The process of moving, lifting, tugging, retrieving, and storing commodities and products through the use of robots and other self-operating tools is referred to as automated material handling. Over the forecast period of 2022-2027, the automated material handling equipment market is expected to grow at a compound annual growth rate of 9.4 percent, from USD 28.8 billion to USD 45.1 billion. The main driving force for automated material handling equipment manufacturers is the increasing demand for ASRS in the e-commerce business after the advent of COVID-19 pandemic. Material handling automation companies such as Mitsubishi Material Handling have all contributed to the market’s growth to the point where it is expected to reach $57.6 billion at a compound annual growth rate of 6.6% in the years to come.
Automated Material Handling Equipment Manufacturers
The outbreak and subsequent spread of the COVID-19 virus caught many industries and companies off guard, leaving them with insufficient time to prepare for potential losses or take other preventative measures. As a result of the pandemic that occurred in 2020, many different types of businesses all over the world experienced a decline in their respective markets. It caused the majority of industrial units across the world to either stop producing altogether or shut down their manufacturing facilities. Automated material handling equipment manufacturers were among the hardest hit. Despite this fact, the market for automated material handling equipment is expected to grow at a steady rate of 9.4% and is expected to cross USD 45.1 Billion in 2027.
Material Handling Automation Companies
The steady expansion of the market for automated material handling systems can be attributed, in large part, to the increasing deployment of automated devices for warehouse automation, the emergence of Industry 4.0, constant technological developments, and the growing focus of material handling automation companies on reducing costs and sustainability. Even though the effects of COVID-19 may slow down the expansion of this market, it is anticipated that the rapidly expanding e-commerce sector, the willingness of businesses to increase their investments in automation technology, and favourable government initiatives to support the expansion of the industrial sector will propel the expansion of the automated material handling systems market in the years to come. During the period covered by this projection, the automated material handling systems market is anticipated to reach a value of $57.6 billion at a compound annual growth rate (CAGR) of 6.6%.
