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The global conveyor system market size is projected to reach USD 12.7 billion by 2027, from an estimated value of USD 9.4 billion in 2022, at a CAGR of 6.0%
Higher adoption of customized-automated material handling solution based upon niche specifications in various end-use industries and rising demand for handling larger volumes of goods are the driving factors that are expected to boost the conveyor system market.
New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Conveyor System Market by Industry, Type Component, Operation & Region - Global Forecast to 2027" - https://www.reportlinker.com/p05026087/?utm_source=GNW
The constant investments in R&D by conveyor system manufacturers accompanied with growing supply chain network is to fuel the demand for conveyor solution in the forecast period.
• By industry, retail & distribution is expected to be the largest market owing to increase in e-commerce
The retail & distribution industry has expanded in recent years owing to various reasons, such as the increase in online shopping, changing lifestyles, rising working-class population, and relaxations in government regulations, such as FDIs.These factors have fuelled the growth of supermarket/hypermarket chains and distribution centres.
Similar trends are being observed in emerging countries where the retail industry is growing and creating new avenues for supermarket/hypermarket giants, majorly due to the rise in the adoption of e-commerce platforms. According to the United Nations Industrial Development Organization, consumption of goods in developed countries is expected to rise to approximately USD 30.0 trillion by 2025. This is expected to increase the penetration of industrial automation and the requirement for efficient material handling systems.
By type, belt conveyor is projected to be the largest and one of the fastest growing markets during the forecast period
Belt conveyors can handle higher capacities at a significantly lower cost per ton kilometer and cover longer distances easily and economically than other conveyors.The belt conveyor can be used for special purposes such as fire resistance, wear resistance, corrosion resistance, and high angle negotiation and integrated with other equipment.
It can be used in combination with other conveyors in various industries, such as retail, food & beverage, and airport. Due to its flexibility and use in various industries, the demand for belt conveyors is estimated to be the highest during the forecast period.
Asia Pacific is projected to be the fastest growing market during the forecast period.
The market’s growth in Aisa Pacific is aided by rising demand for conveyors in industries such as manufacturing, automotive, and e-commerce.Manufacturing is one of Asia Pacific’s important economic pillars, and it is undergoing fast transition.
Low-cost manufacturing enterprises, such as automotive and electronics manufacturers, are reportedly shifting to Southeast Asia to decrease costs, which is predicted to enhance conveyor use.Natural resources and their acquisition provide major market prospects for conveyors in the region, which automate process flow.
The broad landscape provides new opportunities for logistics companies to introduce conveyors to help materials transition more smoothly.Conveyors and sortation systems are in high demand in the airport, post and parcel, and warehousing sectors.
Furthermore, the manufacturing industry has seen an increase in demand for an automatic sortation system integrated across the conveyor belt, which lowers the error rate and so improves the overall efficiency of the general warehouse logistic module, removing any associated supervision and loss.
Breakdown of Primaries
In-depth interviews were conducted with CXOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Stakeholder: Demand-side- 30%, and Others 70%
• By Designation: C Level 20%, D Level -20%, and Others -60%
• By Region: North America - 20%, Europe - 20%, and Asia Pacific - 60%
Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), Fives Group (France) and Metso Outotec (Finland) are some of the leading manufacturers of conveyor system in the global market.
Study Coverage:
This study segments the conveyor system market and forecasts the market size based on type [belt, roller, pallet, overhead, tri planar, bucket, floor, cable, crescent, and others (gravity, chain, and vertical)]; operation (manual, automatic, and semi-automatic); component [aluminum profile (conveyor belt support), driving unit (motor bracket, counter-bearing, and electrical drive), and extremity unit (pulley and clamping strap)]; airport industry, by conveyor type (belt, tri-planar, crescent, and others); automotive industry, by conveyor type (overhead, floor, roller, and others); retail & distribution industry, by conveyor type (belt, roller, pallet, and others); electronics industry, by conveyor type (belt, roller, and others); mining industry, by conveyor type (belt, cable, bucket, and others); food & beverage industry, by sub-industry (meat & poultry, dairy, and others); and region (North America, Asia Pacific, Europe, and Rest of the World).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall conveyor system market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05026087/?utm_source=GNW
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