NEWARK, Del, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global conveyor system market is anticipated to grow at a moderate CAGR of 4.5% during the forecast period of 2021 to 2031. Conveyor system market was to reach an estimated valuation of US$ 13.7 Bn in 2021. Advances in intralogistic operations along with cutbacks in traditional supply chains activities have contributed to the positive market prospects of conveyor system.
Conveyor systems are vital parts of transportation segment in commercial and industrial establishments. Automation in conveyor system has diminished production time and overall cost of manufacturing. Growing urbanization and industrialization in developing economies of Asia and Middle East will drive the demand for conveyor systems.
Drive towards sustainability and environmental preservation have induced governments to implement strict environmental regulations and pushed various industrial verticals to adopt initiatives aiming at carbon footprint reduction. This has also resulted in many industries adopting the circular economy.
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General conveyor systems ingest huge amount of energy especially systems that use old electric motors. Many organizations are working towards developing efficient market products to reduce the energy costs and in turn limit the carbon emission. In order to produce energy efficient conveyor systems, multiple leading market players are collaborating with others to develop optimized machine drives, cooling systems along with replacing the conveyor belt material with lighter and more durable alternative. This is expected to fuel the global market expansion of conveyor systems.
With rising number of industries incorporating Industry 4.0 techniques to upgrade their existing conveyor systems, there’s been a notable rise in market possibilities. Moreover, these businesses focus on the changing consumer preferences along with investing in creating an agile environment that will cater to these trends and preferences. This will positively influence the market in upcoming years.
Enterprises are looking for compact, low maintenance, and smart conveyor system for their processing and manufacturing plants. Rapid industrialization in developing countries and extensive research undertaken by market players to develop a multi-utility and flexible conveyor system, will fuel the conveyor system market in forthcoming years.
Furthermore, the incorporation of technological advancements also contribute to market growth. The integration of smart sensors and advanced communication systems with automated conveyor system and development of smarter motors and controllers for easier and quieter operations will amp up the market growth in the next few years.
“Rising adoption of technological advancements in conveyor systems as well as increasing industrialization will likely supplement the sales of conveyor systems for the forecast period,” says an FMI analyst.
Key Takeaways:
- Industry 4.0 and circular economy to enhance market prospects.
- Market growth in Europe will be led by conveyor system market in Germany.
- North America is predicted to display significant market growth over the forecast period.
- Advancing food processing activities to drive the market in China.
- Rising e-commerce and expanding warehousing to drive market demand in India.
- Belt type conveyor systems to observe significant growth over the assessment period.
- Automated conveyor systems are gaining traction in the market.
- By application, automotive and transportation industry to dominate the market.
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Competitive Landscape
Daifuku, Beumer Group, Interroll Holding AG, Murata Machinery, Schaefer Systems International and Durr group are some of the major players in the conveyor system market that are profiled in the full version of the report.
With the presence of both regional and multinational market players, the conveyor system is a fragmented market. The major market players engage in collaborations and partnerships with multiple end-users to gain a competitive advantage.
Conveyor System Market Key Segments
By Product Type:
- Belt Conveyor
- Roller Conveyor
- Pallet Conveyor
- Overhead Conveyor
- Tri-Planar Conveyor
- Crescent Conveyor
- Skid Conveyor
- Trailer Conveyor
By Operation Type:
- Manual
- Semi-Automatic
- Automatic
By Capacity Type:
- Unit Handling
- Bulk Handling
By Application Type:
- Packaging & Warehouse Distribution
- Textile & Paper
- Construction & Mining
- Automotive & Transportation
- Consumer Electronics
- Food & Beverage
- Chemical & Pharmaceutical
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More Insights into the Conveyor System Market Report
In its latest report, FMI offers an unbiased analysis of the global conveyor system market, providing historical data from 2016 to 2020 and forecast statistics for the period 2021 to 2031.
To understand the global market potential, growth, and span, the market is segmented based on product type (belt conveyor , roller conveyor, pallet conveyor, overhead conveyor tri-planar conveyor, crescent conveyor, skid conveyor, trailer conveyor, others), operation type (manual, semi-automatic, automatic), capacity type (unit handling, bulk handling), application type (packaging and warehouse distribution, textile and paper, construction and mining, automotive and transportation, consumer electronics, food and beverage, chemical and pharmaceutical), and region.
According to the latest research by FMI, based on regional growth, the U.S. market is expected to exhibit significant growth over the forecast period. The U.S. government is investing towards expanding old airports and developing new ones to handle the increasing air traffic and air freight transport. This investment is likely to bode well for the conveyor market growth in the country. Growth of distribution centers along with the rise of supermarkets and hypermarkets will also boost the market economy.
The immense presence of technologically advance automotive industry and thriving food and beverage industry is expected to push the conveyor system market in Germany. This regional market is expected to lead the European conveyor system market over the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Developments
4. Key Success Factors
5. Regional Opportunity Mapping
Click Here for Conveyor System Market 357 pages TOC Report
The expanding food & beverage and agriculture sector in China bodes well for the conveyor system market. Conveyor systems are finding huge application in agriculture and food and beverage industries in this region. Modernization in food processing industry as well as introduction of automated production lines in packaged food and beverages segment are expected to fuel the demand for belt conveyor systems in the country. Rising initiatives launched to encourage agricultural activities and advancement in food processing activities are anticipated to drive the demand for food grade conveyor belts system in China.
The growth of e-commerce industry and consequent expansion of warehousing is likely to augment the conveyor system market growth in India. Increasing production and sales of medicines and personal protective equipment (PPE) kits further boosted the market growth in the country.
Moreover, based on segmentation, belt type conveyors along with automated conveyor systems will record significant growth with automotive and transportation industry acting as the leading area of application.
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