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/EIN News/ -- New York, USA, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Material Handling Equipment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Material Handling Equipment Market Information by Operation, System Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 5.4% CAGR to reach USD 320.90 Billion by 2030.
Material handling is essential to nearly every business, from manufacturing and construction to shipping and transportation. The demand for effective, affordable lifting solutions and rigging equipment has grown rapidly along with globalization. Effective material handling facilities and the expansion of global supply chains go hand in hand. Both involve transporting substantial loads, such as rigging hardware, machine, building components, vehicles, and raw supplies. The logistics of the business must be supported by a complex network of manual, semi-automated, and automatic equipment and systems for the supply chain to function. Today, almost every business makes use of numerous materials handling tools. By making materials conveniently accessible, each form of storage equipment strikes a balance between lowering handling costs and maximizing space efficiency in the equipment as well as in the layout of the warehouse.
The introduction of hands-free communication technologies, the Internet of Things, and artificial intelligence has accelerated the business production processes in several end-user industries. Technology has advanced significantly in this business, from driverless forklifts to conveyor belts. The supply chain will increasingly use automation as the use of robots increases. Many aspects of the supply chain, including staff and warehouse management techniques as well as speedy processing, will be severely impacted by this automation. As a result, increasing process automation also fuels the expansion of the material handling equipment market. Storage equipment is used to keep or buffer resources for later use.
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The central contenders in the material handling equipment market are:
Market U.S.P. Covered:
The global e-commerce market is expanding quickly, and people are actively buying everyday goods there, fostering the overall expansion of the material handling equipment market. The market for material handling equipment is thought to be primarily driven by the growing popularity of online shopping. Manufacturers and industrial sectors are becoming more visible thanks to the customization of the machinery and systems integrated with the supply chain and warehousing ecosystems. Additionally, the rising labor cost in industrialized nations propels the demand for material handling equipment.
Due to the established market participants' rising investment, several innovations and updates are being introduced into the material handling equipment business. Such elements encourage potential end users to use material handling equipment more frequently to expand their businesses.
The expansion of the material handling sector is anticipated to be hampered by rising up-front expenses and overall ownership costs. The costs associated with purchasing, integrating, programming, and installing this material handling equipment are very substantial. Additionally, some factors limiting the growth of the material handling equipment market are the higher maintenance costs and the slower rate of return on investments.
One of the main restraints on the growth of the material handling equipment sector is the price of replacing the software and the cost of customizing the software to the organization's needs. The main expenses impeding the growth of the material handling equipment market are the equipment's life cycle costs. The main obstacle to expanding the material handling equipment market is a lack of knowledge regarding the accessibility of operating equipment and the variety of tasks these machines can carry out.
Browse In-depth Market Research Report (111 Pages) on Material Handling Equipment https://www.marketresearchfuture.com/reports/material-handling-equipment-market-3214
COVID 19 Analysis
During the shutdown, the e-commerce industry had remarkable growth, which has led to a demand for more productivity in the manufacturing and warehouse industries. The value of the material handling equipment market has expanded due to warehouse modernization and the need for market participants to implement automation to balance demand and productivity. As a result, during the pandemic, there were ups and downs in the growth of the material handling equipment industry. The market operators' incapacity to maintain the efficient supply of their products within the market increased as a result of the supply chain's total breakdown. Along with the OEMs, the epidemic has prompted other supply chain companies to investigate technologies that support informed decision-making with AI deployment to assess the significant volumes of data they regularly create. A resilient supply chain supported by improvements in equipment technology will be created using a combination of data-driven insights and hindsight.
The storage And handling equipment segment shows the highest growth rate in the forecast period.
Semiconductor & Electronics segment shows the highest growth rate in the forecast period.
Industrial Trucks segment to show the highest growth rate in the forecast period.
Pallet Jacks segment to show the highest growth rate in the forecast period.
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The market for material handling equipment was led by Europe, which also contributed the most to revenue. Adopting cutting-edge products will aid market expansion to support a sizable industrial presence in the area. Numerous businesses in Europe, from the production of food and beverages to technology, offer sales prospects. In addition to industrial industries, the regional demand has also been influenced by the e-commerce industry, which same-day delivery models drive. It is projected that economies like China and India will present many chances to assist OEMs in expanding their end-user markets. The quick adoption of e-commerce services during the pandemic, which favored equipment purchases, was the key factor driving regional growth.
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