Bulk Material Handling Products and Technologies Market Expand at a CAGR of 1.30% between 2016 and 2024 and Reach a Value of US$65.74 bn
The rivalry between ThyssenKrupp AG, TENOVA S.p.A, and Metso Corp. defines the global bulk material handling products and technologies market, states a report by Transparency market Research (TMR). The degree of competition in high within this market as these companies aggressively involve into mergers, acquisitions, and business alliances to strengthen their visibility. Over the coming years, players are likely to focus more on product innovation, development, and implementation of advanced technologies, which is likely to intensify the competition between them.
As per the estimations of TMR, the global market for bulk material handling products and technologies, which offered an opportunity in US$58.86 bn in 2015, is likely to increase at a CAGR of 1.30% during the period from 2016 and 2024 and touch US$65.74 bn by the end of the forecast period. The demand for bulk material handling products and technologies has been greater from the mining industry when compared to other end users and the scenario is likely to remain same over the years to come.
Europe to Witness Continued Rise in its Bulk Material Handling Products and Technologies Market
According to the research report, North America, Asia Pacific, Europe, and the Rest of the World that includes the Middle East, Africa, and South America are the main geographical segments of the worldwide bulk material handling products and technologies market. Europe, which has been leading this market for quite some time, is expected to remain seated in this position over the period of forecast. It acquired a share of nearly 35% in the overall market in 2015.
Germany has taken the lead among all the European markets for bulk material handling products and technologies and is expected to maintain its dominance in the near future on account of the extensive utilization of bulk material handling equipment, propelled by the rising demand for industrial automation, the increase in mass production methods, such as assembly line production, and the augmenting requirement for bulk equipment in the construction industry.
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Asia Pacific, among others, is also exhibiting considerable scope for the future growth of the market for bulk material handling products and technologies, thanks to the rise in infrastructural advancements, boosted by the rise in urbanization in emerging Asian economies, such as India, China, and Japan. The Asia pacific bulk material handling products and technologies market is heavily driven by China, which is also one of the most prominent domestic markets across the world. The ongoing expansion in the China market points towards a thriving future for the overall market in Asia Pacific. North America, on the other hand, is likely to witness a sluggish progress in its market for bulk material handling products and technologies over the forecast period, states the report.
Continual Infrastructural Developments and Construction Activities to Boost Market’s Progress
“The rising urbanization has the most prominent impact on the market for bulk material handling products and technologies across the world,” says the author of this report. With continued infrastructural developments and construction activities, especially in emerging countries, such as China and India, the demand for these products and technologies has been increasing substantially. The growing need for automation in the manufacturing industry is also reflecting positively on their sales, creating growth opportunities for this market during the forecast period. However, the need for high initial investments and the presence of several budgetary constraints may limit the market’s growth to some extent over the next few years, notes the study.