Knowledge Sourcing Intelligence announces the publication of a new report on “Material Handling Market - Forecasts from 2020 to 2025” to their offering.
The recognition of seamless industrial operation increased digitalization, adherence to equipment safety to provide enhanced customer experience coupled with rising R&D are a few factors that are estimated to drive the market growth.
As per the report, the market pertaining to the Material Handling Market is expected to reach US$ 201.057 billion by 2025, from US$ 141.657 billion in 2019.
The increasing adoption of solutions pertaining to industrial automation across a broad range of industries is one of the major determinants that is expected to catapult the global material handling market to stratospheric heights. Moreover, with respect to a profusion in eCommerce activities especially in light of CoVID19, growing investments by manufacturers in the installation of a variety of equipment installed at distribution centers as well as warehouses are also leading to higher demand for material handling products and solutions throughout the world. Strict regulations regarding worker’s safety further necessitate the implementation of material handling solutions especially the operations that are regularly carried out in hazardous settings. Moving forward while delving into the product insights, the truck and lift segment is expected to hold a large share of the global material handling market in comparison with other segments. This trend will further grow due to the marked preference of automated lifts and tucks that reduces the recruitment of human labor which is much higher in quantum when compared to types of machinery. Further, this tangible shift in the preference for these categories of equipment is due to the high operational efficiency that they bring with themselves and the cascading effect that is reflected through the supply chain.
Moreover, irrespective of the current stagnation in the construction sector, there has been a largescale investment that has been made around the world covering infrastructure development to setting up of manufacturing as well as processing hubs is also resulting in the demand for small trucks and specialized heavy lifting equipment, in addition to the requirement by the profound and ever-increasing logistics sectors of the world. Besides AS/RS (automated storage and retrieval systems ) is expected experience the swiftest growth during the forecast period due to the high demand for automated machines and equipment’s that ultimately aids in the floor space reduction, minimization of cost of labor, enhancements of levels of inventory and improved productivity thereby leading to a shorter manicuring cycle.
Further, in light of the application, the segment pertaining to warehousing and distribution is expected to dominate the global market depicting ample opportunities for healthy growth during the forecast period. To this end, it is important to ‘note that the expanding global Third-Party Logistics (3PL) industry is significantly throttling the demand for solutions pertaining to material handling. Along with aforesaid the activities brought int by the entry of new startups in the ever-evolving eCommerce industry is further bolstering the recognition and thus the demand for 3PL solutions due to a heavy reliance on other logistic enterprises as a part of the global supply chain. As a result, high demand in materials handling solutions arises from the warehousing and distribution segment of the 3PL industry which stems from the need to convert the entire supply chain process in a smooth system.
On the other hand, the allocation pertaining to handling operations of airport baggage which are expected to rebound and reach stratospheric heights after the global tourism sector normalizes post CoVID19. Is expected to trust the market to new heights. Additionally, the growing availability of air travel, increasing disposable income, enticing offers made by the air carriers is collectively expected to throttle the airport baggage handling operation application as well. Besides from the perspective the industry, the sector pertaining to manufacturing is expected to dominate the global market of material handling the next few years owing to the increasing need for streamlining operation, minimizing costs adherence to stringent government regulation necessitating correct equipment handling and ensuring workers satiety, further the growing need for continuous data required for predictive maintenance is also expected to drive the demand for material handling market during the next few years.
As a part of the report, the major players operating in the material handling market, which have been covered are Daifuku Co., Ltd., Schaefer Systems International Pvt Ltd, Honeywell Intelligrated, Dematic, Toyota Industries Corporation, Beumer Group, Material Handling Systems, and Swisslog Holding AG
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This report segmented the material handling market on the basis following terms