U.S. and Canada, the North American market will expand at 1.90% CAGR from 2021 to 2031

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

Construction and mining industries are major adopters of bulk material handling systems with demand-driven activities such as ore extraction, crushing, grinding, site-cleaning, demolishing, decommissioning and others. Moreover, continuous migration, growing urbanization, and high-value infrastructure projects with the healthy investment drive the growth of the bulk material handling market.

The global sales of bulk material handling systems are forecast to grow from 13,000 units in 2021 to over 14,000 units by the end of 2031. FMI projects moderate growth for the bulk material handling system market at an overall compound annual growth rate (CAGR) of 2% between 2021 and 2031.

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Key Takeaways of Bulk Material Handling Systems Market Study
 - Key players focus on the expansion of footprint in developing countries, which also involves moving new products into new markets such as the Middle East, China and India where the construction industry registered double-digit growth in the past decade.
- As per the recent trend in the mining industry in the Americas and the 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 a business segment while directly selling bulk material handling systems.
- Band conveyors and stackers have been identified as the most recognizable bulk material handling systems as they are capable of accomplishing various tasks such as stockpiling 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.

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

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Brief Synopsis
The increasing exploration and production (E&P) activities in oil & gas and mining industries coupled with burgeoning demand from the construction industry as a result of growing infrastructural projects are expected to lead 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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About Future Market Insights (FMI)

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

This release was published on openPR.