New York, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Conveyor System Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 - by System Type (Overhead, Floor, Roller, Belt, and Others), Belt Type (Light, Medium, and Heavy), and Industry (Food & Beverages, Automotive, Airports, Logistics, Metals & Mining, and Others)," the global conveyor system market size is expected to grow from USD 8.86 billion in 2022 to USD 12.94 billion by 2028; it is anticipated to grow at a CAGR of 5.8% from 2022 to 2028.
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Global Conveyor System Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 8.86 billion in 2022 |
| Market Size Value by | USD 12.94 billion by 2028 |
| Growth rate | CAGR of 5.8% from 2022-2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 173 |
| No. of Tables | 83 |
| No. of Charts & Figures | 85 |
| Historical data available | Yes |
| Segments covered | System Type, Belt Type, and Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Daifuku Co. Ltd., Dematic, Emerson Electric Co., Honeywell Intelligrated, Interroll Holding GmbH, Siemens AG, SSI Schafer, Swisslog Holding AG, TGW Logistics Group, and Vanderlande Industries |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Conveyor System Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPMC00002528/ |
Global Conveyor System Market: Competitive Landscape and Key Developments
Daifuku Co. Ltd., Dematic, Emerson Electric Co., Honeywell Intelligrated, Interroll Holding GmbH, Siemens AG, SSI Schafer, Swisslog Holding AG, TGW Logistics Group, and Vanderlande Industries are among the key conveyor system market players.
In October 2022: Flexicon introduced a manual dumping system, the "3-A dairy dumping conveying system." This system exhibits features of an integral conveyor and a separate dust collector, which makes it ideal for pharmaceutical products, dairy powders, and contamination-sensitive bulk foods.
In April 2022: FB Chain introduced an automated lubrication system for conveyor and roller chains. RotaLube is an automated lubrication system that enables cement plant operators to ensure their chains are working in optimal condition with lower energy consumption and oil and for a longer replacement cycle.
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The soaring foreign direct investment (FDI) investments in the automotive industry, material safety concerns, rising industrialization, requirement of automation to mitigate manufacturing costs, and expansion of the e-commerce sector with the adoption of conveyor systems are the key factors propelling the growth of the global conveyor system market. The leading market players are focusing on broadening their addressable market by diversifying client bases and expanding current product portfolios by developing new products. For instance, in April 2020, Martin Engineering, a US-based company, announced the launch of a conveyor belt monitoring system, which monitors the blade and tracks the remaining service life. The newly launched product reduces manual inspections by providing accurate data to the technicians and mitigating exposure to moving conveyors. Moreover, the global pandemic positively impacted the market growth, particularly in the e-commerce and food & beverages industries. Since, the demand for food items and online channel for delivering products increased, the demand for conveyor system also got boosted.
In addition to mentioned factors, the growing adoption of robotics will endure being a part of the manufacturing process to make sure operations are getting performed quickly. In robotics, the pallet conveyor system is experiencing huge popularity among manufacturers for exact positioning and precise movements of different elements. This factor is further impacting the global conveyor system market positively. Moreover, the growing demand for developing eco-friendly conveyors is expected to fuel the overall conveyor system market growth. Consumers' buying preference for environmentally conscious companies is projected to fuel the demand for energy-efficient systems, which will further fuel the conveyor system market growth.
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Conveyor System Market: Belt Type Overview
Based on belt type, the conveyor system market size is segmented into light, medium, and heavy. The medium segment accounted for the largest conveyor system market share in 2022. The medium belt type is used for the mechanical transportation of loads or products in the construction and mining industries, where the conveyor system operates with higher belt speeds. It allows boxes, packages, cases, and other products to be conveyed on both inclines and declines. Several companies are inclined toward designing and manufacturing medium belt types for various industries. Esbee Machinery Pvt. Ltd, Conveyer & Caster Corporation, and Monk Conveyors are among the players offering conveyor systems. Roller bed conveyor belts, flat belt conveyors, modular belt conveyors, cleated belt conveyors, curved belt conveyors, incline/decline belt conveyors, and specialty conveyor belts are some of the common belt types that are being adopted at a high rate. With the expanding scope of packing, sorting, assembling, inspecting, transporting items, bag handling systems, offloading break bulk goods, and many more, the adoption of the above-mentioned belts for different applications will also rise.
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Impact of COVID-19 on Global Conveyor System Market Growth:
The US is a prominent market for conveyor systems, especially in the logistics sector. The factory and business shutdowns across the US, Canada, and Mexico, owing to the COVID-19 pandemic, impacted the adoption of the conveyor system market in North America. The pandemic has had a severe impact on logistics operations, transportation, and trade activity. The manufacturing sector faced dormancy because of the business shutdown due to the pandemic. The companies resuming their manufacturing facilities faced scaled-down production for conveyor belt systems due to a massively affected supply chain. This factor impacted the conveyor systems penetration in the region in 2020. However, online retailing and food businesses have boosted sales in the region. Consumers are spending on products that would help them manage the COVID-19 crisis. From mid-2021, many businesses commenced their manufacturing activities. The pandemic transformed the methods used by industries for their production and distribution purposes. With an aim to follow the norms of the COVID-19 pandemic, companies are seeking ahead to adopt automation in their procedures.
Go through further research published by The Insight Partners:
Mobile Conveyor Market– The mobile conveyor is the conveyor belt platform mostly used in the construction industry.
Conveyor Belt Market – A conveyor belt is the main part of the conveyor system and is used for carrying material or products from one place to another.
Modular Conveyor Belts Market– Modular belt conveyors are highly durable and can be used in a variety of applications for almost any form of transportation.
Conveyor Belt Market– A conveyor belt is the main part of the conveyor system and is used for carrying material or products from one place to another.
Screw Conveyor Market– A screw conveyor is a mechanism that is used to move bulk material.
Conveyor Sprockets Market– The conveyor sprocket is used to drive the chain in the conveyor system and is used to transfer rotatory motion.
Flexible Conveyor Belts Market – A conveyor system is a type of mechanical handling equipment that transports things from one place to another.
Packaging Conveyors Market – A packaging conveyor is used for the transportation of material and products from one packaging machine to another.
Scraper Conveyors Market – A scraper conveyor is a mechanical system that is primary used for conveying different materials.
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