The global material handling market is predicted to experience substantial growth, with a compound annual growth rate (CAGR) of 7.9%, reaching a valuation of £229 billion by 2029. This is according to a new report, "Material Handling Market - Forecasts from 2024 to 2029," added to ResearchAndMarkets.com's offering.
Several factors are driving this upward trend. The increased adoption of automated solutions across numerous industries, alongside stringent worker safety regulations, are key contributors. The booming e-commerce sector, demanding sophisticated distribution and warehousing solutions, further fuels market expansion.
The report highlights notable trends within the material handling equipment market. There's a surging demand for automated lifts and trucks, driven by the need for operational efficiency and the escalating costs associated with manual labour. Simultaneously, the adoption of Automated Storage and Retrieval Systems (AS/RS) is increasing, offering significant savings in labour, floor space, and inventory management, leading to enhanced productivity.
The burgeoning third-party logistics (3PL) industry is a major driver, experiencing a growing need for efficient solutions to streamline supply chain operations. Furthermore, the robust growth in global air travel and tourism necessitates advanced airport baggage handling systems, indicating a promising market segment.
Within specific industry verticals, the manufacturing sector is set for substantial growth, fuelled by increased global production activities and a shift towards capital-intensive operations. The healthcare sector, driven by an ageing population and a rising prevalence of chronic diseases, is expected to embrace material handling solutions to manage the increasing demand for pharmaceuticals and medical devices.
The Asia Pacific region is anticipated to experience rapid growth, driven by swift industrialisation and manufacturing upticks in economies such as China, India, and South Korea. These countries, along with robust investment in construction and infrastructure supported by government policies, are likely to significantly contribute to the regional demand for material handling solutions.
Recent market developments underscore the industry's dynamism. A leading industry player has launched new electric models, enhancing the efficiency and versatility of material handling solutions while prioritising operator comfort. This exemplifies the ongoing trend of innovation within the market, aiming to meet evolving industrial demands.
The market's segmentation into diverse products, applications, and geographical regions highlights its adaptability to meet the growing needs of global supply chains across various sectors. The continued integration of automation and technology into material handling solutions represents a pivotal development in industrial operations worldwide.
Key Report Highlights:
Forecast Period: 2022 - 2029
Estimated Market Value (GBP) in 2022: £134 billion
Forecasted Market Value (GBP) by 2029: £229 billion
Compound Annual Growth Rate: 7.9%
Regions Covered: Global
Leading 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 further information on this report, please visit: [Link to Report on ResearchAndMarkets.com]
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