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The North America Market Will Expand At 1.90% CAGR During 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 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.
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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Bulk Material Handling System Market Historic Outlook In Comparison to 2021 - 2031 Forecasts
The demand for proper housing and infrastructural development is rising consistently, which will create prospects for expansion of the bulk material handling system market. According to FMI, the market exhibited a CAGR of 1.10% between 2016 and 2020.
Increasing mining activities will increase the demand for handling and transport of mined materials and equipment's. As mining sector is growing in emerging economies, market players are focusing on penetrating these new markets with product launches and supply in such regions.
In October 2020, electric rope shovel from Komatsu Mining named "P&H 2300XPC" was delivered to a major Russian gold mine in Tenkinsky District of the Far East Magadan region. The excavator is used for stripping operations.
Market players are working towards integrating modern techniques like machine learning and automation with the material handling systems to gain the upper hand in this highly competitive market.
In 2021, Thyssenkrupp Industrial Solutions launched new autonomous bucket wheel stacker reclaimer and hybrid train load out station for handling bulk materials in shipping yards. They use artificial intelligence and automation to enhance bulk materials handling performance.
Increasing mining and construction activities due to rapid urbanization and surge in infrastructural projects is a prime factor driving the growth of the market. As per FMI, the market will rise at 2% CAGR between 2021 and 2031.
Key Factors Shaping Bulk Material Handling Systems MarketIncreasing Infrastructural Projects to Create Lucrative Opportunities
With the rise in infrastructural projects and economic development worldwide, material handling equipment is gaining more acceptance. Rapid infrastructural development activities are creating a demand for construction and mining equipment with increased efficiency and productivity.
This fueling sales of heavy-duty off road vehicles for moving debris and other construction aggregate materials, as well as transport raw ore from one place to another efficiently. Construction sector is one of the major giant playing an important role in any countries economic development, and every country spends significantly for the same. Consequently, numerous players are aiming to enter this sector.
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Recovering Mining Industry to Support Market Growth
Mining, construction, and oil & gas industries have witnessed a significant decline during the first half of the decade. Geo-political factors, trade wars, unstable governments have affected these industries in various countries. The mining industry forms the crux of the economy in countries like Chile, Venezuela, and Peru.
Moreover, the mining industry accounts for 33% of the total energy consumption market globally. Recent trends have witnessed a resurgence of the mining industry in major countries. Moreover, a 53% rise in mining activities is anticipated in the next decade, which will led to an increase in demand for bulk material handling systems.
Bulk Material Handling Systems Market: Structure Analysis
The global bulk material handling systems market is estimated to be fragmented, owing to the number of players in the industry and also due to the prevalence of rental services at the global level.
In the global bulk material handling systems market, major shareholders are offering an extensive range of products, and have footprint in almost all the regions. On the other hand, rest of the competitors are engaged in offering a few bulk material handling system solutions with a limited presence.
Manufacturers operating in the bulk material handling systems market are focusing on business expansion through acquisitions to strengthen their market position.
In July 2017, FLSmidth entered into an agreement to acquire mining Systems operations of Sandvik AB, with an aim to expand its product offering and bulk material handling systems market reach.
In 2017, Hitachi Construction Machinery Co., Ltd. acquired Bradken limited, a major manufacturer and supplier of bulk material handling systems products for mining, transport, general industrial and contract manufacturing markets.
Major manufacturers in the bulk material handling systems market are Thyssenkrupp, Techint Group, FL Smidth, Hitachi Construction Machinery Co., Liebherr Group, IHI Transport Machinery Co., Ltd., Kawasaki Heavy Industries, Ltd., Komatsu, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., L&H Industrial, Schenck Process Holding GmbH, Metso Corporation, Satake Corporation, Beumer Group, and Motridal S.p.A.
This list is indicative - full details about prominent bulk material handling system manufacturers is available upon request
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Key Segments Covered in Bulk material handling system Market Study:
Application
- Mining
- Packaging
- Construction
- Manufacturing
- Sea Ports & Cargo Terminals
Equipment
- Stacker
- Stacker Reclaimer
- Band Conveyor
- Bucket Wheel Excavator
- Stripping Shovel
- Rope Shovel
- Bucket Elevator
- Ship Loader and Unloader
Region
- North America
- Europe
- Latin America
- APAC (Asia Pacific)
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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.
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