Some of the major material handling equipment market players are KION GROUP, Jugheinrich, Toyota Industries Corporation, SSI Schaefer Group, Crown Equipment Corporation, Hyster-Yale Materials Handling, Daifuku, Mitsubishi Caterpillar Forklift America, Honeywell Intelligrated, and Beumer Group.
Selbyville, Delaware, March 18, 2021 (GLOBE NEWSWIRE) —
Global Market Insights, Inc. has recently added a new report on the material handling equipment market which estimates the market valuation for material handling equipment will cross US$ 200 billion by 2027. The market will witness growth with increasing number of industrial facilities modernizing their infrastructure to boost productivity. Industries are employing sophisticated machines to increase throughput by speeding up the process of material movement.
There is an increasing demand for industrial trucks that enable to transfer heavy goods easily and efficiently. There is a high demand for automated guided vehicles as they carry loads along the facility floor without the need of a driver or an onboard operator. They are operated using an integrated system of hardware and software components. Advancements in the sensor industry will fuel the R&D associated with AGVs. As they do not require personnel for operation, they significantly reduce the labor costs. There will also be an increasing demand for side loaders that carry long loads in the wood and steel industries.
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The expanding 3PL industry globally will boost the adoption of material handling equipment in warehouses and distribution centers. As online retailing has gained traction, several companies are leveraging the benefits of third-party logistics providers to cater to the increasing consumer demands. This will encourage 3PL service providers to modernize their warehouses and storage facilities to ensure on-time and fast delivery of shipments. Material handling equipment enables them to efficiently load/unload products from transportation trucks, store products at large heights in racks, and move products easily throughout the facility through constrained spaces.
The growing manufacturing sector in Latin America will offer growth opportunities to the material handling equipment industry. Mexico ranked first among the U.S. trade partners in total trade in 2019, with a value of USD 614.5 billion. The processed foods industry in the region is strong and is expanding rapidly. This will propel the demand for bulk material handling equipment from the food & beverage sector. Brazil also has a strong automotive manufacturing industry, fueling the demand for conveyor systems and robotics in production facilities. Government organizations in the region encouraging the overall industrial sector will boost the adoption of material handling systems.
Some major findings of the material handling equipment market report are:
- The integration technologies, such as RFID and IoT, into the equipment will fuel their adoption. The increasing adoption of IoT across the manufacturing sector will boost the demand for connected material handling equipment. Automated guided vehicles that can easily move throughout the facility will witness growing demand.
- There will be a high demand for bulk material handling equipment that facilitates the transfer of large volumes of products. As manual material handling techniques are time consuming, bulk material handling equipment streamlines the process of moving heavy goods efficiently and in less time.
- The expanding e-commerce sector globally has encouraged players to automate their warehouses to ensure on-time deliveries and shipments. The growing popularity of warehouse automation to streamline the process of material handling will boost the market growth.
- The expanding industrial sector in Asia Pacific, attributed to the supporting government initiatives will boost the adoption of advanced material handling equipment. Government organizations in the region are encouraging the adoption of the latest technologies to strengthen overall economy competitiveness. This will boost the demand for high-quality material handling equipment.
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Partial chapters of report table of contents (TOC):
Chapter 3 Material Handling Equipment Industry Insights
3.1 Industry segmentation
3.2 Impact of…