NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
In 2018, the automated material handling market was valued at
USD 5.77 billion and is expected to
reach a value of USD 9.85 billion by
2024, registering a CAGR of about 11.30%, over the forecast period
2019-2024. The Census of Fatal Occupational Injuries, which has
been conducted under the U.S. Bureau of Labor Statistics, has
established that workplace injuries have decreased by 25% in 10
years, due to the advent of various technologies in the workplace.
This helps in boosting the automated material handling market.
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- With the increasing trend of industry 4.0, which invites
collaboration between automated systems within facilities,
warehouse managers are now interested in having enterprise-wide
automation. They have been increasingly deploying goods with RFID
tags, which increases the transparency and traceability of
products. These technologies aid in the implementation of systems,
such as robots and other technology to transform material handling
technology.
- Moreover, longer training and onboarding of employees, rising
benefit and compensation rates, and shortages of labor are some of
the significant factors driving more and more warehousing,
distribution and fulfillment facilities, to invest in automated
solutions for operations
- However, high initial costs and maintenance issues have been the
primary cause of restricting the use of AMH systems.
Scope of the Report
Automated material handling equipment eliminates the need for human
interference in a material handling process. Continuous rise in
demand for automation with the advent of technologies such as
robotics, wireless technologies, and driverless vehicles, in
different industries like food and beverages, retail, general
manufacturing, pharmaceuticals, and post & parcel has
revolutionized the adoption of automated material handling the
equipment.
Key Market Trends
Airport Developments to Significantly Drive the Market
Growth
- The increasing volume of cross-border air freight dedicated to
quick deliveries, the e-commerce sector is expected to boost the
demand for automated material handling solutions like tugs, ASRS,
and sortation systems as heavy air freight carriers draw a
considerable attention to AMH solutions.
- According to a report published by IATA in March 2019, world air cargo traffic is forecast
to increase dynamically, with the annual growth rate of over 4% in
the next 20 years. In that, air freight is projected to grow at a
rate of 4.3% per annum.
- Hence, shippers and freight forwarders are looking for automatic
guided vehicles (AGVs) and warehouse management systems (WMS) to
boost productivity, operational efficiencies and increase
responsiveness to customers.
Asia- Pacific to Witness the
Fastest Growth
- The Asia-Pacific region is
expected to witness the fastest growth rate compared to other
regions because of the presence of the worlds largest manufacturing
hub and world's largest exporter i.e. China. In China, automation is occurring at a rapid rate
and automation is expected to cut the manufacturing costs by 30%,
by 2025. Despite the wage rate is lower and the dearth of skilled
labor, complicated by the one-child policy (however, the country
removed the policy in 2016 and allowed the people to have two
children) and the aging work-force needs the job activities to be
eased for maintaining the productivity at work.
- Additionally, another fastest growing economies of the world is
India. With India's ambitious plan of 'Make in
India', the manufacture and
consequent distribution and logistics activities are expected to
witness an exponential growth for automated material handling
machines market.
- Therefore, the above factors are expected to have a positive
outlook in the automated material handling market in the
Asia-Pacific region during the
forecast period.
Competitive Landscape
The automated material handling market is fragmented and highly
competitive in nature. Some of the major players are Daifuku Co.,
Ltd, BEUMER Group, Siemens AG, JBT Corporation, Honeywell
Intelligrated amongst others. Product launches, high expense on
research and development, partnerships and acquisitions, etc. are
the prime growth strategies adopted by these companies to sustain
the intense competition. Some of the recent developments are
- April 2018 - Honeywell
Intelligrated announced a new software platform for distribution
centers that streamlines and simplifies complex e-commerce
fulfillment operations. The Momentum warehouse execution system
from Honeywell Intelligrated brings together automated equipment,
workflows, orders, and labor in a unified platform to provide
distribution center operators real-time visibility and help make
operations more efficient.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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