BLOG - 10 August 2020
The COVID-19 economic impact on global material handling equipment market
Recent reports about the pandemic impact on market future challenges and industry growth
The global conveying equipment market size was estimated at USD 60.9 billion in 2019 and is expected to grow at a compounded annual growth rate (CAGR) of 2.9% from 2020 to 2027
In particular Europe conveying equipment market projected to expand at a CAGR of 2.8% over the forecast period on account of increasing construction and infrastructure spending coupled with increasing industries in this region. The market growth is further augmented by the increasing automation and reducing human efforts in manufacturing plants and distribution centers. (for more information: Grand View Research).
Furthermore, as Powder Bulk Solids describes: the Conveyor Equipment Manufacturers Association (CEMA) reported that its May 2020 booked orders increased 14.39% when compared to May 2019 booked orders.