Press release
Bulk Material Handling System Market was estimated at US$ 5.1 Bn in 2021
As per Future Market Insights (FMI) analysis, the bulk material handling system market revenue is expected to reach US$ 5.1 Bn in 2021. Incorporation of remote user connectivity and interface in equipment and use of telematics based services by original equipment manufacturers (OEMs) will drive the market, yielding a year-on-year growth of 2.10% in 2021.Get | Download Sample Copy with Graphs & List of Figures:
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The bulk material handling systems market was estimated at US$ 5.1 Bn in 2021 and is projected to register a CAGR of about 2% over the forecast period.
Key Takeaways of Bulk Material Handling Systems Market Study
• Key players focus on expansion of footprint in the developing countries, which also involves moving new products into new markets such as the Middle East, China and India where construction industry registered a double digit growth in the past decade.
• As per the recent trend in the mining industry in the Americas and Asia Pacific, the demand for bulk material handling systems is expected to be from open or surface pit mining especially for coal and ferrous mining.
• Since the rental and leasing service is a strong aspect of the bulk material handling systems market, many players have incorporated rental services as business segment while directly selling bulk material handling systems.
• Band conveyor and stackers have been identified as the most recognizable bulk material handling systems as they are capable of accomplishing various tasks such as stock piling and transportation, particularly in packaging and manufacturing end use industries.
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“Rental services play a pivotal role in the bulk material handling systems market, as these equipment are capital intensive. Hence, to gain profits in this market, players can focus on offering rental and leasing services while also directly selling bulk material handling systems,” says an FMI analyst.
Competition Scenario
The bulk material handling systems market is assessed to be fragmented market, where market players such as Hitachi Construction Machinery Co., Thyssenkrupp, Kawasaki Heavy Industries, Ltd., Liebherr Group, and Sumitomo Heavy Industries are estimated maintain their dominance in the market throughout the forecast period, and have strong order inflow.
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In 2021, Thyssenkrupp Industrial Solutions launched new autonomous bucket wheel stacker reclaimer and hybrid train load out station for handling bulk materials in shipping yards. They use artificial intelligence and automation to enhance bulk materials handling performance.
Increasing mining and construction activities due to rapid urbanization and surge in infrastructural projects is a prime factor driving the growth of the market. As per FMI, the market will rise at 2% CAGR between 2021 and 2031.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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