According to a new report by Global Market Insights, the material handling equipment market is set to be worth over $190 billion by 2024, due to the increasing interest in automated systems.
The global material handling equipment market growth is defined by the increasing need to deliver an enhanced means for the storage of items and the transit of goods from a respective starting location to a delivery location.
Manufacturing industries are now facing the issue of managing and storage of bulk material.
Material handling equipment, such as conveyors, robots and storage equipment, are used in manufacturing facilities for the efficient management of such materials that need to be delivered.
The report suggests that the rise in the manufacturing activities in the food & beverage, chemical, pharmaceutical, and automotive industries will further drive the demand for material handling systems.
Industries across the supply chain are looking towards automated systems to enhance their productivity and improve their process times.
The report suggests there is a growing interest in replacing human labour with RFID, IoT, and Automatic Identification & Data Capture (AIDC) technologies, to combat labour capital challenges, such as recruiting and retaining labor as well as process times.
The recent expansion of the e-commerce sector has also contributed to the increasing demand for material handling systems in distribution centers and warehouses.
The growth of e-commerce is continuing to outpace traditional retail with the growing significance of automation in the e-commerce industry.
Moreover, with bulk material handling and storage systems now facilitating the management of large volumes of data, they are looking towards the reduction of unnecessary time consumption.
This growing requirement for easy and efficient material handling is why the robotics segment is expected to see CAGR of over 8% to surpass $20 Billion by 2024.
The inclusion of AI and robotics across industry fields is due to the demand high-performance with smooth operations.
The expanding 3PL sector globally is anticipated to see a CAGR of over 6% in the material handling equipment market, and 3PL service providers are now focusing on real-time systems for enhanced visibility.
According to the report, key vendors in the material handling equipment market such as; Hyster-Yale Materials Handling, Inc., KUKA AG, JBT Corporation, Flexlink, Dematic GmbH & Co., KG., are trying to launch new solutions and expand their product portfolio.
Industry giants are set to meet industry demands and produce enhanced automated solutions for the material handling equipment market.
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