ALBANY, New York, April 2, 2019 /PRNewswire/ -- The bulk material handling products and technologies market depicts a competitive and highly consolidated market. Main players such as TENOVA S.p.A, ThyssenKrupp AG, and Metso Corp. are defining competitive dynamics in the bulk material handling products and technologies market. According to a new report by Transparency Market Research (TMR), acquisitions, mergers, and collaborations are notching up the level of competition in the market.
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The bulk material handling products and technologies market players are focused on expanding their global footprints. Emerging markets present new opportunities for growth and already established players are in key positions to take advantage of growing infrastructural and commercial developments in emerging markets. Additionally, the players in the bulk material handling products and technologies market are investing in sustainable innovations to cater to maturing markets. Growing demand for technology transfers in developing markets and increased focus on innovation in developed markets is expected to drive research development and innovation.
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According to a new TMR report, the bulk material handling products and technologies market was evaluated at US$58.86 Bn by the end of 2015. The market is expected to grow at a slow but steady CAGR of 1.30% during 2016-2024. It is expected to reach US$65.74 Bn by 2024 end, thanks to a rising demand from the mining industry. The demand from the mining industry is expected to continue throughout as emerging markets in Asia Pacific continue to demand raw materials for industrial manufacturing. On the other hand, rising trend of automation in the developed world presents a bright opportunity for the bulk material handling products and technologies market.
Rail Conveyor Technology Expected to Open New Opportunities
The rail conveyor technology, a combination of traditional belt conveyor system and rail technology is expected to open new avenues for growth. The technology is expected to enable efficient and sustainable operations for players in the bulk material handling products and technologies market. The technology is still in its nascent stages as initial capital investments represent high costs. However, the technology opens up new opportunities like mass transportation for key goods. It could solve ongoing problems with transporting industrial raw materials such as hydrogen. Bulk gas storage and transportation is a major roadblock in the development of hydrogen powered vehicles. Hydrogen's low ambient temperature density makes it difficult to store it using conventional storage methods. Technological advancements through large investments in research and development can provide potential new opportunities for players in the bulk material handling products and technologies market.
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Rising investments in the rail conveyor technology and adoption of long term sustainable thinking are expected to drive lucrative opportunities in the bulk material handling products and technologies market.
Automation A Major Frontier for the bulk material handling market
Automation similar to robot-driven innovation in Amazon's warehouses is expected to create new opportunities for the bulk material handling products and technologies market. Germany is emerging as a major destination for automation globally. Germany is witnessing a rising demand for automation in several industries which necessitates the use of several material handling products and technologies. This is expected to result in growth of the bulk material handling products and technologies market.
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Additionally, automation trends are also on the rise in North America and Asia Pacific. Automation is helping manufacturers lower costs, increase efficiency, and minimize errors. The bulk material handling products and technologies market players are expected to play a key role in its development in the near future.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Bulk Material Handling Products and Technologies Market (Type - Powder Materials (Material Feeding Systems, Weighing Systems, Conveying Systems, and Screening Systems), Iron Ores, Wood Chips, and Coal; End Use - Chemical, Construction, Energy, Food & Beverages, Mining, Metals, Oil and Gas, Pharmaceuticals, and Plastics) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024"
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The global Bulk Material Handling Product and Technologies Market has been segmented as follows:
- Powder Materials
- Material Feeding Systems
- Weighing Systems
- Conveying Systems
- Screening Systems
- Others (including iron ores, wood chips and coal, etc.)
- Food & Beverages
- Oil and Gas
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
- South America
- Middle East
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