Conveying Equipment Market to Cross USD 60 Billion by 2025: Global Market Insights, Inc.
Asia Pacific Conveying Equipment Market share is forecast to achieve more than 35% share in 2025 driven by improving economic conditions in emerging economies along with growth in food & beverages, e-commerce and automotive sectors.
SELBYVILLE, Del., Sept. 23, 2019 /PRNewswire/ -- According to a new Global Market Insights report titled, "Conveying Equipment Market Size, By Product (Bulk Handling Equipment, Unit Handling Equipment, Parts & Attachments), By Application (Durable Manufacturing, Food & Beverage, General Merchandise, Mining & Construction, Transportation, Warehouse & Distribution), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025," the global conveying equipment market share is set to surpass USD 60 billion by 2025.
Growing adoption of industrial automation in developing nations owing to rising government initiatives to boost the manufacturing sector will propel the conveying equipment market growth over the forecast timespan. These systems are being widely adopted in material handling processes as they aid in the reduction of operational costs and production cycle time. Its ability to carry heavy and bulk materials is increasing its implementation in several industries such as food & beverages, automotive, and warehousing & distribution. Moreover, companies in the market are offering customized conveyor systems according to specific industry applications, resulting in increased productivity and reduced labor costs. For instance, Interroll Worldwide Group, a manufacturer of automated logistics systems, is offering conveyor modules for the food industry which comply with strict hygienic requirements and regulations.
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Some of the regional growth drivers are:
- Strong global outlook on automotive production
- Growth in the global aviation industry
- Increasing demand for advanced conveyors in the U.S.
- Rising labor costs and inconvenience of employing a manual workforce in North America and Europe
- Ongoing industrialization and rise in demand for cost-efficient systems in Europe and Asia Pacific
- Growth in the Asia Pacific and MEA mining industry
- Development of manufacturing sector in South-East Asian countries
- Flourishing e-commerce industry in Asia Pacific and Latin America
Ongoing technological advancements are encouraging manufacturers to offer quieter and automated conveyors systems. They are increasingly replacing conventional chain conveyors with distributed control and motor starter systems, enhancing energy efficiency and enabling quieter operations. For instance, Itoh Denki offers powered roller conveyor systems which can work on low voltage and torque, enabling quiet and safe operations. Moreover, conveying equipment manufacturers are focusing on providing smaller and compact systems that take lesser space for operations. Daifuku Co., Ltd. introduced an inverted power and free conveyor system that allows companies to efficiently use the plant floor space, eliminating the need for expensive lift and transport devices.
In the conveying equipment market, the adoption of the systems is being witnessed in the food & beverages industry owing to the rising demand for sorting, storing, and transporting packed goods. The presence of stringent government standards and regulations is compelling the industry to follow hygienic requirements for food processing. The increasing demand for safe and hygienic manufacturing operations is encouraging industries to implement maintenance-free, hygienic, and energy-efficient conveyors. These systems are helping industries to minimize their operating costs by reducing energy consumption. Beverage companies are widely using conveyor belts to effectively handle materials of various types, forms, and sizes. For instance, The Coca-Cola Company implemented belt conveyors in its manufacturing facility for bulk handling of products, allowing the company to increase productivity and to eliminate spillage.
Browse key industry insights spread across 200 pages with 145 market data tables and 27 figures and charts from the report "Conveying Equipment Market Forecast, 2019 – 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/conveying-equipment-market
The increasing industrialization and growing government emphasis on infrastructure development in Latin American countries, such as Brazil and Mexico, will drive the adoption of sophisticated conveyors. Manufacturing industries in the region are highly investing in advanced technologies, such as AI, machine learning, and robotics, resulting in increased productivity and economic growth. In 2018, 48% of organizations under Brazil's National Confederation of Industry (CNI) announced plans to invest in automated technologies. The adoption of automated solutions will positively impact the growth of conveyor systems in the region. Moreover, the development of government initiatives to improve the manufacturing sector will provide lucrative growth benefits to the market.
Major companies participating in the conveying equipment market share include Viastore Systems Inc., Toyota Industries Corporation, TGW Logistics Group GmbH, Taikisha Global, SSI Schaefer Group, Siemens AG, Phoenix Conveyor Belt Systems, Murata Machinery Ltd., Mecalux S.A., KUKA AG, Kion Group AG, Kardex Group, Jungheinrich AG, Intelligrated Inc., Flexlink, Fives Group, Fenner Group Holdings Ltd., Daifuku Co. Ltd., and Beumer Group GmbH & Co. KG. These companies are increasingly adopting strategies such as new product development and mergers and acquisitions. For instance, Leitner S.p.A developed AGUDIO FlyingBelt conveyor, which is 7.2 km-long and provides environmentally friendly material transport using ropeway technology.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Conveying Equipment Market demand worth over $60 billion by 2025
Conveying Equipment Market size is set to exceed USD 60 billion by 2025, according to a new research report by Global Market Insights, Inc.
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Conveying Equipment Market Size
SOURCE Global Market Insights, Inc.
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