Automated Material Handling Market to Hit $33B by 2021

The global market for automated material handling equipment is expected to grow by a compound annual growth rate (CAGR) of 10.41% from a market value of $18.5 billion in 2015 to $33.5 billion by 2021, new research from market forecast firm WiseGuyReports released this month posits.

Fueled by a need to reduce workforce sizes and an increased emphasis on workplace safety, market growth is expected to be led by the Asia Pacific region, followed by Europe, Middle East, and Africa (EMEA) and the Americas, the researchers said.

The report said that the market for automated storage and retrieval material handling equipment is expected grow due to the rise of e-commerce “on account of additional requirement[s] of warehouses and the solutions which can assist in improving business process efficiency at low operational cost.”

Automated guided vehicles will experience “double-digit” growth during the forecast period, WiseGuyReports said.

“The focus of enterprises to automate their different operations is a key factor fueling the demand for these solutions. Automated material handling solutions eliminate the need for manual labor to perform different tasks such as sorting, optimizing, among others.”