A new report posits that the global market for automated material handling and storage systems is expected to reach $41.56 billion by 2020 from an estimated value of $20.69 billion in 2015, research firm WiseGuyReports announced Thursday.
With an estimated compound annual growth rate (CAGR) of 12.33% between now and 2020, the research firm said that a rise in competition, advances in technology, and a drive to lower costs will drive companies to adopt the equipment.
“Automated material handling and storage systems such as automatic guided vehicles, automated storage and retrieval systems, conveyor systems, palletization systems, sortation systems, and software and services are progressively adopted by industries such as healthcare, retail, manufacturing, and automotive,” the company stated in a press release announcing the report’s findings. “The growing technological propagation and amalgamation of automated material handling products with a vast kind of applications such as energy, healthcare etc. are major factors driving the growth of the automated material handling market.”
Some equipment producers identified in the report as being key players are Intelligrated, Bosch Rexroth, SSI Schaefer, and FlexLink AB. The authors of the report said growth of the market is being stunted by a lack of skilled personnel.