Ameco Research has analysed the material handling equipment market and has forecast significant growth. In 2022 the market was worth 215.8 US dollars and is projected to grow to 380.2 billion by 2032, a compound annual growth rate of 5.9%,
The market report by Ameco research notes that there is a wide range of material handling equipment including conveyor systems, forklifts, cranes, and pallet trucks both powered and manually operated.
There are several market drivers for this predicted growth. The rapid growth in e-commerce has increased demand for material handling equipment in warehouses. Technology advances such as robotics and automation have grown spending on equipment. Developing countries are industrialising and require manual handling equipment to improve supply chain efficiency. Many companies are prioritising safety and need advanced equipment that is safer to use.
There is a high demand for more sustainable products which is causing equipment manufacturers to develop more eco-friendly equipment.
The report notes that automated equipment is expensive which is a challenge for small businesses. However, lower cost manual handling equipment is sufficient for many workplaces. Well-designed equipment such as furniture trolleys, storage trolleys and mobile tables are easy to move and steer by one operator without the expensive energy costs of motorised equipment. Manual operated equipment minimises maintenance, unplanned failure, and downtime.
The report states that customization is a major opportunity in the material handling market with equipment manufacturers tailoring equipment design to individual industry needs. As the market grows and evolves, there will be many opportunities for equipment manufacturers to innovate new equipment technology.
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