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.
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The global sales of bulk material handling system are forecast to grow from 13,000 units in 2021 to over 14,000 units by the end of 2031. FMI projects moderate growth for bulk material handling system market at an overall compound annual growth rate (CAGR) of 2% between 2021 and 2031.
Bulk Material Handling System Market Historic Outlook In Comparison to 2021 – 2031 Forecasts
The demand for proper housing and infrastructural development is rising consistently, which will create prospects for expansion of the bulk material handling system market. According to FMI, the market exhibited a CAGR of 1.10% between 2016 and 2020.
Increasing mining activities will increase the demand for handling and transport of mined materials and equipment’s. As mining sector is growing in emerging economies, market players are focusing on penetrating these new markets with product launches and supply in such regions.
In October 2020, electric rope shovel from Komatsu Mining named “P&H 2300XPC” was delivered to a major Russian gold mine in Tenkinsky District of the Far East Magadan region. The excavator is used for stripping operations.
Market players are working towards integrating modern techniques like machine learning and automation with the material handling systems to gain the upper hand in this highly competitive market.
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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.
Major manufacturers in the bulk material handling systems market are Thyssenkrupp, Techint Group, FL Smidth, Hitachi Construction Machinery Co., Liebherr Group, IHI Transport Machinery Co., Ltd., Kawasaki Heavy Industries, Ltd., Komatsu, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., L&H Industrial, Schenck Process Holding GmbH, Metso Corporation, Satake Corporation, Beumer Group, and Motridal S.p.A.
Mining, Packaging,Construction, Manufacturing, Sea Ports & Cargo Terminals.
Stacker, Stacker cum Reclaimer, Band Conveyor, Bucket Wheel Excavator, Stripping Shovel, Rope Shovel, Bucket Elevator, Ship Loader and Unloader.
North America, Europe, Latin America, APAC (Asia Pacific), MEA (Middle East & Africa).
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Construction and mining industries are major adopters of the bulk material handling systems with demand-driven from activities such as ore extraction, crushing, grinding, site-cleaning, demolishing, decommissioning and others. Moreover, continuous migration, growing urbanization, and high value infrastructure projects with healthy investment drive growth of the bulk material handling market.