Future Market Insights
Sea ports and cargo terminals are likely to play a pivotal role in the development of the global bulk material handling systems market as international sea trade takes a hike. Regional ports will play a crucial role in trading across international borders and also leveraging exchange of commodities. This amalgamation of desired resources and productivity is a prominent factor responsible for connecting the world through sea routes. China, which is a prominent country in terms of import as well as export of bulk commodities and which has almost 60% of world trade, has exhibited a comparatively slow economic growth and has thus reduced import of dry bulk in the last couple of years.
Even after facing an economic slowdown, the global seaborne trade crossed approximately 10 billion tons in 2015 and is also expected to foresee exceptional growth in the coming years. The rising demand for liquid bulk and minor commodities is expected to emerge as a core factor driving the progress of the global bulk material handling systems market over the course of the forecast period. Moreover, activities pertaining to mining in developed as well as developed regions and the proliferating number of construction activities, mostly in Gulf Cooperation Council countries are likely to prove to be fruitful for the growth of the country in the coming years. The global bulk material handling systems market is expected to register a CAGR of 4.3% between 2017 and 2027. In 2016, the market was valued at about US$ 3,500 Mn and is projected to reach a value around US$ 5 600 Mn by the end of 2027.
Mining and Sea Ports and Cargo Terminal to be at the Vanguard of Growth with Manufacturing Gaining Pace
The growth of the manufacturing sector is driven by the growing global population. Moreover, the development of the mining industry is anticipated to speed up, as the need for natural resources and minerals is growing with every passing day. The growth of the manufacturing and mining industries at a global level is expected to create significant opportunities for the bulk material handling systems market and in turn fuel the production as well as the sales of such systems which are further used in these applications. The mining application segment in the bulk material handling systems market is expected to account for a share of 28.4% in the global market in 2017 and is projected to reach approximately 29.3% by the end of 2027.
Construction and infrastructure along with manufacturing and mining activities have become a dynamic sectors which are expected to contribute in the growth of the market for bulk material handling systems. The demand for some of the bulk material handling systems such as stackers, band conveyors, bucket elevators, and ship loaders and unloaders is increasing in manufacturing, construction, maritime and mining sectors in emerging economies of Asia Pacific. Nevertheless, the rental services for heavy, gigantic and costly bulk material handling systems such as bucket wheel excavators, stacker cum reclaimers, and shovel, among others are expected to remain a precedence for many end users over the forecast period.
In addition, extruded food products, such as breakfast cereals, meat analogs, pasta, filled snack products, and pet food are gaining significant popularly in various regions. Furthermore, apart from being high convenience in processing, the food extrusion setups are relatively economical and offer high rate of return as compared to other conventional operations. Additionally, this is expected to increase the manufacturing and packaging activities across the region, which will play a pivotal role in the growth of bulk material handling systems market in food and beverage industry in the region.