According to a new market research report published by Credence Research “Bulk Material Handling Equipment Market (by Equipment Type: Stacker, Reclaimer, Stacker Reclaimer, Band Conveyor, Bucket Wheel Excavator, Stripping Shovel, Rope Shovel, Bucket Elevator, Ship Loader, and Bucket Crane; by End-user Industries: Mining, Construction, Industrial Manufacturing, Port & cargo Terminal, and Packaging) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the bulk material handling equipment market was valued US$ 38.29 Bn in 2017 and estimated to grow with a CAGR of 4.5% during the forecast period from 2018 to 2026.
The ever-increasing population has instigated a never-ending process of demand and supply. Processes such as extraction of natural resources, construction of infrastructure, production, packaging and freight transport are no exception to this scenario. Growth in these sectors is considered to be the most important factor in the growth of the market for bulk material handling equipment. The equipment used under the bulk material handling section has evolved considerably in terms of design, functionality and efficiency, helping several end-use industries and, in particular, the mining and construction industries.
The equipment enabled the mining industry to emerge from being the most inefficient sector. Likewise, the rapidly expanding construction industry is also heavily dependent on such equipment. As a result, the growth of the construction and mining sectors stimulated the procurement of bulk materials handling equipment and resulted in market growth. In addition, an increasing number of ports and freight terminals and the packaging industry are playing a major role in pushing the industry to significant market value.
At present, Asia Pacific is at the top of the podium due to the contribution made by developing economies, including China and India. China is one of the most influential countries in world trade and is at the forefront of the international mining map. As a result, Asia Pacific is one of the lucrative markets for bulk material handling systems. Other nations, including India, Japan and Australia, are expanding their critical market presence. The demand in Asia Pacific is expected to remain dominant throughout the forecast period 2018-2026.
Competition in bulk material handling equipment is no less than a clash of titans, as the players in the industry are some of the largest in the world. Face players are challenging each other in this competitive market in order to preserve their dominance. In addition to increasing their global reach, other approaches such as long-term contracts, alliances and acquisitions have been embraced by these firms.
Some of the most prominent players profiled in this research study include Komatsu, Metso Corporation, TRF Ltd., ThyssenKrupp AG, IHI Transport Machinery Co., Ltd, Hitachi Construction Machinery Co., L&H Industrial, Voith GmbH, Tenova S.p.A,, Techint Group, Kawasaki Heavy Industries, Ltd., and Sumitomo Heavy Industries Material Handling Systems Co., Ltd., among others.
Key Analysis Covered:
- Most prominent practices observed in bulk material handling equipment market and growth opportunities for bulk material handling equipment manufacturers
- Expanding cargo transportation and rapidly evolving packaging industry creating a positive environment for the growth of bulk material handling equipment market
- Different type and availability equipment used for bulk material handling across several end-users and their market estimations
- Largest and fastest growing segments in terms of equipment type and end-user
- Lucrative geographical regions/ countries mapped for the bulk material handling equipment market