Automated Material Handling Market to Reach USD 55.48 Billion by 2030: Cognitive Market Research
CHICAGO, March 28, 2023 /PRNewswire/ -- The Global Automated Material Handling Market size was valued at USD 27.20 Billion in 2022 and is projected to be USD 55.48 Billion by 2030, growing at a CAGR of 9.3% from 2023 to 2030, as per a recent market analysis report published by Cognitive Market Research. Increasing modernization of industrial facilities in order to improve their production capacity and operational efficiency has majorly driven the growth of the material handling equipment market. Market players have recognized the benefits of automation in material handling, resulting in the rapid acquisition of robotic companies. For instance, in November 2022, a leading global provider of material handling automation, MHS global and FORTNA, a leading software and solution provider, merged to serve the end-to-end needs of logistics operations.
Major Findings During the Study of the Automated Material Handling Market:
Read Full Market Analysis Automated Material Handling: by Product (Robots, ASRS, Conveyor & Sortation Systems, Cranes, WMS, and AGV); By System Type (Unit load material handling and bulk load material handling); By Vertical (Chemicals, Healthcare, Automotive, Food and Beverage, Aviation, E-commerce, and others); by Region (North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
Automated Material Handling Industry Statistics 2022:
What are the Drivers of the Automated Material Handling Market?
Growing industrialization in developing economies, the rising need for highly efficient systems, and the emergence of new technologies is majorly driving the growth of the market. In addition, the high adoption of automated material handling systems across several industries such as food & beverages, e-commerce, automotive, and manufacturing coupled with government support for digitalization are the major factors propelling the market growth.
Further, rising safety concerns and increasing demand for faster, more efficient fulfillment for in-store retailing also contribute to boosting the market growth. In addition, the increasing deployment of AMH by SMEs, followed by advanced technologies such as ML, AI, and IoT, is projected to strengthen the market growth over the forecast period.
What are the Restrains of the Automated Material Handling Market?
The high integration cost and initial setup for automated material handling, especially in heavy manufacturing organizations, are majorly restraining market growth. Several industries are striving to reduce high labor costs, to which has resulted in the implementation of automated guided vehicles and robots. Some verticals, such as electronics and automotive, use automated material handling systems precision and are vital to meet quality standards. But high initial investment is limiting the deployment of automated material handling systems. Limitations of new technologies are also hindering market growth to some extent.
On the other hand, to sustain in the competitive market, companies are focusing on developing new technologies with cost-effective solutions, which are expected to surge the market growth during the forecast period.
What are the Opportunities in the Automated Material Handling Market?
The implementation of automated material handling systems in developing economies such as India, China, and Mexico is expected to open a new avenue for market growth. Growing concerns about on-time shipments and keeping track of in and out stocks by end-use industries such as automotive, food & beverages, and e-commerce have generated the need for warehouse automation. To address these requirements, major players operating in this market are striving to develop new technological solutions such as artificial intelligence, machine learning, and big data that will help ease operations. Thus, the advent of new technologies in emerging economies is expected to drive market growth over the forecast period.
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How did COVID-19 Impact Automated Material Handling Market?
Due to the outbreak of COVID-19, governments of several states announced lockdowns which directly affected the supply chain network. The sudden increase in sales in the e-commerce sector has forced manufacturers to adopt new technologies to meet customer needs and safety measures set by governments. Social distancing, safety, and hygiene lifestyle have also compelled manufacturers to deploy automated material handling solutions, which have impelled the market growth in recent years.
Automated material handling helps manufacturers monitor inventory stocks, keep track of products in and out in real-time and detect the exact locations of products accurately, increasing the operational efficiency of warehouses. As a result, companies are considering the adoption of new technologies for better material management.
Automated Material Handling Market Report Scope
Automated Material Handling Market – Product Outlook (Revenue, USD Billion, 2018 – 2030)
Automated Material Handling Market – System Type Outlook (Revenue, USD Billion, 2018 – 2030)
Automated Material Handling Market – Vertical Outlook (Revenue, USD Billion, 2018 – 2030)
Automated Material Handling Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
List Of Key Players in the Automated Material Handling Market:
Related Reports on the Automated Material Handling Market:
The global IoT in the warehouse management market is expected to reach USD 55.24 Billion by 2030 growing at a CAGR of 27.9%.
Economic development across the globe has pushed various sectors like e-commerce, automotive, food & beverages, and healthcare to achieve highly efficient operations in order to increase productivity and fulfill customer demand. Logistics companies are continuously striving to meet customers' growing demands. Therefore, automation in warehouse management systems plays a vital role in reducing product delivery time, minimizing distribution costs, and reducing lead time. Thus, several benefits associated with implementing IoT solutions have propelled the market growth in recent years.
The global Automated Guided Vehicle (AGV) Software Market is expected to reach USD 4.36 billion by 2030 growing at a CAGR of 7.9 %.
The increasing need to improve employee safety in several industries, such as metals & heavy machinery, manufacturing, and warehousing, is majorly driving the automated guides vehicle market growth. Employee safety becomes an integral part of manufacturing industries to reduce the risk of accidents, reduce downtime, and improve operational efficiency. Therefore, the growing adoption of large enterprises along with small and medium size enterprises (SMEs) is expected to surge the market growth in the upcoming years.
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SOURCE Cognitive Market Research