Plant Equipment Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Plant Equipment market reached a value of about USD 144 billion in 2021. The industry is projected to grow at a CAGR of around 6% in the forecast period of 2022-2027 to reach a value of about USD 205 billion by 2027.

The global Plant Equipment industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The increasing need for the equipment in industries to cut costs, increase productivity and reduce labour costs is driving the market. In the industry report, the key demand indicator is the highest category spender by region—Asia Pacific.

Plant Equipment: Industry Definition and Segmentation

Plant equipment is mechanical machinery employed as part of a process operation or combination of process operations that does not cause a change in the material or an article, such as conveyors, elevators, feeders, or weighers. It moves, stores, controls, and protects materials, commodities, and products during the manufacturing, distribution, consumption, and disposal processes. The Plant Equipment industry report comprises segments by type (Forklifts, Cranes, Small Loaders) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The Asia Pacific Region is Driving the Growth of the Industry

The Asia Pacific holds the largest share in the market as China and India are expected to provide a plethora of options, allowing OEMs to access a broader range of end-users. The fast use of e-commerce services fueled regional growth, boosting equipment purchases. The rise can be ascribed to manufacturers' increasing interest in industrial automation. Furthermore, forklifts aid in the streamlining of supply chain distribution operations and the operational efficiency and workflow of manufacturing processes.

The market is driven by the need for machinery in the manufacturing process. The commodities assist in improving the efficiency of product handling, management, storage, and transportation. This equipment helps to ensure that goods are circulated swiftly, smoothly, and efficiently during the production process. As a result, the following properties of the products are driving the market's expansion. Furthermore, growing government initiatives to promote infrastructural activities by building and upgrading new airports, train networks, seaports, and power plants is furthering the equipment's demand, thus resulting in increased demand.

However, the high cost of the equipment is likely to hamper the market growth.

Best Procurement Practices

The global Plant Equipment industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Plant Equipment regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Forklifts, Cranes, and Small Loaders are the major types of items in the industry. A forklift is a motorised industrial truck that lifts and transports objects over short distances. A crane is equipment that can raise and lower goods and move them. It is fitted with a hoist rope, wire ropes or chains, and sheaves. It is mainly used to lift big objects and carry them to different locations. A loader is a construction machine that moves or loads materials such as dirt, rock, sand, demolition waste, and other materials into or onto another type of machinery.

The rise in E-Commerce Sector, Further Driving the Procurement of Plant Equipment

The industry is being propelled by the increased need for automation and modernisation in industrial methods to make the manufacturing process easier and more cost-effective is driving the worldwide material handling equipment market. These solutions provide a cost-effective, process-efficient, and accurate way of transferring items quickly between manufacturing facilities and warehouses, resulting in increased demand and assisting industry growth. Also, the expansion of the aviation and e-commerce sectors, the desire for supply chain transparency and flexibility in warehouse activities, and the increased demand for better storage and transportation of products in warehouses contribute to the industry's growth. It ensures higher productivity by optimising logistics in warehouses and industrial plants.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Plant Equipment Industry Report

• Toyota Industries Corporation
• KION Group AG
• The Liebherr Group
• Konecranes Oyj
• Sany Heavy Industry Co., Ltd

Market Landscape

The market is a highly consolidated one that is characterised by fierce rivalry. Major players plan to use organic and inorganic ways to maintain the competition as an effective growth strategy. Key suppliers are also focusing on mergers and acquisitions to expand their geographic reach and boost their market presence.

Key Initiatives by Companies

• Toyota Material Handling, a subsidiary of Toyota Industries Corporation, introduced Mole & Mouse Automated Guided Carts in April 2021. (AGCs). Customers should be able to automate repetitive operational operations in assembly lines, distribution centres, warehouses, and manufacturing facilities with the product. Similarly, Vanderlande Industries B.V, a logistics process automation company, launched HOME PICK, a goods-to-person (GTP) picking system, in July 2020. The product adds to the company's automated storage and retrieval system (AS/RS) and allows customers to place online supermarket orders.
• Compact wheel loaders from the Liebherr Group are fitted with innovative assisting systems and joystick steering for simple operation.