Material Handling Equipment Market size is set to exceed USD 190 billion by 2024

Growing automation capabilities in the manufacturing space coupled with increasing penetration of advanced technologies, such as IoT, RFID, and AI, are expected to drive the material handling equipment market growth. Automated material handling systems are gaining popularity with the growing inclination of industries to replace human labor with automated systems.

RFID, IoT, and Automatic Identification & Data Capture (AIDC) technologies are becoming significantly popular as they improve the order fulfillment processes and help in enhancing productivity across the supply chain.

As human capital is becoming difficult to retain and recruit, automated material handling solutions are aiding companies in managing the labor challenges while ensuring profitability and productivity.

Rising labor costs in countries including China & India will support the material handling equipment market growth. The booming manufacturing sector in the region coupled with high-cost labor is compelling manufacturers to use sophisticated machinery to ensure high throughput in lesser time. Conventional manual techniques reduce the productivity and lead to time consumption.

Traditional techniques for material handling are also prone to errors caused by human fatigue. Moreover, they also pose a restriction to the amount of load that can be transferred or stored. Bulk material handling & storage systems and industrial trucks are facilitating the management of large volumes of data thereby reducing the unnecessary time consumption.

Real-time technical challenges in the operation of these systems with the requirement of high capital investment are anticipated to negatively impact the material handling equipment market.

The complexity involved in the integration of hardware and software for manufacturing facilities is restricting companies that have budgetary constraints from adopting these systems. Moreover, cybersecurity threats in these systems are also factors hindering the industry growth.