DUBLIN – The automated material handling equipment market is expected to grow at a CAGR of 7.9% between 2016 and 2022 and reach $44.68 billion by 2022, says Research and Markets.
The driving factors for growth are increasing demand for automated systems, advancement in technology, reduction in labor and manufacturing costs, enhanced quality of products, improved safety and working conditions, and increased profitability, says the firm.
The market for automated guided vehicle is expected to grow at the highest CAGR between 2016 and 2022. The growth of the AGV market is mainly driven by the introduction of intelligent and customized AGVs, high throughput rates, optimization of logistic systems, increased reliability, and reduced operating costs.
The growth of the automated material handling equipment market in APAC is attributed to the increasing investments by manufacturers and suppliers for installing AMH equipment at warehouses and distribution centers. The increasing popularity and superior results of automated equipment are encouraging more companies in APAC to install automated material handling equipment, says Research and Markets.
Moreover, the economic growth of APAC has benefited the manufacturing sector, a primary end user of automated material handling equipment.