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(IT-NEWSWIRE.COM, July 15, 2017 ) According to the new market research report "Automated Material Handling Equipment Market by Product (Robots, ASRS, Automated Conveyors and Sortation Systems, Automated Cranes, AGV), System Type (Unit Load, Bulk Load), Software & Services, Function, Industry, and Region - Global Forecast to 2023" , the automated material handling equipment market is expected to be valued at USD 48.31 Billion by 2023, growing at a CAGR of 7.8% between 2017 and 2023.
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The factors driving the growth of the market include the reduction in labor cost through the advancement in robotics, growing emphasis on safety of workers on the production floor, rising e-commerce industry, and the increasing need for automation in various industries.
“Robots to hold the largest size of the overall automated material handling equipment market by 2023”
Robots accounted for the largest share of the automated material handling equipment market in 2016. The end-user industries using robots in their production processes have typically seen a significant transformation in their productivity and efficiency with higher levels of output, product quality, and flexibility. The Qianmo robots were deployed by Shentong Express Co., Ltd. (China), a Chinese shipping company. With the implementation of Qianmo robots, Shentong Express Co., Ltd. was able to reduce 50% of labor cost.
“Automated material handling equipment market for packaging to grow at a high rate between 2017 and 2023”
The automated packaging systems are capable of working with various packaging designs and multiple pack sizes for different products. They can optimize packaging of small, large, and fragile products in a speedy manner by eliminating human error while ensuring zero variation in the packaging process. This factor is expected to increase their adoption in the future.
“APAC expected to hold the largest size of automated material handling equipment market between 2017 and 2023”
The increasing popularity and superior results of automation encourage more companies in APAC to install automated material handling equipment. Furthermore, in countries such as China and Japan, the manufacturers and suppliers are increasing their investments for installing automated material handling equipment at warehouses and distribution centers, which is contributing to the growth of the market in APAC.
The major players operating in the automated material handling equipment market are Daifuku Co., Ltd. (Japan), Hyster-Yale Material Handling, Inc. (US), Jungheinrich AG (Germany), KION Group AG (Germany), and Toyota Industries Corporation (Japan), among others. Some of the key innovators in the market are Addverb Technologies (India), Avancon SA (Switzerland), and iFuture Robotics Private Ltd. (India).
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