The global market for material handling equipment is projected to have considerable CAGR of around 7.6% during the forecast period. The market is mainly driven due to growing demand of automated material handling equipment such as automated retrieval and storage system (ASRS) coupled with growing investment for these systems. These systems can reduce the warehouse operation cost by around 70%, and thus many retailers and other industries are adopting ASRS in their facilities therefore contribute in the growth of the market. Moreover, the integration of automatic material handling with ASRS and a tracking system could leverage productivity by reducing the bottlenecks and facilitates the smooth flow of materials. Therefore, various industries can take benefit from the integrated material handling and production system and vertical ASRS concept. Therefore, growing adoption of ASRS in steel plants further provide significant to the market.
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Moreover, introduction industry 4.0 in various sector further provide significant opportunity to the market. Many of today’s ASRS are equipped with Industry 4.0 technology. For instance, in order to support the food & beverage industry future-proof their operations, Swisslog (a division of KUKA AG) has developed Swisslog SynQ software, which is an Industry 4.0-ready roadmap that regularly integrates new functionality and advantages.
Moreover, growing investment by the companies for automated systems is providing ample opportunities for the material handling equipment market growth. For instance, in December 2019, Coca-Cola European Partner (CCEP) has announced that it has received a funding of around $51 million over the period 2018-2019 for the installation of ASRS systems in CCEP’s Sidcup plant. Moreover, In December 2019, Landmark Arabia opened its fully automated mega distribution center (DC) in Dubai, UAE with a total investment of around $270 million. The distribution center is said to be the largest DC in the GCC region. In 2016, Boeing, an American multinational manufacturer of airplanes began to use this technology as part of a new; advanced manufacturing process for building its 777 fuselages. The technology was put in place to improve employee safety and product quality.
Chemical companies are adopting ASRS to achieve high throughput capacity with improved processes. Consoveyo Singapore Pte Ltd. Offers ASRS warehouse for chemical specialties providers. In November 2019, the company signed a partnership with a chemical specialty provider to deliver a 42-metre-high ASRS high-bay warehouse. This include four sets of double-deep stacker cranes, Rail Guided Vehicles (RGVs), and aisle racking, as well as high-speed doors, conveyors, and a complete range of warehouse management software in the project. As per the expansion plans, ASRS will enable the chemical companies to store a significant amount of raw materials, work-in-progress (WIP) materials, and finished goods that are undergoing curing and settling processes.
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Market Segmentation
Material Handling Equipment Market by Product Type
- Automated Storage and Retrieval System (ASRS)
- Bulk Material Handling Equipment
- Storage and Handling Equipment
- Industrial Trucks
Material Handling Equipment Market by Industry
- Automotive
- Aerospace & Defense
- Retail & E-commerce
- Chemical
- Food & Beverages
- Healthcare
- Others(Electronics)
