A labor market in which it is increasingly difficult to recruit, train and retain competent workers is a major factor driving growth of the North American automated material handling equipment market, according to a report by BCC Research, “Automated Material Handling Equipment: The North American Market,.”
The market expects to see a compound annual growth rate (CAGR) of 7.1% through 2024, when it could be worth $28.7 billion.
Major players in the market include: Knapp Inc., Siemens AG (SIEGY), Swisslog Logistics and Viastore Systems.
• The automated material handling equipment segment should grow from $14.7 billion in 2019 to $20.1 billion by 2024 with a CAGR of 6.5% through 2024.
• Warehouse and supply chain management software as a segment should grow from $5.7 billion in 2019 to $8.6 billion by 2024 with a CAGR of 8.5% for the period of 2019-2024.
• Under the consensus scenario, the greatest growth in the United States will occur in the Southwest region, worth $1.3 billion in 2018. It is expected to grow to $2.0 billion by 2024, at a CAGR of 7.9%
Read the full report here: https://www.bccresearch.com/market-research/instrumentation-and-sensors/automated-material-handling-market-report.html
“The growth of automated equipment means that information on the equipment and its operation is now available in huge quantities,” writes analyst Stephen Schey. “Working with big data, sophisticated computer programs have been developed to not only control this equipment but also to use the data for numerous beneficial features. The growing interest in the Industrial Internet of Things, artificial intelligence, 3D printing, blockchains and numerous other features are made possible by this automation.”
The Importance of 3D Printing
Equipment breakdowns create unexpected costs for manufacturers, the report adds. When a system goes down, making the needed repairs in a timely manner is imperative. However, spare parts may not always be available at the manufacturer’s location. Obtaining the part may be time-consuming if the part is even still available somewhere. Whether plans may exist locally or are available from the supplier or the part is reverse engineered, 3D printing may be able to duplicate the part quickly and return the system to service. Some companies have been launched specifically to take advantage of the advancements in 3D printing to serve customers in this situation. Improvements in printing technology materials and software control have dramatically advanced these capabilities.
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