Material Handling Equipment Market forecast
The rising need to improve productivity within the industrial facilities will considerably fuel demand for efficient material handling equipment. Rapid improvement in the industrial sector with enhanced productivity in the developing nations will foster the development of modernized machines for handling different aspects of manufacturing and logistics processes.
There has been a rise in automated manufacturing activities over the years wherein firms have adopted advanced technologies like IoT in logistics and big data analytics to be able to manage all the operational requirements. This has drastically changed the way numerous businesses usually function. Industry players often undertake development of unique and advanced products that could help companies gain competitive edge over the others.
Prominent manufacturers comprising the material handling equipment industry include Daifuku Co., Ltd., Kion Group AG, Hyster-Yale Materials Handling, Intelligrated, Inc., KUKA AG and Columbus McKinnon, among others.
Material handling equipment market size will surpass USD 200 billion by 2025. High competition within the industry has resulted in the surging adoption of advanced technologies that help all the business processes, related to Food & beverage, food retail, 3PL and general merchandise among others.
Government lays down several initiatives and provides major financial support that is in the form of tax benefits and reduced duties. Such incentives fuel small enterprises to secure a strong foothold within the industry. Massive use of automated systems and machines ensure effective work operations as well as monetary benefits to all such SMEs, as large amount of labor costs are saved.
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These companies are increasingly focusing on the deployment of automated systems and material handling machines to replace human labor on account of their cost-saving and highly efficient features when compared to the traditional processes. They are also safer in terms of the risk of injuries to workers.
The bulk material handling equipment market share has been experiencing significant demand due to the rise in the need to control and transport large volumes of materials. The equipment essentially manages and supports the infrastructure and is an important link for a quick & efficient delivery. Warehouses, distribution centers and manufacturing plants have been increasingly demanding AS/RS material handling equipment for picking up orders.
The systems help transport the finished goods from the manufacturing plants to different warehouses and distribution centers. AS/RS receives the needed goods to fulfill its order while also encouraging several industries to use the equipment, compared to using the manual process of order picking and reduce the cost of labor. It also guarantees more effective order fulfillment.
Latin America material handling equipment industry forecast will exhibit notable growth prospects in the forthcoming years due to rapid industrialization as well as the growing manufacturing sector in the region. The manufacturing companies have been opting for advanced material handling solutions for ensuring higher bottom lines and improving productivity, that has resulted in the economic development of the region.
There has been a rise in the number of companies that have been implementing automated solutions and robots to handle various types of material handling, which has accelerated the growth of the segment in the region. The construction sector has been experiencing a major expansion in South America which led to a rise in the demand for performance material handling solutions.
Author Name :Riya Yadav