Material Handling Equipment market to hit USD 200 bn by 2025
North America material handling equipment market share is expected to witness substantial growth over 2019-2025 owing to stable economic conditions.
The material handling equipment market revenue is expected to cross USD 200 billion by 2025. Improving the industrial sector and enhancing productivity in developing economies will drive market growth over the forecast timespan.
Some major findings in the material handling equipment market report include:
- Rise in automated manufacturing activities coupled with the need for improving productivity in industrial facilities will augment the material handling equipment market demand. Companies are widely adopting advanced technologies, such as big data analytics and IoT in logistics, to manage operational requirements, which is changing the way several businesses handle their operations.
- In October 2018, XPO Logistics, Inc., a provider of transportation and logistics services, announced plans to deploy 5,000 robots in its warehouses and distribution centres in North America, the U.K., and several other countries in Europe.
- Key players operating in the industry are Daifuku Co., Ltd., Columbus McKinnon, Kion Group AG, Dematic GmbH & Co., Hyster-Yale Materials Handling, Inc., JBT Corporation, Intelligrated, Inc., Flexlink, and KUKA AG. Players are focusing on introducing differentiated and advanced products to remain competitive in the market.
- The growing competitive nature of businesses has led to the increased adoption of advanced technologies, aiding business processes pertaining to food & beverage, 3PL, food retail, general merchandise, and other similar industries.
The growing demand for automation from SMEs will propel the material handling equipment market growth. SMEs operating in the food & beverages, 3PL, food retail, and general merchandise industries are experiencing intense competition and need to sustain growth in the marketplace. The presence of government initiatives, such as financial support, in the form of reduced duties and tax benefits allowed SMEs to gain a foothold in the market. Automated machines and systems provide efficient work operations and monetary benefits to SMEs by saving huge amounts of labour employment costs. These companies are highly deploying material handling machines and automatic systems over human labour owing to cost savings and high efficiency compared to the traditional processes.
Demand for bulk material handling equipment is witnessing high demand in the material handling equipment market owing to the growing need to transport and control large volumes of material. The equipment handles and supports infrastructure and provides a vital bridge that ensures rapid and efficient delivery. The demand for AS/RS material handling equipment is increasing in manufacturing plants, warehouses, and distribution centres for order picking. These systems retrieve finished goods from manufacturing plants for transportation to warehouses and distribution centres. AS/RS retrieves the required goods for order fulfilment, encouraging industries to adopt the equipment over the manual order picking process to reduce labour costs and ensure efficient order fulfilment.
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