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Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) — The global automated material handling market size is projected to reach USD 56.51 billion by the end of 2027, growing at CAGR of 5.7% during forecast period of 2020 to 2027. The market size was valued worth USD 35.80 billion in 2019. The presence of several large scale companies will have a massive impact on the growth of the overall market. According to a report published by Fortune Business Insights, titled “Automated Material Handling (AMH) Equipment Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027.” The major factors driving the growth of the market are increasing demand for automation in material handling, rising e-commerce industry, and the need for cost-effective material handling solutions.
Material handling equipment are widely used in construction and manufacturing activities for transportation and moving of heavy equipment. Besides these activities, material handling equipment are also used to store, process, assemble, and several other procedures that cannot be carried out by small machines. The increasing applications of these products, coupled with the increasing number of building and construction activities across the globe will have a massive impact on the growth of the overall market in the coming years. The presence of several large scale manufacturers in this sector will provide impetus to the growth of the overall market in the foreseeable future. The massive investments in logistics industries in several countries across the world will create several opportunities for the companies operating in the market.
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The automated material handling manufacturing industry has been witnessing several trends, which are likely to impact the industry’s future growth. One of the most significant trends is the integration of artificial intelligence (AI) and machine learning (ML) technologies in automated material handling systems. AI and ML technologies help improve the efficiency of the material handling process, reduce labor costs, and increase productivity.
Another major trend is the adoption of cloud-based technologies in automated material handling systems. Cloud-based technologies help automate various processes, such as data storage and analysis, real-time tracking, and inventory management, which can lead to significant cost savings for businesses.
Asia Pacific Currently Dominates the Market; Increasing Number of Warehouses will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific currently dominates the market. The increasing number of building and construction activities has had a massive impact on the growth of the regional market. The increasing number of warehouses in several countries across this region will emerge in favor of market growth. As of 2019, the market in Asia Pacific was worth USD 15.07 billion and this value is projected to rise at a considerable pace in the coming years.
The Asia-Pacific region is expected to witness significant growth in the automated material handling manufacturing market, owing to the increasing demand for automation in material handling, rising e-commerce industry, and the need for cost-effective material handling solutions. South Korea, China, and Taiwan are expected to be the major contributors to the growth of the market in the region.
Short-term Downfall during Covid-19 Pandemic may have Long –term Economic Impact
The recent coronavirus outbreak has had a negative impact on several industries across the world. The adverse impact of the pandemic extends to several industries. Due to the rapid spread of the disease, governments in several countries across the world have been compelled to implement strict measures, with the aim of limiting the spread of the disease. These measures have indirectly restricted the growth of several businesses and small scale businesses have almost come to a standstill. Although the Covid-19 pandemic has had a severe impact on the companies in the automated material handling sector, the efforts taken to recover economic losses will create newer opportunities for market growth.
Increasing Number of Product Innovations are Consequential to Advances in Automated Concepts
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing applications and subsequently rising demand for automated material handling equipment across the world, there have been several product innovations in recent years, with most companies encouraged by operational efficacies of these products. In September 2018, Seegrid announced the launch of a new product in the automated material handling space. The company introduced a new vision-guided vehicle, with the aim of expanding its offerings in the automated equipment handling solutions. Increasing number of such product innovations will provide impetus to the growth of the global market in the foreseeable future.
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List of companies profiled in the report:
- Daifuku Co.,Ltd (Headquarter:- Osaka, Japan)
- Jungheinrich AG (Headquarter: – Hamburg, Germany)
- Toyota Industries Corporation (Headquarter: – Aichi, Japan)
- BEUMER Group (Headquarter: – Beckum, Germany)
- Cargotec (Headquarter: – Helsinki, Finland)
- Kion Group (Headquarter: – Frankfurt, Germany)
- Crown Equipment Corporation (Headquarter: – Ohio, United States)
- Honeywell Intelligrated (Headquarter: – Ohio, United States)
- SSI Schaefer AG (Headquarter: – North Rhine-Westphalia, Germany)
- Hytrol Conveyor Company, Inc. (Headquarter: – Jonesboro, United States)
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Report Scope & Segmentation:
- Automated Storage & Retrieval System
- Automated Conveyor & Sorting System
- Automated Guided Vehicle
By System Load
- Unit Load
- Bulk Load
- Others (Sorting)
- Food & Beverages
- Semiconductors & Electronics
- Others (Chemicals)
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- April, 2019: – Brose Fahrzeugteile GmBH & Co. KG, announced that it will be installing AGVs at its Conventry factory. The company announced that it would be investing huge capital in the installation of these AGVs, that would enable speeding up the movement of finished goods eliminating human error.
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