Owing to the increasing penetration of advanced technologies such as AI and IoT in the manufacturing sector, the material handling equipment market has been traversing along a profitable growth path lately. The industry is also expected to receive momentum on account of the fact that manual labor is becoming more and more difficult to retain, leading to automated material handling solutions being adopted on a widespread basis.
Which application segment of the material handling equipment industry is slated to witness commendable growth over the forecast timeframe?
The rising complexity of supply chains has compelled several business verticals to avail the services of 3PL providers to ensure efficient and smooth operations. In this context, it would be prudent to take note of the fact that 3PL service providers are focusing on developing real-time systems to enhance visibility, fortifying the position of the 3PL applications in the overall material handling equipment industry.
Which product segment is anticipated to contribute significantly toward the global material handling equipment market share in the forthcoming years?
The increasing awareness regarding the advantages of the automated systems has fueled the demand for robots across various business verticals. As robots facilitate fast and easy pick and place of material, it ensures accuracy and eliminates human involvement in these systems. Moreover, extensive R&D activities and the incorporation of machine learning abilities in the field of robotics has significantly boosted the material handling equipment industry sphere. In fact, as per a highly-curated research report compiled by Global Market Insights, Inc., the robotics segment of the material handling equipment market is forecast to expand at an annual growth rate of more than 8 percent, reaching revenue collection of about USD 20 billion by the end of 2024.
Which region is specifically being regarded as one of the most profitable avenues for the overall material handling equipment industry?
The booming manufacturing sector in emerging Asian economies such as India, China, and Japan has proved to be quite lucrative for the companies partaking in the material handling equipment industry. Additionally, the gradual uptick in the labor expenses has compelled prominent manufacturers across various industries to deploy sophisticated material handling equipment to enhance throughput in less amount of time. Remarkably, these systems are being increasingly adopted in production facilities and warehouses to automate several processes, substantially boosting the Asia Pacific material handling equipment market share.
What are some of the major challenges that may obstruct the growth potential of material handling equipment industry in the times to come?
Companies that are straddled with budgetary constraints appear apprehensive to readily adopt these equipment as the complexity involved in the integration of software and hardware and real-time technical challenges require higher capital investment. In addition to these factors, the increasing risk of cyber-attacks on these systems is likely to further restrict the commercialization prospects of the global material handling equipment industry in the near future.
The foremost companies offering highly-efficient material handling equipment are Daifuku Co., Ltd., Columbus McKinnon, KG., Dematic GmbH & Co., Intelligrated, Inc., Flexlink, JBT Corporation, Kion Group AG, KUKA AG, Hyster-Yale Materials Handling, Inc.
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