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Automated Material Handling Equipment Market worth $51.0 billion by 2029 - Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

02 May, 2024, 14:01 GMT

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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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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=92483121

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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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automated-material-handling-manufacturing-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/automated-material-handling-manufacturing.asp

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