ALBANY, New York, May 23, 2019 /PRNewswire/ -- A recent report by Transparency Market Research provides a detailed analysis of global conveyor system market. According to the report, the conveyor systems market is dominated by some prominent players. These players are investing heavily on R&D to develop new technologies ensuring durability and quality of their products. Some of the major players are inclining towards reducing the cost of their products in order to retain the loyalty of their customers. They are also taking strategic steps such as mergers and collaborations in order to expand their production, range, and profit quotient.
Companies like Daifuku Co. Ltd, Dematic Group, Murata Machinery Ltd., and Schaefer Systems International Inc. accounts for approximately 50% of the global conveyor system market shares, says Transparency Market Research (TMR). However, over a period of time, the competition is going to get stronger and more intense. In order to remain ahead in the conveyor system business, these organizations have to buckle up and innovate their strategies.
According to TMR report, the global conveyor system market was valued around US$4.6 bn in 2016. The market is projected to grow with a CAGR of 3.5% during the forecast period from 2017 to 2025. The report estimates that the market shall be worth US$6.31 bn by the end of 2025.
The global conveyor system market is segmented on the basis of type, end-users, and distribution channel. According to market analysts of these, the belt type conveyor system segment under type is expected to dominate the market. In terms of revenue, this segment is projected to hold the largest share in global conveyor system market during the forecast period of 2017 to 2025. This growth shall be the result of extensive use of conveyor belts in manufacturing, packaging, food and beverages, and pharmaceuticals industries.
Globally, the conveyor system market showcases its presence in various regions. However, Europe is projected to lead the market with an overall CAGR growth of 2.7% in the forecast period. This growth shall be the attribute of the rising number of manufacturing industries in the region. Also, forthcoming innovations in the field of automation and improvement in efficiency shall promote the growth of conveyor system market in future.
Rising Demand of Manufacturing Safety to Drive the Market Growth
Manufacturing industry is full of risks and safety hazards. Many incidents in the past have proved the necessity of the conveyor system in the organization for safe and secure working. The conveyor belt is used to carry out the process of production safely in the factory. Due to these safety reasons and smoothening the production process in the manufacturing industry, the global conveyor system market is expected the witness the projected growth in the forecast period. Another factor that is drives the growth in the market is the application of conveyor belts in airports. The luggage sorting in an airport requires some sturdy and quality conveyor belts. With the growing number of the airport across the globe the global conveyor systems market is likely to witness remarkable growth in the coming years.
In Spite of High Costs, Players can Score Tons of Profit in the Market
The cost of producing conveyor systems is quite high. Even the installation of these systems is not that easy. Owing to these factors, the growth of global conveyor system market may get a bit slow in the forecast period. However, with the new innovation and implementations of technologies like IoT and machine learning, businesses in the global conveyor system market can still score a win by grabbing opportunities, the industry has to offer.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Conveyor System Market (Conveyor Type - Roller Conveyor, Belt Conveyor, Pallet Conveyor, and Over-head Conveyor; End User - Food Processing, Automotive, Retail Sector, Airport, and Healthcare; Distribution Channel - Online Distribution Channel and Direct Distribution Channel) - Global Industry Analysis, Trend, Size, Share and Forecast 2017 - 2025."
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