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Global Conveyor System Market to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

·4-min read

The "Conveyor System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by System Type (Overhead, Floor, Roller, Belt, and Others), Belt Type (Light, Medium, and Heavy), and Industry (Food & Beverages, Automotive, Airports, Logistics, Metals & Mining, and Others)" report has been added to ResearchAndMarkets.com's offering.

According to this report the global conveyor system market was valued at US$ 7,940.38 million in 2019 and is projected to reach US$ 11,903.88 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

Rising digitization across the world has resulted in increased efficiency of existing machines together with increased safety, and is anticipated to surge the demand for advanced conveyor systems. Manufacturers have implemented automation and analytics to enhance their products & services and to enrich customers' experience. The concept of digital equipment has transformed manufacturers from suppliers with 'hardware only' to suppliers with 'hardware, software, and services,' which has led to the introduction of new business models. Conveyor systems manufacturers use new models to build a loyal customer base and generate a steady stream of revenues. The supply chain industry across the world has been undergoing a constant transformation and considerably impacting the fundamentals of warehousing and distribution.

These transformations are related to the growing technologies that fill the gap between supply chain operations and customers. Rising technologies, such as digital twins and IT platforms, find their way into conveyor systems, enhancing the value chain, and thereby work efficiently and cost effectively. Digitization has paved the way for conveyor system manufacturers to introduce new business models based on equipment utilization or performance. Several businesses are constantly striving to enhance logistics and assembly operations. For instance, MiniTec Company supports various industries with its advanced products and convincing customer services. MiniTec is an International technology company focusing on advanced conveyor technology, automation, workplace systems, and assembly technology. Digitization has created several opportunities across different processes in the value chain of the conveyor system, from designing the product to manufacturing, selling, and after sales services.

Impact of COVID-19 Pandemic on Conveyor System Market

According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and China are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread across the globe. As per the WHO, as of November 3, 2020, there were around 46,840,783 confirmed COVID-19 cases globally, including 1,204,028 deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and it is likely to continue in 2021 as well.

The outbreak has created significant disruptions in primary industries, such as logistics, retail, and e-commerce. The sharp decline in the international logistics business industry is negatively impacting the growth of the global conveyor system market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat the outbreak have adversely affected the logistics industry.

Reasons to Buy:

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global conveyor system market.

  • Highlights key business priorities in order to assist companies to realign their business strategies

  • The key findings and recommendations highlight crucial progressive industry trends in the global conveyor system market, thereby allowing players across the value chain to develop effective long-term strategies

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Growth in E-commerce Industry to Drive the Demand for Conveyor Systems

  • Increasing Vehicle Production to Surge the Demand for Conveyor Systems

Restraints

  • Concerns over Environmental Impact of Mining Activities

Opportunities

  • Growing Digitization Creating Opportunities for Conveyor System

Future Trends

  • Adoption of Industrial 4.0 in Manufacturing Sector

Companies Mentioned

  • Daifuku Co., Ltd.

  • Dematic

  • Emerson Electric Co

  • Honeywell Intelligrated

  • Interroll Holding GmbH

  • Siemens AG

  • SSI Schafer

  • Swisslog Holding AG

  • TGW Logistics Group

  • Vanderlande Industries B.V

For more information about this report visit https://www.researchandmarkets.com/r/mk648k

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126005651/en/

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