Construction and mining industries look set to be the major winners particularly with the emergence of the bulk material handling systems which were launched recently.
With those two industries expected to be adopters of the bulk material handling machine, it is its demand-driven activities that are expected to be its trump card.
Such activities include ore extraction, crushing, grinding, site-cleaning, demolishing and decommissioning and others.
Furthermore, continuous migration, growing urbanization, and high-value infrastructure projects with healthy investment drive growth of the bulk material handling market.
The bulk material handling systems market was estimated at US$ 4.5 Billion in 2019 and is projected to register a CAGR of about 2.8% over the forecast period.
“Rental services play a pivotal role in the bulk material handling systems market, as this equipment is capital intensive. Hence, to gain profits in this market, players can focus on offering rental and leasing services while also directly selling bulk material handling systems,” says a report analyst.
Key Takeaways of Bulk Material Handling Systems Market Study include a focus on expansion of footprint in the developing countries, which also involves moving new products into new markets such as the Middle East, China and India where construction industry registered a double-digit growth in the past decade.
As per the recent trend in the mining industry in the Americas and Asia Pacific, the demand for bulk material handling systems is expected to be from open or surface pit mining especially for coal and ferrous mining.
Since the rental and leasing service is a strong aspect of the bulk material handling systems market, many players have incorporated rental services as business segment while directly selling bulk material handling systems.
Band conveyor and stackers have been identified as the most recognizable bulk material handling systems as they are capable of accomplishing various tasks such as stockpiling and transportation, particularly in packaging and manufacturing end-use industries.
Bulk Material Handling Systems: Competition Scenario
The bulk material handling systems market is assessed to be a fragmented market, where market players such as Hitachi Construction Machinery Co., Thyssenkrupp, Kawasaki Heavy Industries, Ltd. Liebherr Group, and Sumitomo Heavy Industries are estimated to maintain their dominance in the market throughout the forecast period and have strong order inflow.