The worldwide material handling equipment market size was US$ 26.62 billion out in 2018 and is required to grow at a CAGR of 6.8% till 2025. Factors that are expected to drive the growth of the bulk material handling market are:
The rising demand for incorporation of automation and modernization in manufacturing processes
Demand for transparency in the supply chain
Expansion of the aviation industry and e-commerce industry, and
Flexibility in warehouse operations
Material handling equipment is utilized in warehouses for dealing with the capacity and transportation of merchandise and items. It guarantees improved profitability by upgrading coordinations at warehouses and manufacturing plants. These items offer financial savvy, measure productivity, and an exact technique for the quick progress of goods over the warehouse and manufacturing plants, bringing about expanded interest.
Material handling is a vital part of the manufacturing sector. Although it doesn't legitimately add to the creation of products, it prompts proficiency in handling, managing, storing, and transporting goods. These equipment compliment the productivity by guaranteeing a quick, smooth, and proficient flow of products along these lines, bringing about the increased demand for the equipment till 2025.
Growth in modern and infrastructural activities to satisfy the interest of the ever-developing populace is foreseen to look good for market growth. Manufacturing and different related industries relentlessly draw in colossal overseas capital, accordingly resulting in the rapid expansion of the manufacturing sector. Governments over the world are expanding their infrastructural improvements to build new airports, rail networks, seaports, and power plants, and upgrade the prevailing ones.
The end-user segment has been segregated into aviation, chemical, food and beverages, automotive, semiconductor and electronics, pharmaceuticals, e-commerce, and others. The e-commerce segment held the largest market share exceeding 15% in terms of revenue in 2018 and is anticipated to expand at the highest CAGR of over 8% over the forecast period. Meanwhile, the food and beverage segment is anticipated to register a CAGR of over 5% over the forecast period. Similarly, the aviation segment is anticipated to exceed USD 2 billion by 2018. Check-in systems, baggage handling systems, and other automation solutions incorporated in airports are expected to spike the sales of bulk material handling systems globally.