Bulk Material Handling System Market At An Overall Compound Annual Growth Rate (CAGR) Of 2% By End 2031

According to Future Market Insights (FMI), the bulk material handling system market revenue is expected to reach $5.1 billion in 2021. The incorporation of remote user connectivity and interface in equipment, as well as the use of telematics-based services by original equipment manufacturers (OEMs), will drive the market, yielding a 2.10 percent year-on-year growth in 2021.

Bulk material handling systems are widely used in the construction and mining industries, where demand is driven by activities such as ore extraction, crushing, grinding, site-cleaning, demolishing, and decommissioning, among others. Furthermore, the bulk material handling market is expanding as a result of ongoing migration, increased urbanisation, and high-value infrastructure projects with healthy investment.

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Key Takeaways of Bulk Material Handling Systems Market Study

Key players focus on expansion of footprint in the developing countries, which also involves moving new products into new markets such as the Middle East, China and India where construction industry registered a double digit growth in the past decade.
As per the recent trend in the mining industry in the Americas and Asia Pacific, the demand for bulk material handling systems is expected to be from open or surface pit mining especially for coal and ferrous mining.
Since the rental and leasing service is a strong aspect of the bulk material handling systems market, many players have incorporated rental services as business segment while directly selling bulk material handling systems.
Band conveyor and stackers have been identified as the most recognizable bulk material handling systems as they are capable of accomplishing various tasks such as stock piling and transportation, particularly in packaging and manufacturing end use industries.
"Rental services play a pivotal role in the bulk material handling systems market, as these equipment are capital intensive. Hence, to gain profits in this market, players can focus on offering rental and leasing services while also directly selling bulk material handling systems," says an FMI analyst.

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Bulk Material Handling Systems: Competition Scenario

The bulk material handling systems market is assessed to be fragmented market, where market players such as Hitachi Construction Machinery Co., Thyssenkrupp, Kawasaki Heavy Industries, Ltd., Liebherr Group, and Sumitomo Heavy Industries are estimated maintain their dominance in the market throughout the forecast period, and have strong order inflow.

Brief Synopsis

The increasing exploration and production (E&P) activities in oil & gas and mining industries coupled with burgeoning demand from construction industry as a result of growing infrastructural projects is expected to led to high volume orders of bulk material handling systems in the global market.

Increasing awareness of benefits and the resulting demand for automated bulk material handling systems is anticipated to reflect optimistically on the market growth rate of conveyors and stackers.

Though E&P activities in Europe are recovering, the region is projected to foresee healthy growth, attributable to the promising dynamics in the rest of the end-use industries that deploy bulk material handling systems, such as packaging and manufacturing.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.