Research and Markets announced the addition of the "Material Handling Equipment Market 2014 - 2025" report to their offering.
The global material handling equipment market is expected to reach USD 41.1 billion by 2025. The rise in manufacturing activities in the automotive, pharmaceutical, chemical, and food & beverage industries is projected to spur demand. The growing concerns for workplace safety are expected to remain a key driver.
The global material handling equipment market is anticipated to witness a high growth over the forecast period. This is accredited to the use of technologically advanced products, such as hydraulic components which are incorporated into this equipment. Furthermore, the integration of telematics solutions & tracking sensors into these products is expected to gain traction in the near future, thereby fueling the equipment sales. The rising espousal of automated storage and retrieval systems is expected to further catapult the equipment market growth over the next nine years.
Automated storage & retrieval systems segment captured over 25% of the total revenue in 2015 and is projected to exhibit a significant growth at a CAGR of over 6.9% from 2016 to 2025. This growth is attributed to the surging espousal of automated equipment in warehouses and manufacturing centers.
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