Conveyor System Market Worth 8.87 Billion USD by 2021
PUNE, India, January 23, 2017 /PRNewswire/ --
The report "Conveyor System Market by Industry (Retail, Food & Beverage - Meat, Poultry & Dairy, Automotive and Airport), Type (Overhead, Floor, Roller, Pallet, Crescent, Belt), Belt Type (Light, Medium, and Heavy Weight Belt), and Region - Global Forecast to 2021 ", published by MarketsandMarkets, the market is projected to grow at a CAGR of 9.04%, to reach a market size of USD 8.87 Billion by 2021.
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Browse 94 market data Tables and 78 Figures spread through 186 Pages and in-depth TOC on "Conveyor System Market"
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The market is primarily driven by the rising necessity to handle larger volumes of materials leading to increasing requirement of efficiency.
"Belt conveyor type to be the largest conveyor type in the market of conveyor system used in retail industry"
Belt conveyor type is expected to dominate the Conveyor System Market for the retail industry. Belt conveyors are made of one or more layers of material and run in an endless loop. They are easy to maintain and are suitable for linear running. Power belt conveyor types are being used in certain retail industries which help to increase the productivity, get easily integrated with the company's existing automation system and works efficiently.
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"Airports to be the fastest growing segment in the Conveyor System Market, by industry"
The airport segment is projected to grow at the highest CAGR during the forecast period. The demand for conveyor system in the airport industry is influenced by the increase in the number of terminal expansions, growing number of airports, rise in passenger traffic, and increasing necessity for efficient transportation of baggage. People now prefer travelling by airways to save time, thus, increasing passenger traffic in airports. Asia-Oceania is expected to have the largest market for conveyor system application in airports due to the increased passenger traffic in countries such as China, India and others.
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"Asia-Oceania to grow at the highest CAGR during the forecast period"
Asia-Oceania is estimated to dominate the Conveyor System Market, and is projected to grow at the highest CAGR during the forecast period. The growth in Asia-Oceania is attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. Factors such as reduced human effort, continuity in the process, increased efficiency, decreased product loss, etc. are driving the demand for conveyor systems. For countries like India and Japan, the consumption pattern of the people is changing, with rising middle class population, the need for conveyor systems are increasing in order to cater to the increase in the consumer basket.
The Conveyor System Market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Siemens AG (Germany), Emerson Electric Co. (U.S.), Daifuku Co. Ltd. (Japan), Vanderlande Industries B.V. (The Netherlands), and Fives (Paris).
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