“The global automated material handling market was estimated to be $28.16 million in the year 2016. It is further estimated to reach $48.26 million by the year 2023. The global automated material handling market is estimated to grow with the CAGR of 8.0% during the period 2016-2023. The major factors that are augmenting the growth of the global automated material handling market are increasing demand for automated solution and increasing focus towards safe working environment. North America is estimated to be the leading region in the global automated material handling market. Increasing demand for automated solution in manufacturing and automotive industry and technological advancement are the major factors backing the growth of the market in the region, while Asia Pacific is estimated to be the fastest growing region during the forecasted period. Increasing focus of government on safety during manufacturing and increasing investments by manufacturers and suppliers for adoption of automated material handling systems are the major factors driving the growth of the market. However, high capital requirement, high maintenance cost of systems and equipments, real time technical challenges are holding back the growth of the automated material handling market across the globe.
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Key Driver- Increasing Demand for Automation
The global market for automation is growing rapidly, rising customer expectation is fueling the demand of the integrated and scalable products. Automation in industries is not only increasing in highly industrialized economies such as US and Germany, but also in developing economies such as India and China.
In 2015, sales of robotic systems increased by 15% to 253,748 units. The major factor that is augmenting the growth of the demand of automation across the globe was estimated to be the increasing adoption of automation across various industry sectors. In 2015,33% increase in automationindustry has been witnessed as compared to 2014.Particularly, 41% increase in electronics industry, 39% in metal industry and 16% increase in chemical, plastics and rubber industry.
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United States is estimated to be the leading producer of the industrial automation equipment. United States exports approximately about $10.5 billion worth of products to foreign market. The automotive industry is estimated to be the leading end-user of automation industry. In the year 2015, approximately 90million motor vehicles are produced across the globe. Motor vehicles assembly is highly automated process. As per the international federation of robotics, in 2015, approximately 100,000 installation of industrial robotics in automotive sectors has been recorded. Food manufacturing industry is also one of the major end-users of the industrial automation equipments. The global food manufacturing industry was valued to be 5 trillion in the year 2015. Most of the food manufacturing plants are automated entirety. These are the major factors that are driving the growth of industry automation across the globe.Increasing industry automation is estimated to drive the growth of the global automated material market across the globe.
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