The conveyor system market is projected to grow at a CAGR of 4.5 % from 2020 to 2027, to reach a market size of USD 11.6 billion by 2027 from an estimated USD 8.8 billion in 2020. A Conveyor System is one of the most used & preferred equipment all over the world and can be used in wide range of applications. It is equipment which is used to handle and transport materials within industry premises and used in several industries including automotive, manufacturing, retail, food and beverage, and transportation Conveyors system refers to numerous products such as belt conveyors, roller, and pallet among others. The use of conveyors system ensures handling larger volume of goods & efficiency. Moreover, Factors such as growing industrialization need of automation to reduce manufacturing costs and waste and growth of e-commerce moving them towards adoption of conveyor systems, Fluctuating raw material prices, environmental regulations, as well as uncertainty of final products hampers the growth of the market significantly
Owing to constant changes in industrial demands in terms of expected efficiency and product characteristics multiple conveyor systems have been developed. Major conveyor types include belt, roller, overhead conveyors, tri-planar, crescent conveyor, pallet and sorter conveyor and spiral conveyors, among others.
Newer types of conveyor products being offered in the conveyor systems market have helped in simplifying and improving operations across different industries. An increasing trend in the market is toward the use of companies offering a combination of basic conveyor types that are assembled into a single conveyor system. This is offered as a kind of customized solution depending upon the needs of the customer. Today, different industries are adopting quality standards supporting the use of conveyors.
The need for increasing efficiency and enhancing speedy flow of materials has been encouraging companies or organizations to install conveyors in plants and facilities. Further, the demand for conveyors is also aided by demand for modernization of older conveyor infrastructure. An growing trend in this industry is toward adoption of highly energy efficient and gearless designs for conveyor systems.
This trend is boosted by regulatory pressures are end-users concern toward the energy and operational efficiency of conveyors. Rising costs of raw materials such as steel is a significant concern in this industry as this may hamper profit margins. Offering smarter conveyor systems such as providing product traceability features in conveyors represents an opportunity for players in this market. Another opportunity, in the long term is offering integrated machine vision features.
Key players in this market include Daifuku Co., Ltd., Taikisha Ltd., Emerson Electric Co., Dematic Group, Fives Group, Interroll Holding AG, Intelligrated, Inc., SSI Schaefer, Swisslog AG, Siemens AG, TGW Logistics Group Gmbh, and Vanderlande Industries, among others.
Conveyor System Market is highly application driven and such conveyor systems are gaining popularity across the end user industries like automotive, retail, Food & beverages, airport which is referred as one of the major driving factors for market. Furthermore, increasing FDI investments in automotive sector, material safety concerns and other factors is also augmenting the growth of the market. Currently, America region is the largest market for conveyor systems, U.S. accounted for a majority of the market share Because of presence of developing countries such as Mexico and Brazil has enhanced the conveyor systems market.
Asia Pacific is referred as fastest growing region for conveyor belts and North America is the second largest market for conveyor belt. The increase in the modernization and construction of new airports, distribution centers, and warehouses, the development of environment friendly and cost-effective conveyor systems will enhance the market for conveyor systems in Asia-Pacific and the Middle East.
Report : Conveyor System Market by industry (Warehouse & Distribution, Food & Beverage, Automotive, Electronics, Mining, and Airport), By Type,(Belt, Roller, Pallet, Overhead and others), By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) And Industry Analysis, Opportunity and Forecast 2020 To 2027.