The global Material Handling Equipment Market size is expected to reach USD 41.18 billion by 2025, at a CAGR of 6.8% over the forecast period according to a study conducted by Grand View Research, Inc. Rising growth of e-commerce industry, rapid industrialization, and automation in manufacturing sector are some of the factors expected to positively impact the growth.
Rising
penetration of advanced technologies such as Artificial Intelligence (AI),
Radio Frequency Identification (RFID), and Internet of Things (IoT), among
others is also anticipated to power the market growth. For instance, in April
2016, Hyster-Yale Materials Handling, Inc., announced the launch of Yale
A-WARE. Yale A-WARE is a location-based truck performance control solution that
uses RFID tags to control speed and monitor lifts and acceleration
restrictions. These RFID tags are deployed in warehouse storage aisles, which
are read by a RFID sensor mounted on the truck. The sensor reads the tag and
triggers the pre-defined lift and speed settings at which the truck can
operate.
Materials
handling equipment are extensively used in several manufacturing industries,
such as automotive, food and beverage, and pharmaceutical. For instance,
chemical industries usually face inefficient or disorganized storage. This
issue can be resolved with storage and handling systems that are highly
specific or customized toward the load. Furthermore, the growing disposable
income coupled with rising penetration of internet has made online shopping
convenient. This has urged the need to set up more warehouses, which would
indirectly spur the material handling equipment sales across the e-commerce
industry.
Furthermore,
these equipment are also used in warehouses for managing the storage and
transportation of good and products. It improves productivity by enhancing
logistics at warehouses and manufacturing plants. These products offer
cost-effective, process efficient, and an accurate method for the swift
transition of goods across the manufacturing plants and warehouses, thereby
driving the market growth. However, high initial costs and real-time technical
challenges coupled with lack of awareness are some of the challenges affecting
the growth.
Request a
sample copy or view summary of this report@ https://www.grandviewresearch.com/industry-analysis/materials-handling-equipment-market
Further
key findings from the study suggest:
- The industrial trucks segment accounted for a significant market
share in 2018. However, automated storage and retrieval systems are
anticipated to witness the highest growth over the forecast period. This
is accredited to the varied uses of automated solutions across several
applications such as conveyor systems, robotic delivery systems, and
automated guided vehicles to speed up the task to be carried out
- Additionally, benefits such as enhanced work efficiency and reduced
human efforts are some of the major factors expected to augment the sales
of automated storage and retrieval systems over the forecast period
- Europe held a market share of over 30.0% in terms of revenue in
2018. However, Asia Pacific is anticipated to witness significant growth
over the forecast period, attributed to the rising industrial and
infrastructural activities in developing countries such as India and
Japan. Additionally, growing e-commerce industry is also expected to spur
product sales
- The material handling equipment market is highly consolidated and
characterized by high competition with the presence of major global
players such as BEUMER Group; Intelligrated Systems Inc.; Kion Group AG;
Toyota Industries Corporation; and Murata Machinery Ltd.; among others.
These players engaged in mergers and acquisitions and collaborations or
partnerships to enhance their market presence and to expand their product
portfolio
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, the company offers
market intelligence studies ensuring relevant and fact-based research across a
range of industries including technology, chemicals, materials, healthcare and
energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment