Jul 21, 2021
Material Handling Equipment Market is poised to grow with a lucrative CAGR from 2021 to 2027 driven by increasing expenditure by the government to enhance industrial infrastructure.
Delaware, United States - July 21, 2021 /MarketersMedia/ —
Material Handling Equipment Market size is estimated to cross over US$ 200 billion by 2027, according to a research report by Global Market Insights Inc.. Increasing expenditure by the government to enhance industrial infrastructure is likely to penetrate advanced handling machines across industries. For example, the U.S. government has recently proposed a US$3 trillion package to uplift the economy, which also includes investments for the improvement of manufacturing and high-technology industries. Growing modernization of industrial facilities and infrastructure to uplift the production capabilities is expected to boost material handling equipment industry growth in the coming years.
Material handling equipment (MHE) is used for storage, movement, protection, and control of goods, materials, and products throughout the process of raw material procurement, manufacturing, warehousing, distribution, consumption, and disposal. Industries around the world are increasingly adopting modern machines lashed with advanced technologies to scale up productivity by accelerating the process of material movement.
Wide range availability of material handling equipments -
There are different kinds of material handling equipment that are used for different purposes. The range of handling equipment includes positioning equipment, transport equipment, storage equipment, and unit load formation equipment. While transport equipment is used to move goods from one place to another, the positioning equipment is used to arrange goods at a single location. The transport equipment can be subclassified into cranes, conveyors, and industrial trucks.
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Economic benefits of AVGs and industrial trucks -
Industrial trucks enable the transfer of heavy goods easily, on the other hand, automated guided vehicles (AGVs) efficiently carry loads without being operated by the handler. These material handling machines are operated through integrated systems of software and hardware components. AVGs are duly equipped with sensors that enable their computerized movement. As these machines do not require manual operation, they further help in reducing the labor cost.
Owing to these benefits, there is substantial demand for industrial trucks and automated guided vehicles in large-scale industries. Whereas side loaders are highly adopted in the wood and steel industries as can carry long loads.
Booming food & beverage industry in North America -
Latin America material handling equipment market is slated to witness considerable growth owing to the booming manufacturing sector. Initialization of trade partnerships among major countries is likely to encourage product penetration. Mexico with a valuation of US$614.5 billion in total trade ranked first among the U.S. trade partners in 2019. On the other hand, the escalating demand for heavy material handling systems from the flourishing food & beverage and processed food industries in the region is expected to complement the industry outlook in the forthcoming years.
Robust demand in 3PL industries -
The rapid expansion of 3PL industries across the globe is predicted to positively influence the adoption of material handling equipment in warehouses and distribution centers. Companies around the world are increasingly leveraging the services of third-party logistics to reduce the burden of supplying goods that are generated through online retail platforms.
These escalating situations are encouraging 3PL service providers to upgrade their existing infrastructure to ensure on-time and fast delivery of goods. Material handling equipment facilitates these logistics companies in loading/unloading materials from trucks, storing them in heightened racks, and ensure the easy movement of materials throughout the facility.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Release ID: 89037796
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