Bulk Material Handling Products and Technologies Market to Reach US$65.74 Bn by 2024, Thanks to Rising Automation

The bulk material handling products and technologies market depicts a competitive and highly consolidated market. Main players such as TENOVA S.p.A, ThyssenKrupp AG, and Metso Corp. are defining competitive dynamics in the bulk material handling products and technologies market. According to a new report by Transparency Market Research (TMR), acquisitions, mergers, and collaborations are notching up the level of competition in the market.

The bulk material handling products and technologies market players are focused on expanding their global footprints. Emerging markets present new opportunities for growth and already established players are in key positions to take advantage of growing infrastructural and commercial developments in emerging markets. Additionally, the players in the bulk material handling products and technologies market are investing in sustainable innovations to cater to maturing markets. Growing demand for technology transfers in developing markets and increased focus on innovation in developed markets is expected to drive research development and innovation.

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According to a new TMR report, the bulk material handling products and technologies market was evaluated at US$58.86 Bn by the end of 2015. The market is expected to grow at a slow but steady CAGR of 1.30% during 2016-2024. It is expected to reach US$65.74 Bn by 2024 end, thanks to a rising demand from the mining industry. The demand from the mining industry is expected to continue throughout as emerging markets in Asia Pacific continue to demand raw materials for industrial manufacturing. On the other hand, rising trend of automation in the developed world presents a bright opportunity for the bulk material handling products and technologies market.

Rail Conveyor Technology Expected to Open New Opportunities

The rail conveyor technology, a combination of traditional belt conveyor system and rail technology is expected to open new avenues for growth. The technology is expected to enable efficient and sustainable operations for players in the bulk material handling products and technologies market. The technology is still in its nascent stages as initial capital investments represent high costs. However, the technology opens up new opportunities like mass transportation for key goods. It could solve ongoing problems with transporting industrial raw materials such as hydrogen.

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Bulk gas storage and transportation is a major roadblock in the development of hydrogen powered vehicles. Hydrogen’s low ambient temperature density makes it difficult to store it using conventional storage methods. Technological advancements through large investments in research and development can provide potential new opportunities for players in the bulk material handling products and technologies market.

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