulk material handling systems market in the coming years.
The maritime industry forms a crucial part of the economy of Europe. Countries such as Russia, Netherlands, the U.K., Denmark, and Holland, among others are highly developed in maritime and shipbuilding technology. A wide range of maritime services are linked to shipbuilding, which comprises shipping, seaport services, inland navigation, offshore supply, research and development, recreational boating, classification and inspection, maritime works, government services, crewing, associations, diving, rescue, and ship supplies, among others this is also known as maritime cluster. The growth in the marine industry in European regions in the coming years is expected trigger increasing sales of bulk handling systems in this region.
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In order to stay competent in the market and also cater to the need of the end-use industry verticals, manufacturers are focusing on reducing prices, providing consumers with a wide ranging options, maintaining a large product portfolio, and also ensure long term supply relations with these accounts. This will also help the players in expanding their market share as well as customer base. Some of the leading companies operating in the market are FL Smidth, Thysseenkrupp, Techint Group, Hitachi Construction Machinery Co., Komatsu, and L&H Industrial among several others.
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