CHICAGO, May 2, 2024
/PRNewswire/ -- The global Automated Material handling Equipment
market size is anticipated to grow from USD
33.3 billion in 2024 to USD 51.0
billion by 2029, at a CAGR of 8.9% from 2024 to 2029
according to a new report by MarketsandMarkets™. The rapid
advancement in integrating Industry 4.0 principles with automated
material handling equipment, combined with the incorporation of IoT
and data analytics, alongside heightened labor expenses and safety
concerns, is expected to drive the expansion of the Automated
Material Handling Equipment Market.
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Browse in-depth TOC on "Automated Material Handling
Equipment Market"
160 – Tables
70 – Figures
230 – Pages
Automated Material Handling Equipment Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 33.3 billion
|
Estimated Value by
2029
|
$ 51.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.9%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product Industry,
System Type and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Technical challenges
related to sensing elements
|
Key Market
Opportunities
|
Integration with loT
and data analytics
|
Key Market
Drivers
|
Demand for lean
manufacturing and Just-in-Time (JIT) practices
|
Automotive industry segment to hold the largest market share
in 2024.
The market for automated material handling equipment is expected
to be dominated by the automotive sector because of its great
demand for the effective handling and transportation of parts and
completed goods inside production facilities. To increase
production and reduce costs and errors, automobile firms that
operate on a big scale actively invest in automation technology
like robotics and automated guided vehicles (AGVs). Moreover,
Industry 4.0's objectives are in line with the sector's emphasis on
innovation and constant development, which encourages increased
automation and digital technology integration. These elements place
the automobile industry in a prominent position to propel the
market for automated material handling systems.
WMS Product grows at the highest CAGR in the Automated
Material Handling Market during the forecast period.
Warehouse Management Systems (WMS) are anticipated to exhibit
the highest CAGR within the automated material handling equipment
industry for several key reasons. The surge in e-commerce activity
stands out as a significant catalyst, driving the need for
efficient order processing amidst escalating order volumes. WMS
facilitates the automation of workflows, enhances warehouse space
utilization, and streamlines picking and packing operations. The
increasing emphasis on enhancing labor productivity and safety is
fueling the adoption of WMS. These systems reduce dependence on
manual labor, thereby minimizing the risk of workplace injuries and
enabling companies to achieve more with fewer personnel. WMS
seamlessly integrates with other automated equipment such as robots
and conveyor systems, fostering a more interconnected and
intelligent warehouse environment. This seamless integration plays
a pivotal role in the advancement of Industry 4.0 and smart factory
initiatives, underscoring the role of WMS in contemporary material
handling practices.
Unit Load Material Handling Type accounts for largest market
share in 2023.
Unit load material handling systems held the majority of the
market share in 2023. They provide a great deal of adaptability.
Palletized items can be handled by a variety of equipment, such as
pallet jacks, conveyor belts, and forklifts, which makes them
appropriate for a range of sectors. Businesses can streamline
operations at various supply chain levels because of this
flexibility. Systems with unit loads are very efficient. Palletized
goods are easy to stack and move in large quantities, which
maximises storage space and cuts down on transit time. Faster
product delivery and cost savings are the results of this
efficiency. Unit load systems are often well-established
technologies that have operators with the necessary skills and
easily available parts. Their extensive use and pre-existing
infrastructure make them a dependable and affordable solution for a
lot of companies.
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Asia Pacific region to grow
at the highest CAGR during the forecast period.
The market for automated material handling equipment is expected
to grow at the fastest rate in the Asia
Pacific region. The growing need for effective production
methods and higher output due to the growth of the manufacturing
sector in nations like China,
India, Japan, and South
Korea. Automation is required due to the growing e-commerce
industry's demand for quicker and more efficient fulfilment.
Companies are also investing in automated solutions as a result of
growing worker safety concerns and increased labour costs.
Government programmers, that rely on automation, are aggressively
pushing Industry 4.0 and smart factory concepts in a number of APAC
countries. A perfect storm is being created by these interconnected
factors for the Asia Pacific
region to quickly adopt automated material handling technology.
Key Players
Daifuku Co, Ltd. (Japan), KION
GROUP AG (Germany), SSI SCHAEFER (Germany), TOYOTA INDUSTRIES CORPORATION
(Japan) and HONEYWELL
INTERNATIONAL INC. (US) are the key players in the Automated
Material Handling Equipment companies globally.
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