London, Nov. 02, 2021 (GLOBE NEWSWIRE) -- The global conveyor system market size was valued at US$ 7.2 billion in 2020. Conveyor system is used to move products, raw materials, and other items form one place to another in the same building or area and is used in various industries such as airport, pharmaceutical, retail, and automotive. The demand for the conveyor system is dependent on the growth of the various end use industries across the globe. The rising demand for handling large volume of goods in industries such as mining, food & beverage, and supply chain and distribution is exponentially fostering the growth of the global conveyor system market.
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Further, the rapid growth of e-commerce has a crucial role to play in the upcoming years. The technological advancements has led to the development of the e-commerce. The e-commerce sector extensively utilizes conveyor systems in warehouses and distribution centers. Therefore, the rising popularity of e-commerce among the global population is expected to drive the growth of the global conveyor system market during the forecast period. Further, the rapid growth of the pharmaceutical industry owing to the growing biopharmaceutical manufacturing in North America is significantly boosting the growth of the conveyor system market. The presence of huge number of pharmaceutical manufacturers is expected to augment the demand for the conveyor system in the forthcoming years.
Crucial factors accountable for market growth are:
- Rapid industrialization in developing regions
- Rising adoption of automation across different industries
- Government policies to attract FDIs
- Rapid growth of the e-commerce
- Rising investments in the production of electric vehicles
- Rising government investments for industrialization
Scope of the Conveyor System Market Report
| Report Coverage | Details |
| Market Size in 2020 | US$ 7.2 billion |
| Growth Rate from 2021 to 2030 | CAGR of 3.6% |
| Largest Market | Europe |
| Segments Covered | Type, Industry, Region |
| Companies Mentioned | Daifuku Co., Ltd., Dematic Group, Emerson Electric Co., Interroll Holding Ltd., Siemens AG, Taikisha Ltd., Swisslog Holding AG, SSI Schäfer AG, Vanderlande Industries, TGW Logistics Group Gmbh |
Regional Snapshots
Europe is the leading conveyor system market. The early adoption of automation technologies across various industries in Europe has significantly fostered the growth of the market. The rapidly growing tourism industry in Europe is fueling the demand for the conveyor system from the airport segment. The presence of top automotive companies in the region is expected to drive the growth of the market during the forecast period. The rising adoption of smart and innovative technologies in the manufacturing sector of Europe has increased the demand for the latest conveyor systems.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by rapid industrialization, presence of huge customer base, rising disposable income of the consumers, and rising popularity of automation in the industries. All these factors are encouraging the players from the different industries to invest in the region to set up manufacturing facilities. Therefore, industrialization of Asia Pacific is the major factor that is expected to boost the growth of the market.
Report Highlights
- Based on type, the roller segment is estimated to be the fastest-growing segment during the forecast period. This can be attributed to the rising adoption of roller conveyors in warehouses and distribution centers of the e-commerce platforms. The rapid growth of the e-commerce segment is expected to drive the segment growth.
- Based on the industry, the automotive segment is anticipated to be the most opportunistic segment. The rising popularity of the electric vehicles and rising emphasis on the development of eco-friendly transport solution is expected to foster the manufacturing of electric vehicles. This will foster the growth of the conveyor system.
Market Dynamics
Drivers
The conveyor system market is primarily driven by the rising adoption o automation across industries, development of efficient and latest conveyor systems, and rising need for handling large volume of goods. Further, the mining industry is significantly boosting the market growth owing to the extraction of metal and fuel in large volumes across the globe.
Restraints
A high investment is associated with the installation of conveyor systems in the operating facilities. The high capital investment may hinder the market growth especially in the developing and under developed economies that faces financial restrictions.
Opportunities
The introduction of latest technologies such as internet of things, IoT, sensors, and other smart features in the conveyor systems that can efficiently and safely handle large volume of goods is expected to drive the growth of the conveyor system market in the upcoming future.
Challenges
The rising adoption of robots in the industries is a major challenge to the conveyor system manufacturers. According to the International Federation of Robotics, approximately 2.7 million robots were employed in factories in 2020. This may substitute the use of conveyor system.
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Market Segmentation
By Type
- Belt
- Roller
- Overhead
- Pallet
By Industry
- Airport
- Retail
- Automotive
- Food & Beverages
- Supply Chain & Logistics
- Pharmaceuticals
- Mining
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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