Automated Material Handling (AMH) Equipment Market Worth $53.59 billion by 2024
CHICAGO, September 25, 2018 /PRNewswire/ --
According to the new market research report "Automated Material Handling (AMH) Equipment Market by Product (Robots, ASRS, Conveyor and Sortation Systems, Cranes, AGV), System Type (Unit Load, Bulk Load), Software & Services, Function, Industry, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the AMH equipment market is expected to grow from USD 33.46 billion by 2018 to USD 53.59 billion by 2024, at a CAGR of 8.2% during 2018-2024. Factors which are driving the AMH equipment market include growing presence of start-up companies offering robotic solutions for warehouse automation, increasing popularity of AMH equipment among leading industries, significant recovery in global manufacturing, and rising labor cost and safety concerns.
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"Robots to lead AMH equipment market during 2018-2024"
Robots are used to automate the manufacturing of goods. They are used in assembly, machine loading, material removal, order picking, packaging, and waste handling in the manufacturing industries. They help reduce cost, improve quality, minimize waste, and save space in high-value manufacturing areas. Implementing robots greatly increases the efficiency and productivity of manufacturing and warehouse operating companies. Moreover, the use of robots can reduce labor cost, protect personnel or employees from injuries, and provide a high return on investment. Such advantages are fueling the demand for robots in manufacturing units and warehousing facilities.
"Unit load material handling systems to lead AMH equipment market during forecast period"
The wide use of unit load material handling systems in various industries is attributed to their cost-effectiveness and ability to handle several items simultaneously, thereby reducing the number of trips, time required for loading and unloading, and cost of handling. Unit load material handling systems involve appropriately sized items organized into a single unit that can be moved easily. It is a quick and economical method to move a large number of items in a single run. These systems help reduce the damage and handling cost and make handling, storage, and distribution more efficient.
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"Storage expected to hold largest size of AMH equipment market during 2018 to 2024"
During storage, material handling equipment is used for holding or buffering material over a certain period or for the duration when they are not being transported. Thus, the storage equipment includes pallets, shelves, or racks on which materials may be stacked until they are transported. ASRS, AGV, conveyors, robots, and cranes are used for automated storage of the materials in the manufacturing industries. The benefits of using AMH equipment for storage include warehouse floor space utilization, increased storage speed, efficient handling of heavy items, and reduced frequency of workplace accidents. These benefits are driving the growth of AMH equipment market for the storage operations.
"Automotive industry expected to hold the largest market size the AMH equipment market between 2018 and 2024"
The players in the automotive industry seek improvement in manufacturing through automated, efficient, and effective processes. These companies need to carry out their manufacturing and assembly operations efficiently by handling a wide variety of components carefully and keeping track of the same. Key factors such as the need for constant availability of components and spare parts, just-in-time (JIT) delivery of materials, and reduction in the cost of unproductive labor are driving the growth of the market for the automotive industry.
"APAC to be largest market for AMH equipment during forecast period"
China commands an impressive manufacturing capability and cheap labor pool, making it a global manufacturing hub for many industries, such as automotive, chemicals, and semiconductor & electronics. Moreover, India is frequently featured among the fastest-growing economies in the world. Some of the major industries contributing to the Indian economy are automotive, healthcare, textile and clothing, and paper and printing. The availability of cheap skilled labor and lower production cost are some of the primary enablers of the growth of the manufacturing sector in the country. The rising awareness related to warehouse automation, increased emphasis of the leading developing economies such as China and India on robotics and automation, and growing e-commerce industry are some of the primary factors contributing to the larger share of APAC in the AMH equipment market.
Major players involved in the AMH equipment market include Toyota Industries (Japan), Jungheinrich (Germany), KION (Germany), Daifuku (Japan), Hyster-Yale Materials Handling (US), Hanwha (South Korea), John Bean Technologies (US), KUKA (Germany), BEUMER (Germany), Fives (France), KNAPP (Germany), Murata Machinery (Japan), SSI Schaefer (Germany), TGW (Austria), and Viastore (Germany).
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