Globalization is driving the development of more efficient material handling technologies, according to a new report from Frost & Sullivan’s Technical Insights research group.
The most common trend, according to the report, “Advances in Material Handling Systems,” is to build material handling equipment that is smaller yet smarter. In addition, collaboration among multiple companies has increased along with integrated supply chains and concurrent movement of goods and information.
The worldwide construction, power, mining and manufacturing sectors are affecting the global dynamics of the material handling systems market, according to the Technical Insights report. Economic growth and the development of the industrial products and consumer goods markets in India and China, in particular, are boosting growth potential for material handling equipment in those countries.
While some companies are deferring investment and following a “wait-and-watch” approach, other companies are actively pursuing lean practices, continuous improvement and just-in-time production systems, the report adds. Tracking and tracing of product movement is also a growing requirement for warehouse operations.
Green initiatives are likely to increase in the material handling market, the report continues. “Industrial practitioners are displaying a preference for environmentally responsible material handling systems that reduce emission levels and produce less noise,” the analysis states. “To ensure greater uptake of material handling systems, new technologies must be developed to ratchet down costs and improve ROI.”