The global conveyor system market is anticipated to grow at a moderate CAGR of 4.5% during the forecast period of 2021 to 2031. Conveyor system market was to reach an estimated valuation of US$ 13.7 Bn in 2021. Advances in intralogistic operations along with cutbacks in traditional supply chains activities have contributed to the positive market prospects of conveyor system.
Conveyor systems are vital parts of transportation segment in commercial and industrial establishments. Automation in conveyor system has diminished production time and overall cost of manufacturing. Growing urbanization and industrialization in developing economies of Asia and Middle East will drive the demand for conveyor systems.
Drive towards sustainability and environmental preservation have induced governments to implement strict environmental regulations and pushed various industrial verticals to adopt initiatives aiming at carbon footprint reduction. This has also resulted in many industries adopting the circular economy.
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General conveyor systems ingest huge amount of energy especially systems that use old electric motors. Many organizations are working towards developing efficient market products to reduce the energy costs and in turn limit the carbon emission. In order to produce energy efficient conveyor systems, multiple leading market players are collaborating with others to develop optimized machine drives, cooling systems along with replacing the conveyor belt material with lighter and more durable alternative. This is expected to fuel the global market expansion of conveyor systems.
With rising number of industries incorporating Industry 4.0 techniques to upgrade their existing conveyor systems, there’s been a notable rise in market possibilities. Moreover, these businesses focus on the changing consumer preferences along with investing in creating an agile environment that will cater to these trends and preferences. This will positively influence the market in upcoming years.
Enterprises are looking for compact, low maintenance, and smart conveyor system for their processing and manufacturing plants. Rapid industrialization in developing countries and extensive research undertaken by market players to develop a multi-utility and flexible conveyor system, will fuel the conveyor system market in forthcoming years.
Furthermore, the incorporation of technological advancements also contribute to market growth. The integration of smart sensors and advanced communication systems with automated conveyor system and development of smarter motors and controllers for easier and quieter operations will amp up the market growth in the next few years.
“Rising adoption of technological advancements in conveyor systems as well as increasing industrialization will likely supplement the sales of conveyor systems for the forecast period,” says an FMI analyst.
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- Industry 4.0 and circular economy to enhance market prospects.
- Market growth in Europe will be led by conveyor system market in Germany.
- North America is predicted to display significant market growth over the forecast period.
- Advancing food processing activities to drive the market in China.
- Rising e-commerce and expanding warehousing to drive market demand in India.
- Belt type conveyor systems to observe significant growth over the assessment period.
- Automated conveyor systems are gaining traction in the market.
- By application, automotive and transportation industry to dominate the market.
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Daifuku, Beumer Group, Interroll Holding AG, Murata Machinery, Schaefer Systems International and Durr group are some of the major players in the conveyor system market that are profiled in the full version of the report.
With the presence of both regional and multinational market players, the conveyor system is a fragmented market. The major market players engage in collaborations and partnerships with multiple end-users to gain a competitive advantage.
Conveyor System Market Key Segments
By Product Type:
- Belt Conveyor
- Roller Conveyor
- Pallet Conveyor
- Overhead Conveyor
- Tri-Planar Conveyor
- Crescent Conveyor
- Skid Conveyor
- Trailer Conveyor
By Operation Type:
By Capacity Type:
- Unit Handling
- Bulk Handling
By Application Type:
- Packaging & Warehouse Distribution
- Textile & Paper
- Construction & Mining
- Automotive & Transportation
- Consumer Electronics
- Food & Beverage
- Chemical & Pharmaceutical
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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