Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Conveyors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Conveyors Market is expected to grow at a CAGR of 4.5% over the forecast period. The world of intralogistics is undergoing a major transformation. With the globalization of the economy, shorter product cycles, and the advancements in e-commerce, the international flow of goods is increasing and accelerating, driving the market studied.
Key Highlights
With the rapidly increasing growth in Stock-Keeping Units (SKUs), wholesalers and distributors need help to make informed decisions about their operations, which drives the need for the more innovative use of labor, equipment, and technology. The main factors driving the need for these automated material handling systems are cost savings, labor efficiency, and space constraints.
Various factors, such as industrial growth, expansions, modernization of industries, and product and process-specific conditions, influence the conveyor systems market. Conveyor systems help simplify the task of handling bulky materials. It plays a vital role in operations by reducing and minimizing production cycle time and errors.
Supply chains and business processes are becoming increasingly complex, and customers are demanding more. At the same time, competitive pressure is also growing among national economies and individual market players. Therefore, outsourcing models and automation are gaining demand.
It has also been observed that there is an increasing need for delivering various products in small time frames that require efficient inventory management and reverse logistic systems. The developing automotive, retail, and food and beverage industries are also likely to fuel the growth of the market studied.
Conveyors Market Trends
Retail Segment to Witness Significant Growth
The retail industry has transformed significantly with automation and IT-based solutions. Retailers are adopting automated warehousing and distribution solutions to optimize store space utilization and stay profitable. The retail sector utilizes conveyors for distribution, warehousing, sorting, and cross-docking. Growth in shopping through online mode in the Asia-Pacific and LAMEA regions has created a conducive market environment.
The increasing usage of online retailing, coupled with changing consumer behavior toward goods purchasing, is likely to positively impact the adoption of conveyor and sortation systems. In addition, many companies already invested in the sortation facility are expected to increase their capacity, owing to the rising demand. For instance, in October 2022, UPS expanded its presence at Milan Bergamo Airport by adding a new facility to expand capacity. Moreover, the new facility measures 5,000 sq. meters and has sorting facilities, processing 3,800 packages per hour - twice as many as the previous building.
The increasing purchasing power of consumers, changing lifestyles, growing working-class segment, and relaxation in government regulations such as Foreign Direct Investment. These factors have boosted the growth of supermarket chains and distribution centers, driving the demand for new distribution centers and warehouses, which is then expected to drive the conveyor market.
Asia Pacific is Expected to Hold the Largest Market Share
Many international corporations from developed countries across the globe have set up their production facilities in the APAC region, especially in developing countries such as India and China, because of the availability of cheaper factors of production (labor, raw material, and equipment). The growth of manufacturing activities has increased the adoption of conveyor systems in this region.
Moreover, increasing spending power, improving the standard of living, and higher GDP, among other factors, are increasing the demand for manufactured goods, which in turn is leading to the increased adoption of these automated systems. For example, the majority of belt conveyors in Indian manufacturing facilities were initially of the low-speed type. The expansion of these facilities, fueled by increased public demand for goods, led to the adoption of high-speed belt conveyors.
In India, demand will increase from the retail, airport, and post and parcel industries during the forecast period. The retail market is primarily driven by the emergence of the e-market and customers shopping online, which gave rise to fulfillment centers and warehouses. Also, with the increased usage of communication devices, the internet is helping the growth of e-commerce and m-commerce.
Conveyors Market Competitor Analysis
The Conveyor Market is highly competitive owing to the presence of many prominent players supplying their products in domestic and international markets. The market appears to be moderately fragmented, with the major players adopting strategies like product innovation and mergers and acquisitions. Some of the major players in the market are Daifuku Co. Ltd, SSI Schaefer AG, and Murata Machinery Ltd, among others.
A selection of companies mentioned in this report includes
- Daifuku Co. Ltd
- SSI Schaefer AG
- Murata Machinery Ltd
- Mecalux SA
- BEUMER Group GmbH & Co. KG
- KNAPP AG
- KUKA AG (Swisslog AG)
- Honeywell Intelligrated Inc.
- Kardex Group
- Viastrore Systems GmbH
- Bastian Solutions Inc.
For more information about this report visit https://www.researchandmarkets.com/r/d4lhgp
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