LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global industrial carousel market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
Innovation in carousel market is a key trend which is expected to impact the market during the forecast period. The rising market demand for convenient and cost-effective warehouse facilities is paving the way for innovation in the material handling equipment market. For instance, horizontal carousels come with a voice recognition system that has been incorporated to reduce the cost incurred on recruiting and training labor for carousel operation. Also, voice-recognized horizontal carousels help warehouse managers to manage the inventory during peak demand.
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In this report, Technavio analysts highlight the growing global pharmaceutical market as a key factor contributing to the growth of the global industrial carousel market:
Growing global pharmaceutical market
The global pharmaceutical market grew by 9.5% during 2005-2015, and the growth phase of the market is expected to continue for the next few years. The growing healthcare reforms in developed and developing countries are triggering the growth of the global pharmaceutical market. Also, rising health insurance awareness in the US, China, and India will foster the volume sales of the pharmaceutical sector.
“The patent expiration of innovative drugs is a market triggering driver for the pharmaceutical warehouse equipment market. This is because the patent expiration of drugs increases the volume of pharmaceutical products due to the introduction of biopharma replicas of drugs by many general medicine manufacturers. The rise in the volume of pharmaceutical sales will positively affect the revenues of warehouse material handling equipment manufacturers,” says a senior analyst at Technavio for warehouse and storage research.
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Global industrial carousel market segmentation
This market research report segments the global industrial carousel market by product (horizontal carousel and vertical carousel) and key regions (the Americas, APAC, and EMEA).
EMEA was the leading region for the global industrial carousel market in 2017, accounting for a market share of over 39%, followed by the Americas and APAC. Although APAC held the smallest market share, it is the only region that is expected to exhibit growth of over 1% in its market share by 2022, while the other two regions will witness a decrease in their market share.
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