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A report by market research company DataM has analysed the global material handling equipment market.
In 2022, the market was estimated to be worth 215.3 billion US dollars, and is forecast to grow to 398.4 billion US dollars by 2031, a compound annual growth rate of 5.9%.
Material handling equipment is defined as machines that move, store and control items in manufacturing and distribution. They include motorised lifting equipment and forklifts, as well as storage racks and manual handling equipment like furniture trolleys and box trolleys.
The report notes that safety is a key concern of equipment manufacturers, who are adding smart sensors to equipment that prevent collisions and overloading.
The Covid pandemic boosted online retail sales and ecommerce remains a sector that has a large demand for material handling equipment. Online retail shopping companies require advanced equipment to handle inventory management and order processing in warehouses.
Automation has increased productivity and efficiency in handling goods. Though there have been some completely automated warehouses built, their cost is beyond the budget of smaller organizations that still rely on manual handling equipment, especially in smaller warehouses. Automated systems such as item location aids and warehouse inventory checking drones, assist human workers rather than replace them.
The rise in globalisation has fuelled demand for innovative equipment that moves goods more efficiently. Rapid urbanisation and infrastructure growth in many countries have increased sales of material handling equipment.
The cost of material handling equipment has risen over the last few years, but their reliability has improved.
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