Growth Expected In Automated Material Handling Equipment By 2023by Jake Tully - Published: 7/12/2017
A report recently published by business to business research entity MarketsandMarkets revealed that the automated material handling equipment market is expected to be worth USD 48.31 billion by 2023.
According to the MarketsandMarkets report, entitled, “Automated Material Handling Equipment Market - Global Forecast to 2023” the autonomous material handling equipment market has a projected compound annual growth rate of 7.8% between 2017 and 2023, including products in the current industry such as specific products and software.
The report details that robots will account for the largest share of automated material handling equipment by 2023, a projection drawn from the machines representing the largest handling segment in 2016.
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Robots, according to the MarketsandMarkets report, have seen a significant upwards trend in efficiency and productivity as well as product quality in material handling.
Additionally, the report mentioned that the trend of automation has allowed for machines to handle packaging of various sizes and designs, with equipment capable to differentiate between various systems of packaging.
Moreover, automated equipment has proven efficacy in handling fragile loads quickly, using zero variation in the process, eliminating the potential pitfall of human error.
The report suggests that the projected popularity of automated equipment may grow due to the relative infallibility of these machines as well as global adoption of equipment beginning in industrialized nations such as China and Japan.
Increased production in robots and other related automated technology are reportedly being propagated by companies such as Toyota Industries Corporation, Daifuku Co., Ltd., and Jungheinrich AG, among other companies worldwide.
For more information regarding the findings from the study, viewers may visit the report at MarketsandMarkets.