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The new dynamics of bulk material handling equipment market.

 According to a new growth prediction analysis from Global Market Insights Inc., the material handling equipment market will approach USD 190 billion by 2024 at a rate of 5.5% per year.

The increased penetration of sophisticated technologies such as IoT, RFID, and AI, as well as increasing automation capabilities in the industrial area, are likely to boost the growth of the material handling equipment market. With companies increasingly inclining to replace human labour with automated technology, automated material handling systems are gaining popularity. RFID, IoT, and Automatic Identification and Data Capture (AIDC) technologies are gaining popularity as they simplify order fulfilment procedures and assist boost productivity throughout the supply chain. Automated material handling systems assist businesses in managing labour difficulties while assuring profitability and efficiency.

Traditional manual processes hinder productivity and cause delays. Traditional material handling procedures are also prone to human fatigue-related mistakes. Furthermore, they restrict the amount of load that can be carried or stored. Bulk material storage and handling systems, as well as industrial vehicles, make it simpler to manage massive amounts of data, which saves time.

The material handling equipment industry is predicted to change as a result of real-time technological hurdles in operating these systems, as well as the demand for huge capital investments. The complexity of hardware and software integration for industrial facilities prevents enterprises with limited budgets from implementing these systems. Besides, cybersecurity vulnerabilities in these systems are impeding the industry's growth.

Real-time technical challenges in operating these systems with the requirement of large capital investment are expected to have a negative impact on the material handling equipment market. The complexity involved in hardware and software integration for manufacturing facilities is restricting companies with budgetary constraints from adopting these systems. In addition, cybersecurity threats in these systems are also factors holding back the growth of the industry.

The material handling equipment market is predicted to grow at a CAGR of more than 6% in the flourishing 3PL industry (third-party logistics). Because of the rising complexity of supply chains, businesses are turning to 3PL service providers to ensure smooth and effective operations. Demand for the equipment will rise as the durable manufacturing industry adopts cutting-edge production technology in countries such as France and Germany.

Developments in the manufacturing sector in countries such as Japan, China, and India are expected to drive the growth of the material handling equipment market. These systems are increasingly being adopted in warehouses and production facilities to automate all processes. The growing transportation and logistics industry in the U.S. is providing opportunities to grow the industry value by more than USD 25 billion in 2017. Early technology adoption in the region and continued research and development in the U.S. will increase the market demand for material handling equipment.

Stringent government regulations related to operation safety in Europe are forcing manufacturers to use high-quality machines that comply with existing standards.

The industry is characterized by strategic acquisitions and collaborations with technology providers to offer enhanced solutions. Big players emphasize on manufacturing solutions that are tailored to specific industry demands and comply with the standards and regulations operating in the industry. Increased investments in R&D of new automation solutions will contribute to the growth of the industry.