Material Handling Equipment Industry has revolutionized the business practices from past few years and is considered to be a decisive intermediary in the economy of a country today. The following graph shows the Global Material Handling Equipment Market based on the type, during the forecasted period.
As the global business landscape is changing rapidly, companies are more inclined towards employing a model of MHE which is efficient, safe and provides them with higher ROI. Primarily, the changes are driven to seek a competitive edge with faster and accurate delivery of products to its end users. Therefore, the idea of increased automation and robotics have surfaced, not only it reduces labor costs, enhances speed and efficiency of operations but also reduces the workforce and the risk of material damage.
From Warehousing Management System (WMS) to Voice-Recognition System, automation has reshaped the processes of MHE sector.
With the forecasted CAGR of 6.77%, the market of Automated Material Handling (AMH) is anticipated to reach USD 233.81 billion in 2027, from the previous value of USD 138.46 billion in 2019.
The trend of E-commerce has made a direct impact on supply chain and MHE industry, and to cope with exponentially increasing online orders, it’s been highly imperative to bring innovation and efficiency through technological advancements. Adoption of automation and electronic intelligence to monitor inventory and track the shipments efficiently, has played a key role in embracing the changing market dynamics during the pandemic.
Eventually, it is worth mentioning that behind the aggressively changing landscape of MHE, there are certain driving factors, including the role of MHE safety providers. On account of high risk of employee fatalities at work, MHE safety providers are taking steps towards introducing automated guided vehicles, electric tugs and manual stackers with a focus on safety training and ensuring that adequate training is provided for forklift safety, reach truck, pallet truck, or any other type of material handling and plant equipment.
References:
https://www.polarismarketresearch.com/industry-analysis/material-handling-equipment-market