Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Material Handling Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Material Handling Equipment Market to Reach US$156 Billion by the Year 2026
Global market for Material Handling Equipment estimated at US$118.7 Billion in the year 2020, is projected to reach a revised size of US$156 Billion by 2026, growing at a CAGR of 4.7% over the analysis period.
The rising need for global production companies to automate operations, and foster flow of goods in an efficient manner is the key force driving the market, at present. Growth in the market is also driven by improving investment in the construction and industrial sector, growing consumer spending on non-durable as well as durable products, improvement in fixed investment spending, and rise in mining activities worldwide.
Growth in the MHE industry is further underpinned by the replacement of antiquated machinery with new automated systems and robotics amid the increasing production shift towards artificial intelligence and Industry 4.0. A notable trend in the industry is increasing switch to cleaner battery-powered electric materials handling systems.
Demand for automated guided vehicles, and automated conveyors are expected to particularly register strong gains through the forthcoming years. Mature industrialized countries in Europe and the US contribute to the bulk of revenues, fueled by healthy replacement demand and the move towards automation and modernization of production processes in key end-use sectors.
Conveyor Systems, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$68.1 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Forklifts segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 32% share of the global Material Handling Equipment market. Conveyors represent the most common MHE available as well as an imperative component of the material transition process in manufacturing facilities globally.
The forklifts segment is anticipated to benefit from technological advances and availability of automated platforms like monitoring and tracking solutions. The broader adoption of forklifts and industrial trucks is attributed to their ability to efficiently lift and move materials over different paths without any restrictions.
The U.S. Market is Estimated at $32.2 Billion in 2021, While China is Forecast to Reach $27.3 Billion by 2026
The Material Handling Equipment market in the U.S. is estimated at US$32.2 Billion in the year 2021. The country currently accounts for a 26.39% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$27.3 Billion in the year 2026 trailing a CAGR of 6.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$29.2 Billion by the end of the analysis period.
North America represents a key market and growth is anticipated to gain from rising awareness regarding worker safety, the need to efficiently manage bulk materials and emergence of Industry 4.0 with increasing penetration of IoT. In addition, the requirement to minimize downtime along with strong focus on making the supply chain more efficient is expected to further drive the adoption of MHE like electric lift trucks.
Growth in Europe market is attributed to increasing use of automation solutions and significant investments by governments to foster adoption of advanced platforms. The region is also witnessing increasing launch of sophisticated solutions to ensure seamless and efficient operations.
Factors such as promising outlook of the manufacturing sector, ongoing transition towards automation and increasing labor costs are anticipated to compel manufacturers in Asia-Pacific region to embrace material handling equipment to increase process throughput.
MARKET TRENDS & DRIVERS
- Mega Trends Shaping Post-COVID-19 Journey of Material Handling Equipment Industry
- Global Material Handling Equipment Market Heading towards Substantial Gains
- Recent Developments in Material Handling Automation
- Trend towards Industry 4.0 Redefines Material Handling Equipment Market
- Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
- The Internet of Things Gains Prominence
- IIoT Applications in Material Handling Equipment
- Cloud Computing: Powering e-commerce
- Predictive Analytics: Simplify Decision Making
- Big Data: Helps Identify the Best WM Practices
- Mobility Devices Take Center Stage
- Wearable Devices: Pilot Adoption Underway
- 3D Printing to Transform the Supply Chain
- Companies Improving Traceability and Enhancing Material Handling Efficiency
- Integration of MHE with Warehouse Management Systems
- Third Party Logistics (3PL): Expanding in Industrial Manufacturing, Retail and Wholesale Sectors
- Technology Tools Seek Wider Role in 3PL Domain
- Expanding Retail Industry Generates Significant Opportunities
- e-Commerce Emerges as New Growth Driver
- Uptrend in e-Commerce Impacts Automated Conveyor Systems
- e-commerce Bringing Changes in Supply Chain Management
- Food & Beverage Manufacturing & Retail: One of the Leading Application Markets
- Growing Importance of Automation & Technology Drive MHE in F&B Industry
- Material Handling Market Steps Up Focus on Sustainability
- Aging Workforce Drives Demand for Automated and Ergonomic Systems
- Focus Intensifies on Cost-Effective MH Solutions
- Traditional Supply Chain Facing Stiff Competition from Omnichannel Commerce
- Technological Advances to Propel the Industry
- Driverless Vehicles and Drones: No Longer a Distant Reality
- Productivity and Safety Gain Immense Attention
- Voice Recognition Systems Find Way
- Select Product and Application Trends
- Demand Goes Strong for Smart Conveyor Equipment
- Modular Designed Conveyor Systems Add Versatility
- Factors Influencing Demand for Conveyors
- Automated Lift Trucks Witness Increasing Adoption
- Technologies Making Their Way into Lift Trucks
- Pallet Trucks Grow in Sophistication
- Demand for Automated Forklifts Picks up in Emerging Countries
- Industry Demand Shifts towards Electric Trucks
- Adoption of Electric Drives in Cranes and Hoists on Rise
- Lithium Batteries Emerge as Hottest Trend
- Advanced Material Handling Technologies Systems Improve Supply Chain Excellence
- Automated Material Handling Equipment Make a Cut
- Unit Load Systems Seek Bigger Role
- Consumption Trends in Key End Use Industries
- Factors Influencing Automated Material Handling Equipment Market
- Strong Contribution from North American Automated MHE Market
- Advanced Robotics Impacts Automated Material Handling Equipment
- Automation Initiatives of Industrial Units Spur Demand for AGVs
- Advancements Lead to Expanded Opportunities for AGVs
- Growth Drivers and Application Trends in Select End-Use Industries
- Increasing Automation in Manufacturing Industries
- Transition of Material Handling in Automobile Industry
- Recovery in Automotive Industry Post COVID-19 to Steer Demand
- Expansion of E-Commerce & Retail Industries
- Entry of Start-Ups with Warehouse Automation Solutions
- Automated Systems Gain Traction in Consumer Electronics Production Units
- Rising Adoption of Automated Systems to Boost Global Pharmaceutical Material Handling Equipment Market
- Key Factors for Selecting a Material Handling System in Pharmaceuticals Manufacturing
FOCUS ON SELECT PLAYERS (Total 463 Featured)
- BEUMER Group GmbH & Co. KG
- Columbus McKinnon Corp.
- Crown Equipment Corporation
- Daifuku Co., Ltd.
- Jervis B. Webb Company
- FlexLink AB
- Honeywell Safety and Productivity Solutions (SPS)
- Hyster-Yale Materials Handling, Inc.
- Hytrol Conveyor Co., Inc.
- Interroll Group
- Jungheinrich AG
- KION Group AG
- Dematic Group
- Liebherr Group
- Mitsubishi Logisnext Americas Inc.
- Murata Machinery, Ltd.
- SSI SCHAFER - Fritz Schafer GmbH
- Swisslog Holding AG
- Toyota Industries Corporation
- Vanderlande Industries Nederland B.V.
- Viastore Systems GmbH
- WITRON Logistik + Informatik GmbH
For more information about this report visit https://www.researchandmarkets.com/r/hqees8
