Material Handling Equipment Market to grow at 5.5% CAGR over 2018 to 2024

Material Handling Equipment Market size is set to exceed USD 190 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing automation capabilities in the manufacturing space coupled with increasing penetration of advanced technologies, such as IoT, RFID, and AI, are expected to drive the material handling equipment market growth.

Automated material handling systems are gaining popularity with the growing inclination of industries to replace human labor with automated systems. RFID, IoT, and Automatic Identification & Data Capture (AIDC) technologies are becoming significantly popular as they improve the order fulfillment processes and help in enhancing productivity across the supply chain. As human capital is becoming difficult to retain and recruit, automated material handling solutions are aiding companies in managing the labor challenges while ensuring profitability and productivity.

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Rising labor costs in countries including China & India will support the material handling equipment market growth. The booming manufacturing sector in the region coupled with high-cost labor is compelling manufacturers to use sophisticated machinery to ensure high throughput in lesser time. Conventional manual techniques reduce the productivity and lead to time consumption. Traditional techniques for material handling are also prone to errors caused by human fatigue. Moreover, they also pose a restriction to the amount of load that can be transferred or stored. Bulk material handling & storage systems and industrial trucks are facilitating the management of large volumes of data thereby reducing the unnecessary time consumption.

Real-time technical challenges in the operation of these systems with the requirement of high capital investment are anticipated to negatively impact the material handling equipment market. The complexity involved in the integration of hardware and software for manufacturing facilities is restricting companies that have budgetary constraints from adopting these systems. Moreover, cybersecurity threats in these systems are also factors hindering the industry growth.

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The expanding 3PL sector globally is expected to witness a CAGR of over 6% in the material handling equipment market. The increasing complexity of supply chains is compelling businesses to turn towards 3PL service providers to ensure smooth and efficient operations. 3PL service providers are focusing on real-time systems for enhanced visibility. Furthermore, the flourishing durable manufacturing sector in countries including India and China is providing impetus to the market. The growing durable manufacturing industry adopting the latest technologies for production in countries including France and Germany will surge the demand for the equipment.

The developments in the manufacturing sector in countries such as Japan, China, and India are expected to propel the material handling equipment market growth. These systems are increasingly being adopted in warehouses and production facilities for automating all processes. The growing transportation & logistics industry in the U.S. is providing growth opportunities to the industry value at over USD 25 billion in 2017. The early technology adoption in the region and the ongoing R&D in the U.S. will fuel the material handling equipment market demand. Stringent government regulations related to operator safety in Europe are compelling manufacturers to use high-quality machines that comply with the existing standards.

Key vendors in the material handling equipment market comprise Hyster-Yale Materials Handling, Inc., KUKA AG, Kion Group AG, JBT Corporation, Flexlink, Intelligrated, Inc., Dematic GmbH & Co., KG., Columbus McKinnon, and Daifuku Co., Ltd. Companies are trying to launch new solutions and expand the product portfolio. The industry is characterized by strategic acquisitions and collaborations with technology providers to offer enhanced solutions. Players are stressing on manufacturing solutions that cater to specific industry demands and complying with the standards and regulations operating in the industry. Increasing investments in the R&D of new automation solutions will contribute to industry growth.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.