[221+ Pages Report] According to a survey released by Facts and Factors, the global conveyor systems market stood at USD 7.65 billion in 2020 and is predicted to register USD 9.85 billion by the end of 2026, rising at a CAGR of nearly 4.30% between 2021 and 2026.
Global Conveyor System Market: Overview
A conveyor system is one of the most often used and favored pieces of equipment in the world, and it may be utilized in a variety of situations. It is a piece of machinery that is used to handle and carry items inside the confines of an industry. It is used in a variety of sectors, including automotive, manufacturing, retail, food and beverage, and transportation. Conveyor systems encompass a wide range of items, including belt conveyors, rollers, and pallets, among others. The usage of a conveyor system enables that a bigger volume of commodities is handled with greater efficiency. Conveyor systems are material handling machinery and equipment that transfer heavy or bulky raw materials and/or completed goods from one location to another in a fraction of the time that human labor would take.
Global Conveyor System Market: Growth Factors
Increasing investments in automotive, increased need for handling bigger volumes of products and boosting process efficiency, food & beverage, retail, and airport sectors, as well as material safety concerns, are among the primary drivers for the conveyor belt market. Manufacturers of conveyor belts use them extensively at airports for luggage screening and collection. The worldwide conveyor belt market will be driven by the expansion of current airports and the creation of new airports. Conveyor belts are being driven by the increase of industrial development activities in emerging nations as a result of government reforms. The need for powered roller conveyors is increasing as the worldwide packaging business grows with the global steel industry. The need for belt conveyors is rising as the number of assembly units grows, as these conveyor systems assist in the transfer of both normal and irregularly shaped objects from one location to another, regardless of their weight. Airport infrastructure construction has increased internationally as a result of rising disposable incomes in emerging nations, lower airfares, and burgeoning tourist industry.
Global Conveyor System Market: Segmentation
The global conveyor system market is segregated based on type, operation, end-use industry, and region. Based on type, the global conveyor system industry is categorized into the roller, belt, overhead, pallet, bucket, tri-planar, cable, floor, crescent, and others. Based on operation, the global conveyor system industry is categorized into automatic, semi-automatic, and manual. Based on the end-use industry, the global conveyor system industry is categorized into automotive, food & beverage, pharmaceuticals, airport, retail & distribution, electronics, mining, and others.
Global Conveyor System Market: Regional Analysis
In 2020, Asia Pacific is likely to be the leading regional conveyor systems market. Conveyor systems are prospering in emerging e-commerce businesses in promising locations such as North America and APAC. Consumers want the return procedure to be as quick and easy as the purchase process if they buy anything online and decide to return it for any reason. Conveyor systems are required for such procedures so that products may be moved efficiently. Rising industrialization in the Asia Pacific area, owing to strong GDP growth, rising employment, and high buying power, is expected to boost the regional market over the projected period. In order to compete in the market, Asian manufacturers have raised their quality requirements, throughout the forecast period. The improvement in economic conditions in nations like India, Thailand, and China is largely responsible for this. The rapidly growing populations in China and India are boosting demand for a variety of industries, including food and beverage, automotive, and e-commerce, to name a few. In addition, Asia-Pacific has 20-23 airports under development, with targeted completion dates ranging up to 2030. For example, China's Beijing Daxing International Airport, which is the city's second airport, began operations in 2019. This new airport has seven runways and can handle 620 thousand flights and 100 million people annually. The United States had the majority of the market share in the North American market. The presence of growing nations like Mexico and Brazil has boosted the demand for conveyor systems. The development of sophisticated & innovative goods such as malfunction detection systems, lean manufacturing techniques, and the rising food & beverage industry are some of the reasons that are predicted to contribute to market expansion.
Global Conveyor System Market: Competitive Players
Some main participants of the global conveyor system market are Daifuku Co., Ltd., Emerson Electric Co, Interroll Group, Siemens, Swisslog Holding AG, Dematic, Taikisha Ltd., SSI Schafer AG, Vanderlande Industries B.V., Honeywell Intelligrated, Fives, TGW Logistics Group GmbH, Continental Conveyor, Shuttleworth, RUD, Redler, Nordstrong, Murata Machinery, Mahindra Conveyor Systems, FMC Technologies, Flexlink, Allied Conveyor Systems, Durr AG, Toyata Industries, and Bastian Solutions Inc. amongst others.
Conveyor System Market: Regional Segment Analysis
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