LONDON--(BUSINESS WIRE)--The new glass handling tools and equipment market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Increasing Adoption of Glazing and the Energy Efficiency in Buildings,” says a senior analyst for Industrials at Technavio.
The demand for glazing in commercial and residential buildings is increasing as it saves energy by reducing the consumption of electricity. The increasing adoption of glazing and the energy efficiency in buildings will be one of the major factors driving glass handling tools and equipment market growth. Glass is an environmental-friendly material. The demand for traditional brick and mortar walls is declining due to the increasing popularity of coated glass. The installation of coated glass in commercial structures enhances the aesthetics of artificial lighting systems and facilitates the reflection of more natural light inside the building. Furthermore, many people in developing economies also prefer residential glazing due to the rise in disposable incomes and rapid economic growth. This will consequently increase the need for glass lifting equipment.
As the markets recover Technavio expects the glass handling tools and equipment market size to grow by USD 37.25 million during the period 2020-2024.
Glass Handling Tools and Equipment Market Segment Highlights for 2020
- The glass handling tools and equipment market is expected to post a year-over-year growth rate of 1.23%.
- The glass vacuum lifter segment accounted for the majority market shares during 2020 because they ensure precision control and efficient handling during the glazing operations.
- The industrial and automotive sectors extensively employ this equipment during the production process for handling glasses in warehouses, loading or unloading operations, and for stacking glass sheets. Market growth in this segment will be slower than the growth of the market in the other segment.
Regional Analysis
- 50% of the growth will originate from the APAC region.
- The increasing demand for buildings with modern and aesthetic features will significantly drive glass handling tools and equipment market growth in this region over the forecast period.
- China and Japan are the key markets for glass handling tools and equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The glass handling tools and equipment market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The glass handling tools and equipment market is segmented by Product (vacuum lifters, loading and storage equipment, and manual handling and other equipment) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aardwolf Industries LLC, ANVER Corp., Bottero SpA, Conzzeta Management AG, CRH Plc, HEGLA GmbH & Co. KG, J. Schmalz GmbH, LISEC Holding GmbH, Muyen BV, and SCM GROUP Spa
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