Posted March 28, 2018

Material handling equipment market to grow by 5%

The material handling equipment market is expected to exceed $190 billion by 2024 according to a new research report by Global Market Insights Inc.

Material handling equipment market growth is attributed to the capability to deliver a rapid and efficient means for the transit of goods from the warehouses to their respective locations. In addition, these systems provide several benefits to different industry verticals such as food retail, general merchandise, and durable manufacturing by enhancing the productivity with the use of automated systems and eliminating the need for humans for tedious tasks to minimize manual errors.

A strong investment landscape to install this machinery in warehouses and distribution centers will offer significant growth opportunities to the material handling equipment market, the report says. Companies are actively integrating various advanced solutions in the warehouses and distribution centers due to the swift changes in the consumer preferences. Several manufacturers have introduced tracking sensors and telematics solutions into the equipment, which aids in providing data management solutions that support the companies managing their warehouse fleet efficiently.

Increasing demand for robotics is expected to drive the material handling equipment market demand. This is due to the ability of robots to improve the effectiveness of the manufacturing plant and surge customer satisfaction by delivering quality products in a timely manner. It also aids in transporting objects from one location to another easily by fitting the robot with an appropriate end of arm tool such as a gripper. In addition, they also aid in tasks such as collision detection and conveyor tracking.

The industrial trucks market will witness significant growth over the forecast timeline. This growth is attributed to the need for recurrent flow of goods where the usage of a conveyor will not be useful. Furthermore, the loads carried on industrial trucks such as cranes have the alternative of varying the load based on the weight and shape which is not possible in conveyor systems.

E-commerce applications will drive the material handling equipment market size due to escalating need for faster deliveries to better cater to the consumers’ demand. Several vendors in the e-commerce industry are installing warehouse management system (WMS) to monitor the inventory levels and classify the stock locations.