Global Conveyor Systems Market to Reach $8.7 Billion by 2024
SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Conveyor Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 17248
Companies: 87 - Players covered include Allied Conveyor Systems, Inc.; BEUMER Group GmbH & Co. KG; Caterpillar, Inc.; Daifuku Co., Ltd.; Dematic Group ; Dorner Mfg. Corp.; Durr AG; Dynamic Conveyor Corporation; Eisenmann AG; Emerson Electric Co.; Fives Group; Flexlink AB; Honeywell Intelligrated; Hytrol Conveyor Co., Inc.; Interroll Group; Kardex AG; Mahindra Tsubaki Conveyor Systems (MTC) Pvt. Ltd.; Murata Machinery, Ltd.; SSI Schaefer - Fritz Schaefer GmbH; Swisslog Holding AG; Vanderlande Industries B.V. and Others.
Coverage: All major geographies and key segments
Segments: Industry (Warehouse & Distribution, Food & Beverage, Automotive, Electronics, Mining, Airport); Type (Overhead, Floor, Roller, Pallet, Crescent, Belt, Other Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Conveyor Systems Market to Reach $8.7 Billion by 2024
Material handling is ubiquitous wherever there is need for storage, control and movement of items from raw material stage to distribution of finished products. Conveyor system, a conventional material handling system, is needed to transport materials between two or more facilities. The equipment is widely used in manufacturing and distribution facilities for the movement of products ranging from bolts to pallets. Amid the COVID-19 crisis, the global market for Conveyor Systems is projected to reach US$8.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 3.9% over the analysis period. Europe represents the largest regional market for Conveyor System, accounting for an estimated 29.0% share of the global total. The market, estimated at US$2.1 Billion in 2019 is projected to reach US$2.5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.5% over the analysis period.
With automation becoming an integral aspect of industrial and manufacturing activities, worldwide, demand for conveyor systems for safe and effective transportation of materials and goods has been on the rise. The growing need to accelerate flow of materials and improve operational efficiency has been driving companies worldwide to deploy conveyor systems in their facilities. The growing move towards assembly line process in various industry verticals for mass production purposes favors market growth. Growth in the market is also supported by the rising need to modernize older conveyor systems-related infrastructure. There is especially an increase in adoption of gearless and energy efficient conveyor system designs, on account of the growing regulatory pressures facing end-use customers to improve energy efficiency of conveyor systems. Demand is also rising for smart conveyor systems such as those capable of offering product traceability features. Long-term growth potential also exists in conveyor systems providing integrated machine vision features. Europe represents the leading region market, fueled by the expanding manufacturing activity and the growth in the region's automotive industry. In North America, the expanding food & beverage, automotive, retail and airport industries are expected to stimulate demand for conveyor systems. Asia-Pacific represents a promising market for conveyor systems with increasing deployments witnessed across the rapidly expanding food & beverage, airport, automotive and retail sectors. The continuous increase in the number of manufacturing facilities and the escalating demand for automation as well as efficiency from various production facilities are driving growth in the region.
The market for Belt Conveyor systems is forecast to emerge as the dominant category over the analysis period. The ease of maintenance and the systems' suitability for linear operations contributes to the segment growth. Demand for the systems continues to grow from diverse industry verticals due to their advantage in conveying a wide variety of goods regardless of shape, size and weight. Further, power belt conveyors are also known to integrate easily with company's existing automation systems, and increase overall effectiveness of operations. More
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