DUBAI, U.A.E, Aug. 4, 2021 /PRNewswire/ -- ESOMAR-certified consulting firm Future Market Insights (FMI) has projected the sales of bulk material handling systems to grow by 2.1% year-on-year, reaching a valuation of US$ 5.1 Bn by the end of 2021. Construction and mining industries will remain primary adopters of bulk material handling systems.
Global sales of bulk material handling systems are forecast to increase by 1000 units reaching 14,000 units in 2031. Demand for proper housing and focus on infrastructural development are rising continuously around the world.
With investment in infrastructural expansion expected to increase through coming years, the demand for bulk material handling systems will rise.
Increasing mining activities also will encourage the adoption of bulk material handling systems for the transportation of mining material and equipment. Adoption of advanced technologies and integration of GPS tracking system will further bolster scope for sales.
Considering this, expansion of construction and mining sector in India and China will present conducive environment for the growth of the market over the forecast period.
As per FMI, key players are adopting modern technologies to cater the growing demand. Integration of machine learning and artificial intelligence and material handling systems will create remunerative prospects for key players to capitalize on.
"Focus on greater efficiency and optimizing operation in construction sector has created scope for the launch of automated bulk material handling systems. This has encouraged the key players to adopt novel technologies to cement their dominance in the industry," says the Future Market Insights analyst.
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Key Takeaways from Bulk Material Handling Systems Market Survey
- In terms of application, mining and construction are expected to dominate the market during the forecast period
- Based on the equipment, band conveyor and stackers have been identified as the most recognizable bulk material handling systems owing to the capability of accomplishing task such as stock piling and transportation
- India will emerge as lucrative market backed by the rising demand from construction and mining industry
- China will spearhead the growth across East Asia registering double digit growth during the forecast period
- Rental services adopted by key players will play pivotal role in the market, widening future growth prospects
- Increase in infrastructural projects and adoption of material handling equipment are creating lucrative opportunities for the market players
- Recovery of mining activities will present opportunities for expansion, since mining and oil and gas industries will remain the leading end users
- Expenditure incurred on initial investment and high operational costs will negatively affect the sales of bulk material handling systems
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Severe competition and presence of numerous players have rendered the bulk material handling systems market fragmented, opines Future Market Insights. Hitachi Construction Machinery Co., ThyssenKrupp, Sumitomo Industries, Kawasaki Heavy Industries Ltd., and Mteso Corporation are identified as leading players.
Leading players hold around 40% of global market revenue, per the FMI's report. Major shareholders in the market are offering extensive range of products and have strong foothold in almost all the regions.
Other players are focusing on business expansion through acquisitions and by offering bulk material handling system solutions through limited presence.
In April 2020, Martin Engineering announced the development and implementation of advanced technologies for conveyers and other bulk material handling applications through incorporating advanced technology in Martin N2 Position Indicator.
In June 2021, new material handling equipment provider ePicker announced the launch of a line of material handling equipment that includes stackers, pallet jacks, access vehicles, and more to help maximize the efficiency of ecommerce transactions.
Future Market Insights have profiled some of the leading market players which include:
- Techint Group
- FL Smidth
- Hitachi Construction Machinery Co.
- Liebherr Group
- IHI Transport Machinery Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Sumitomo Heavy Industries Material Handling Systems Co., Ltd.
- L&H Industrial
- Schenck Process Holding GmbH
- Metso Corporation
- Satake Corporation
- Beumer Group
- Motridal S.p.A.
More Valuable Insights on Bulk Material Handling Systems Market
Future Market Insights, in its latest report, offers an unbiased analysis of the global bulk material handling systems market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study reveals growth projections on in bulk material handling systems market with detailed segmentation:
- Sea Ports & Cargo Terminals
- Stacker cum Reclaimer
- Band Conveyor
- Bucket Wheel Excavator
- Stripping Shovel
- Rope Shovel
- Bucket Elevator
- Ship Loader and Unloader
- North America
- Latin America
- APAC (Asia Pacific)
- MEA (Middle East & Africa)
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Key Questions Covered in the Bulk Material Handling Systems Market Report
- The report offers detailed insights into bulk material handling systems demand outlook for 2021-2031
- The market study also highlights projected sales growth for bulk material handling systems market between 2021 and 2031
- Bulk material handling systems market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Bulk material handling systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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