Dublin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The "Material Handling Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
Global material handling market is projected to experience significant growth. With a compound annual growth rate (CAGR) of 7.9%, the market is expected to expand from US$167.83 billion in 2022 to US$285.813 billion by 2029.
This growth is largely attributed to the increased adoption of automated solutions in multiple end-user industries, stringent worker safety regulations, and the expanding e-commerce industry which necessitates advanced distribution and warehousing solutions.
Emerging Trends in Material Handling Equipment
The material handling industry is observing a surge in demand, notably for automated lifts and trucks, prompted by the need for operational efficiency and the high costs associated with manual labor. Concurrently, there is a rise in the adoption of Automated Storage and Retrieval Systems (AS/RS), which offer considerable savings in labor, floor space, and inventory management, contributing to enhanced productivity.
Warehousing and Distribution Sector Fuels Demand
A notable driver in the material handling market is the burgeoning third-party logistics (3PL) industry, which is experiencing increased demand for efficient solutions to streamline supply chain operations. Furthermore, a robust growth in global air travel and tourism is promoting a greater need for sophisticated airport baggage handling systems, indicating a potentially thriving market segment.
Manufacturing and Healthcare Sectors to Propel Market Expansion
Within industry verticals, the manufacturing sector is poised for significant growth due to increasing global production activities and a pivotal shift towards capital-intensive operations. Moreover, the healthcare sector, driven by an aging population and a higher prevalence of chronic diseases, is expected to adopt material handling solutions to manage a growing demand for pharmaceuticals and medical devices.
Asia Pacific Region to Exhibit Strong Growth
The Asia Pacific market is forecasted to expand rapidly, propelled by swift industrialization and upsurges in manufacturing in economies such as China, India, and South Korea. These countries, alongside robust investments in construction and infrastructure, supported by government policies, are likely to contribute substantially to the regional demand for material handling solutions.
Significant Market Developments
Recent advancements in product offerings are exemplified by the launch of new electric models by a leading industry player, enhancing the efficiency and versatility of material handling solutions while emphasizing operator comfort. This underlines a continuous innovation trend within the market, aimed at fulfilling growing industrial demands.
The market's segmentation into different products, applications, and geographic regions signifies a diverse and adaptable industry ready to meet the escalating demands of global supply chains across various verticals. The continued integration of automation and technology into material handling solutions represents a pivotal development in industrial operations worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $167.83 Billion |
| Forecasted Market Value (USD) by 2029 | $285.81 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Companies Featured
- Daifuku Co., Ltd.
- Schaefer Systems International Pvt Ltd
- Honeywell Intelligrated
- KION Group (Dematic)
- Toyota Industries Corporation
- Beumer Group
- Material Handling Systems
- KUKA Group (Swisslog Holding AG)
- LIEBHERR
- Alta Equipment Group Inc (PeakLogix)
For more information about this report visit https://www.researchandmarkets.com/r/g3f9go
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