Automated Material Handling Equipment Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The automated material handling equipment market is estimated to be worth USD 30.6 billion in 2023 and is projected to reach USD 45.7 billion by 2028, at a CAGR of 8.3% during the forecast period. The ever-evolving automotive, e-commerce, food & beverage, 3PL, and other industries and their continuous production are major factors driving the growth of the global automated material handling equipment market. Moreover, the need for ASRS and AGVs for several applications is also a key factor contributing to the market growth.

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Benefits such as low cost of capital, fast return on investment (ROI), and a high degree of possibility of customization encourage manufacturing companies to invest more in factory automation. AMH equipment is used in many industries, such as automotive, chemicals, food and beverages, healthcare, aviation, and metals and heavy machinery. The advantages of this equipment include reduced production time, fewer human errors, increased safety, high-volume production, and increased accuracy and repeatability. The widespread use of AMH equipment, such as automated guided vehicles (AGV), ASRS, conveyors, cranes, and robots, helps fulfill the requirements related to material handling, such as pick and place, storage, retrieval, and transportation. Moreover, in recent years, the market players are also focusing on providing industry specific AMH equipment for various end users. All these factors are expected to provide growth opportunities for market players offering in AMH equipment market.

ASRS accounted for the largest share of the automated material handling equipment industry in 2022. ASRS offers benefits such as reduced space and labor utilization, improved supply chain efficiency and productivity, real-time inventory control at a lower cost, error-free fulfillment, and rapid storage and retrieval of items. Significant investments in automation by e-commerce and automotive players are contributing to the growth of the market. The rising number of installations of ASRS in European countries due to diversified distribution channels of industries such as automotive, chemicals, healthcare, and food & beverages also contributes to this market's growth.

Rising awareness about WMS across small and medium-sized enterprises (SMEs), large globalization of supply chain networks, and substantial growth in adoption of cloud-based WMS solutions are the key factors propelling the demand for WMS. Increasing demand for highly sophisticated warehousing and logistics infrastructure is also anticipated to uplift the growth of the WMS segment.

3PL is also one of the major end-user industry in AMH Equipment market. In the 3PL industry, AMHE enables the optimization of product flow; they also transport pallets from the storage facility to the shipping area via several products such as chain conveyors, transfer cars (T-cars), and turntables. Due to the many difficulties involved in outsourcing, logistic industries are seeking automated solutions to reduce warehouse space and labor costs. AMHE are such automated solutions enabling effective material handling in warehouse without human interference.

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Key players in the automated material handling equipment companies are Daifuku, KION, SSI Schaffer, Toyota Industries, and Honeywell International. These players are equipped with a comprehensive and diverse product portfolio along with a strong geographic presence. These players can focus on developing innovative AMH equipment owing to the emergence of new application areas in the material handling industry.

News also Covered: https://www.prnewswire.com/news-releases/automated-material-handling-equipment-market-worth-45-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301814344.html

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This release was published on openPR.