Dublin, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The "North America Conveyor System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by System Type, Belt Type, and Industry" report has been added to ResearchAndMarkets.com's offering.
The conveyor system market in North America is expected to grow from US$ 1,963.15 million in 2019 to US$ 2,747.41 million by 2027; it is estimated to grow at a CAGR of 4.5% from 2020 to 2027.
In the past few years, increase in vehicle production, particularly in North America has driven the conveyor system market. The demand for commercial vehicles and passenger cars, primarily in developing countries, is increasing.
The growing investment in the automotive industry has fueled the demand for conveyor systems. In vehicle production plants, it is important to have high control and high quality in all operations carried out in the industry; thus, the automotive industry is highly implementing conveyor systems in their vehicle production plants. The conveyor systems help vehicle production plants to keep control and have free space for new operations. As the conveyor system mitigates the labor work, it reduces the company's investment on staff training.
Thus, rising vehicle production and growing adoption of conveyor systems in the automotive industry surge the growth of the market. Also, the recent growth of investments in cybersecurity technology is among the other factors expected to positively influence the demand for conveyor systems.
In terms of system type, the belt segment led the North America conveyor system market in 2019. Belts are extensively used for continuous transport of bulk materials. In order to ensure the reliability of the belt system type, maintenance activities are crucial. It has primarily helped progress the industrial sector swiftly. The process of carrying materials has become easy and rapid due to this efficient mechanical device, which can carry heavy materials seamlessly.
North America is severely affected by the COVID-19 pandemic. North America is one of the significant regions for the adoption and growth of advanced technologies due to favorable government policies to accelerate innovation, a huge industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively.
The US is a prominent market for the conveyor systems, especially in the logistics sector. The huge increase in number of confirmed cases and rise in reported deaths has affected this industry. The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of the conveyor system market.
COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. Owing to this pandemic, the manufacturing sector is facing dormancy because of the business shutdown. The companies resuming their manufacturing facilities face scaled-down production for conveyor belt systems due to a massively affected supply chain.
This would hinder the adoption of conveyor systems in the region. The impact of the coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. However, online retailing and food businesses have boosted sales in the region. Consumers are spending on products that would help them manage the COVID-19 crisis. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
Daifuku Co., Ltd.; DEMATIC; Emerson Electric Co.; Honeywell Intelligrated; Interroll Holding, GmbH; Siemens AG; SSI Schafer; Swisslog; TGW Logistics Group; and Vanderlande Industries B.V. are among a few players operating in the North America conveyor system market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. North America Conveyor System Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
5. North America Conveyor System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Blooming E-commerce Industry to Bolster the Demand for Conveyor Systems
5.1.2 Growing Vehicle Manufacturing to Raise the Demand for Conveyor Systems
5.2 Market Restraints
5.2.1 Environmental Issues Due to Impact of Mining Activities
5.3 Market Opportunities
5.3.1 Digital Advancements Creating Opportunities for Conveyor System
5.4 Future Trends
5.4.1 Manufacturing Sector Adopting Industrial 4.0
5.5 Impact Analysis of Drivers and Restraints
6. Conveyor System Market - North America Analysis
6.1 North America Conveyor System Market Overview
6.2 North America Conveyor System Market - Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Market Players Ranking
7. North America Conveyor System Market Analysis - By System Type
7.2 North America Conveyor System Market Breakdown, by System Type, 2019 & 2027
8. North America Conveyor System Market Analysis - By Belt Type
8.2 North America Conveyor System Market Breakdown, by Belt Type, 2019 & 2027
9. North America Conveyor System Market Analysis - By Industry
9.2 North America Conveyor System Market Breakdown, by Industry, 2019 & 2027
9.3 Food & Beverage
9.7 Metals and Mining
10. North America Conveyor System Market - Country Analysis
11. Impact of COVID-19 Pandemic on North America Conveyor System Market
11.1 North America: Impact assessment of COVID-19 Pandemic
12. Industry Landscape
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
Daifuku Co., Ltd.
Emerson Electric Co.
Interroll Holding GmbH
TGW Logistics Group
Vanderlande Industries B.V.
For more information about this report visit https://www.researchandmarkets.com/r/1dpkas
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