Dublin, May 08, 2024 (GLOBE NEWSWIRE) -- The "Global Conveyor Belt Market Outlook 2023-2036" report has been added to ResearchAndMarkets.com's offering.
In the realm of materials handling and logistics, the global conveyor belt market is experiencing a significant upturn, expected to accrue a compound annual growth rate (CAGR) of 4.68% from 2023 to 2036.
This growth is largely driven by the integration of the Internet of Things (IoT) into industrial processes, coupled with the continual expansion of urbanizations and infrastructural advancements across various sectors. As a result, the market is projected to reach approximately USD 11.10 billion by 2036 from a recorded revenue of about USD 6.12 billion in 2023.
Comprehensive Market Segmentation Analysis
The global conveyor belt market can be dissected into various segments including type, belt type, material type, and geography. Focusing on belt type, the medium-weight conveyor belts are foreseen to generate the highest revenue by the end of 2036, with an expected increase to USD 2.68 billion, climbing from their 2023 revenue position of USD 1.3 billion.
Geographical Insights
Geographically, the market extends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. It is the Asia Pacific region that is projected to lead the market in revenue, expected to reach in excess of USD 6.28 billion by 2036, building upon a substantial base revenue of over USD 3.21 billion in 2023.
Leading Entities in the Conveyor Belt Landscape
The market is backed by a roster of distinguished industry leaders that are influencing the overall market trajectory. Key players include ASGCO, Daifuku Co. Ltd., Vanderlande Industries B.V., Taikisha Ltd., Dunlop Conveyor Belting, and Luna Innovations Incorporated, among others. These companies are at the forefront of technological innovation, infrastructural development, and operational automation, defining the market trends and advancing the conveyor belt industry's prospects.
The global conveyor belt market's outlook remains positive, with a robust growth forecast predicated on technological advancements and market-leading innovations. The continuous developments in the IoT and automation are carving the path forward, setting the stage for a dynamic industry environment over the next decade.
Companies Featured
- ASGCO
- Daifuku Co. Ltd.
- Vanderlande Industries B.V.
- Taikisha Ltd.
- Dunlop Conveyor Belting
- Luna Innovations Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/3uth0e
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