The global automated material handling equipment market is estimated to be valued at $33.46 billion by 2018 and is expected to reach $53.59 billion by 2024 at a CAGR of 8.2%, according to a report from ResearchAndMarkets.com.

The “Automated Material Handling (AMH) Equipment Market by Product (Robots, ASRS, Conveyor and Sortation Systems, Cranes, AGV), System Type (Unit Load, Bulk Load), Software & Services, Function, Industry, and Region – Global Forecast to 2024” report is available at ResearchAndMarkets.com.

According to the report, the growth of the market is fueled by the growing presence of start-up companies offering robotic solutions for warehouse automation, increasing popularity of AMH equipment among leading industries, significant recovery in global manufacturing, and rising labor cost and safety concerns.

The AMH equipment market for robots is estimated to hold a large share during the forecast period. The use of robots can reduce labor cost, protect personnel or employees from injuries, and provide a high return on investment. Such advantages are fueling the demand for robots in manufacturing units and warehousing facilities.

The unit load material handling systems is estimated to lead the market based on system type during the forecast period. The wide use of unit load material handling systems in various industries is attributed to their cost-effectiveness and ability to handle several items simultaneously, thereby reducing the number of trips, time required for loading and unloading, and cost of handling.

Storage function is projected to lead the AMH equipment market during the forecast period. The benefits of using AMH equipment for storage include warehouse floor space utilization, increased storage speed, efficient handling of heavy items and reduced frequency of workplace accidents. These benefits are driving the growth of AMH equipment market for the storage function.

The high upfront cost of AMH equipment for SMEs and excessive integration and switching costs are restraining the growth of the AMH equipment market.

As of 2017 the major players in the AMH equipment market included:

• Daifuku (Japan)
• Hyster-Yale Material Handling (U.S.)
• Jungheinrich (Germany)
• KION (Germany)
• Toyota Industries (Japan)