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Material Handling Equipment is a machine used in the manufacturing process by companies for carrying out various functions such as moving, collecting, storing and disposing of the goods. This equipment helps to make the process more efficient and effective. These machines have been in use since over 100 years and technology used in these has seen tremendous improvement since its invention. It is a cost effective and error free method which also makes it very attractive for the manufacturing companies.
The following factors are expected to drive the growth in this market:
The crane and lifting equipment has a considerable market share currently and is expected to retain its position as activities related to metal mining are increasing in some countries. Along with this large scale commercial and residential projects where heavy material is required to be lifted, the role of cranes and lifting equipment becomes indispensable.
The automated storage retrieval system is expected to show the highest CAGR. The market for industrial trucks is also expected to grow.
By system type, the following categorization is done:
The unit load material handling system is expected to grow more owing to the fact that it allows many items to be loaded and unloaded together which saves time and cost for the organizations.
The transportation segment is expected to hold the highest market share in the forecasted period 2021-2026. This is due to the increase in the trend of e-commerce.
The main industries where material handling equipment is used are:
During the period 2020-2025, the e-commerce segment is expected to showcase the highest growth owing to the growth of this sector during the pandemic. Material handling equipment is effective in helping in packaging and distribution in the warehouses and therefore, their demand is expected to grow within this segment.
The different regions identified for analyzing the market are:
Region wise, North America had the highest market demand and it is forecasted that in the period 2020-2025 it will retain its prominence. This is due to the growth of the e-commerce industry in this region. Consumer goods are also highly demanded in this region and the companies wish to automate their processes.
The Asia Pacific region is expected to have the highest CAGR as there is a rise of investments in this region to meet the increasing demands of the consumers. In countries such as China, South Korea and Taiwan the technology that is being used is advanced and with rise in their population and national income the need for material handling equipment would also rise.
There are many small and large players across the globe for material handling equipment. Some of the key companies in this market are:
Some strategies that are being adopted by the key players are mergers and acquisitions along with emphasis on developing improved models.
To deal with the change in environment in the coronavirus pandemic, the manufacturers have come up with the following strategies :
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