Key Companies Covered in the Conveyor Systems Market Research Report are Daifuku Co., Ltd., Continental Conveyor, Bastian Solutions, Inc., Conveyor Systems Ltd, Dematic, Interroll (Schweiz) AG, Dürr AG, ATS Automation Tooling Systems Inc., Toyota Industries Corporation, Invata Intralogistics, Taikisha Ltd.
PUNE, India, Aug. 19, 2019 /PRNewswire/ -- The global Conveyor Systems Market is prophesied to expand at a CAGR of 4.6% through the forecast years, 2019-2026. Fortune Business Insights in a new report, titled "Conveyor Systems Market Size, Share and Global Trend By Type (Roller Conveyors, Flat Belt Conveyors, Wheel Conveyors, Vertical Conveyors & Other), By Location (In-floor Conveyors, On-floor Conveyors & Overhead), By Load (Unit Load & Bulk Load), By Application (Food & Beverages, Pharmaceuticals, Supply chain & Logistics, Manufacturing, Mining & Others) and Geography Forecast till 2026" predicts that the market is primarily driven by large demand for conveyor systems across warehousing and manufacturing industries. Conveyor systems play a crucial role in material handling equipment. Analysts in the report found that the global market was worth US$ 5,008.4 Mn in the year 2018 and is anticipated to reach US$ 7,169.0 Mn by 2026. These systems are used in the effective transportation of items from one place to another, which results in the significant reduction of labor costs.
As per type, the demand for flat-belt conveyors, vertical conveyors, wheel conveyors, and roller conveyors is increasing. Among these, flat-belt conveyors witness the highest demand, which will increase the Conveyor Systems Market size by 2026.
Majority of the Revenue to Come from India and China
Among regions, Asia Pacific is projected to exhibit the highest CAGR in the global Conveyor Systems Market. The demand for conveyor systems is increasing in industries such as food and beverage, retail, automotive, and other industries. This will further lead to the new infrastructural growth in the region, which will increase the Conveyor Systems Market growth in Asia Pacific. Among different countries in this region, India and China are the leading growth contributors for conveyors belts. Presence of several global players such as Geely, BYD Automotive, Dongfeng, Ford Motor Co., and, Volkswagen in China is contributing to the growth of the Conveyor Systems Market share. These companies need conveyor belts to facilitate the management of materials, thereby minimizing the time consumption. Enabled by these factors, the market is expected to grow in this region.
The market in Europe was valued at US$ 924.3 Mn in 2018 and is expected to witness substantial growth in the forecast years. Several manufacturing companies in this region are adopting automation. This, coupled with, rising penetration of advanced technologies such as RFID, AI, and IoT, is propelling growth in the market.
Emergence of Industry 4.0 and Growing E-commerce Industry to Transform Material Handling Space
"It was Henry Ford who launched the first conveyor belt and bought revolution in the material handling industry. His focus was to optimize efficiency and reduce cost," stated a lead analyst at Fortune Business Insights. "Now, conveyor belts have become the permanent solution for material handling, massive production, and product distribution across industries," he added. With the growing technological advancements, companies are developing innovative and smart conveyor systems for warehouses, thereby increasing the Conveyor Systems Market demand. The Conveyor Systems Market trends are growing, such as using barcode and RFID technologies in conveyor belts is gaining huge popularity among manufacturers. These technologies help to facilitate dimensioning and in-line scanning of conveyor belts.
Growing e-commerce industry and the emergence of industry 4.0 are factors contributing to the growth of the market. Several companies are not automating their services to enhance outcomes and reduce labor costs. For instance, Industrial Kinetics developed a vehicle slat conveyor, especially for large vehicle manufacturers. It is a dual stand in-floor conveyor and is specifically designed for companies who convey around 635 tons of materials and 385 tons of vehicles. Another company called Durr developed an ADAMOS platform for the Industrial Internet of Things (IIoT). With the help of digitization, companies can increase their production efficiency and maximize machine utilization. Several companies are entering into mergers and acquisitions (M&A) to offer improved services and expand their share in the market. For instance, Capitalworks announced the acquisition of C&M Conveyor in June 2018. The former company with the help of C&M's automatic material handling systems can strengthen its product portfolio. Such strategies are likely to spur the conveyor systems market revenue in the forecast years.
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