According to a new market research report published by Credence Research “Material Handling Equipment Market (by Equipment Type: Conveyors, Industrial Trucks & Forklifts, Cranes & Hoists, Pallets Racks & Shelves, Automated Equipment; by End-user Industries: Automotive, Manufacturing & Processing, Packaging, Transportation & Logistics, Oil & Gas, Building & Construction and Others (Agriculture, Glass, Chemicals, etc.)) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the water treatment equipment market was valued US$ 138.54 Bn in 2017 and estimated to grow with a CAGR of 5.5% during the forecast period from 2018 to 2026.
The consumption rate of consumer goods broke all barriers and the rate is not expected to lower down anywhere in future, credit to the exponential growth in global population. Sectors associated with the supply side and especially manufacturing & processing sectors are forced to work 24 hours throughout the year to fulfill demands. The task is impossible without proper planning across all department including material handling and inventory control. Consequently, material handling equipment across various industries plays a crucial role in overall productivity. Several production tools such as lean manufacturing, Gemba and 5S and quality tools such as six sigma highlighted the significance of material handling equipment. Irrespective of the product to manufacturer, manufacturing units across the globe boosted their productivity, efficiency and helped in better inventory control. Owing to all aforementioned factor, material handling equipment market reached market value of over US$ 130 Bn and the growth contemplated to continue over the years to reach new marks.
Introduction of robotics and automation brought revolution in material handling equipment market. Advanced computer integrated manufacturing and artificial intelligence allowed concepts such as automated storage and retrieval system (ASRS) and automated guided vehicle (AGV) turn into reality. The technology permits exceptional precision and higher productivity while mitigating chances of any mishaps. The upgraded technology is not a common site in industries in Asia Pacific. However, Asia Pacific still stand at the top of the podium in global material handling equipment market. The credit is majorly attributed to the countries including South Korea, China, Taiwan, India, and Japan. North America follows Asia Pacific in terms of market value and runs in close quarters with Europe.
The market is witnessing participation of different equipment manufacturing companies characterized by local as well as international players. The material handling equipment giants and major robotics companies directly facing local manufacturers for their share in the market. This created intense competition between participants and the market expected to become hostile for new entrant. Few of the major notable players profiled in this research study include Hyster-Yale Materials Handling, Inc., Liebherr Group, KUKA AG, Kion Group AG, JBT Corporation, Flexlink, Viastore Systems GmbH, Crown Equipment Corporation, Toyota Industries Corporation, Hytrol Conveyor Co., Inc. Intelligrated, Inc., Dematic GmbH & Co., KG., Columbus McKinnon, and Daifuku Co., Ltd. among others.
The complete report is available at https://www.credenceresearch.com/report/material-handling-equipment-market
Key Analysis Covered:
- Latest developments and advancements in material handling equipment market and growth opportunities for material handling equipment manufacturers
- Production philosophies and quality management tool encouraging manufacturing and logistics sector to create a nourishing environment for material handling equipment market
- Different equipment types, their usability, and availability used for material handling across several end-user industries and their market estimations
- Major and fastest growing segments in terms of equipment type and end-use industries
- Most prominent geographical regions/ countries mapped for the material handling equipment market
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