Global Conveyor System Market Size Share, and COVID-19 Impact Analysis, By Type (Belt, Roller, Pallet, Overhead), By Industry Verticals (Automotive, Airport, Retail), By End-Use Industry (Healthcare Provider, Patient, Payer), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030Industry: Automotive & Transportation
The Global Conveyor System Market size was valued at USD 8.8 Billion in 2021 and is projected to reach USD 12.18 Billion by 2030, growing at a CAGR of 4.20 % from 2021 to 2030.
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The expanding demand for handling greater volumes of items and enhancing process efficiency, as well as the food & beverage, retail, and airport sectors, among others, are the main drivers for the conveyor system market. They are frequently used at airports for bag screening and collecting by conveyor belt manufacturers. The global conveyor system market will be driven by the development of new airports and the expansion of existing airports. The Conveyor System is expanding as a result of the industrial development activities in emerging countries brought on by the reforms implemented by the individual governments.
Conveyor belts are frequently utilised to move large or components that require adequate transportation in a variety of manufacturing industries. The manufacturing industry instals conveyor belts and pulleys according to the specifications of the operating procedures. Global market expansion is anticipated to be fueled by increasing FDI investments in the automotive industry and growing material safety concerns.
End users have been urged to implement industrial automation solutions such conveyor systems to facilitate inline operation and production as a result of the growing complexity of supply chains and business operations as well as rising customer demand. This will increase demand for warehouse space, which is likely to boost conveyor system sales.
New conveyor systems with updated designs and automated functions have been developed as a consequence of customization to meet the needs of various end users. In addition, the need for belt conveyors has been sparked by the growth of malls and airports in middle-income nations.
The manufacturing and industrial sectors' growing need to handle greater volumes of cargo is thought to be the main market factor boosting the conveyor system industry. Additionally, the conveyor system market is expanding due to the expansion of industrial activities, favourable consumer and industrial region purchasing power, and other factors. The introduction of technologies like RFID and barcode technology as well as smart devices in conveyor systems is enhancing their overall performance. The industry's overall expansion is being fueled by the effective detection of any mechanical problems and the incorporation of automated technology.
The increasing implementation of automated technologies across a variety of sectors is what is fueling the growth of the global conveyor system market. The need for conveyor systems is rising since there is a greater requirement for transportation and speedy movement of items, particularly in manufacturing and assembly facilities. A conveyor system is used to manage the bigger volume of goods rapidly and efficiently. Moving bulky objects like vehicles down an assembly line, for instance, in an automobile factory. Therefore, it is anticipated that the quick development of several industries, including food & beverage, automotive, and retail, will have an effect on the expansion of the worldwide conveyor system market. Another important factor driving the market's growth over the forecast period is the increasing adoption of automation in the packaging sector. Conveyor systems increase efficiency by reducing labour overuse and lowering operational expenses. Therefore, one of the main factors driving the adoption of conveyor systems across sectors is the cost savings and increased efficiency.
Global Conveyor System Market Report Coverage
|Market Size in 2021:||USD 8.8 Billion|
|Forecast Period 2021-2030 CAGR:||4.20 %|
|2030 Value Projection:||USD 12.18 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||131|
|Segments covered:||By Type, By Industry Verticals, By End-Use, Industry, By Region|
|Companies Covered:||Emerson, Siemens, Continental, Daifuku, Fives, Taikisha, Honeywell Intelligrated, Dematic, SSI Schaefer, Invata|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the market|
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One of the main factors limiting the growth of the conveyor system market is the frequency of accidents and severe worker injuries in the manufacturing sectors' conveyor systems. A woman who works in the food sector on the conveyor system has lost her arm in the year 2020. The entire expansion of the conveyor system sector is being hampered by such recurrent incidents despite routine maintenance of the conveyor systems. Due to their higher productivity and lower operational and maintenance costs, automated vehicles and robots are increasingly being used in production instead of conveyor systems. Additionally, the expansion of investment in the industrial sectors is creating an atmosphere that is conducive to the use of sophisticated robotics and automated systems. These elements are limiting the conveyor system industry's overall growth.
COVID 19 Impact
A number of manufacturing businesses have been negatively impacted by the COVID -19 pandemic. In an effort to stop the spread of COVID-19, the governments of various nations have imposed restrictions on business operations and travel. As a result, the pandemic has caused a major decline in the market value of conveyor systems. Additionally, the industrial sectors are looking for tactics and ways to advance their businesses following the pandemic. They are searching for solutions that would quickly boost their productivity. These reasons have raised the need for automated technologies, which are more effective than conveyor systems at carrying out the main industrial processes.
However, COVID has increased demand for the production of specific pharmaceutical goods and medications like HCQS. The demand for medical supplies has increased because to the rising number of COVID cases worldwide, which has also sparked a global demand for conveyor systems to promote productivity. Similar to how the epidemic saw strong development in the retail sector due to the extended lockdown. These elements have fueled the conveyor system market's expansion.
The global conveyor system market is segmented into Type, Industry Verticals, End Use Industry, and Region.
Global Conveyor System Market, By Type
The market can be segmented into Belt, Roller, Pallet, Overhead, and Others categories based on type. The elements can be ascribed to the ease of handling, cleaning, and customization. The necessity for airport expansion, renovation, and construction of additional airports has been made more urgent by the rise in passenger traffic at airports. Airports frequently use belt-style conveyors because they are simple to build and maintain. These advantages make the belt the conveyor system's largest and fastest-growing market, according to expectations.
Global Conveyor System Market, By Industry Verticals
The market is categorized into the following industry verticals: automotive, airport, retail, food and beverage, and warehouse & distribution. For the anticipated time, the warehouse & distribution category has the biggest market share. One of the key factors propelling the expansion of the conveyor system market for the warehouse & distribution sector is the explanation for the rise in e-commerce demand. The growth of supermarket/hypermarket chains and distribution centres has spurred the demand for additional warehouses and distribution centres due to the rise in spending power, changes in lifestyle, the rise of the working class, and the easing of government laws like FDI.
Global Conveyor System Market, By End Use
The market is segmented into healthcare providers, pharmaceutical and biotechnology firms, patients, and payers based on end-user industry. The market segment for pharmaceutical and biotechnology companies is anticipated to see the greatest CAGR over the forecast period. The variables that contribute to the increased need for pharmaceutical and medical infrastructure have led to an increase in the demand for industrial conveyors, which in turn has increased demand for pharmaceutical and biotechnology firms.
Global Conveyor System Market, By Region
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The Global Conveyor System Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World based on regional analysis. The majority of the market is in Asia-Pacific. the strengthening of the economies of growing nations like China, India, and Thailand. The demand for industries like food and beverage, e-commerce, and automotive has increased due to the quickly expanding populations in nations like China and India, which has also enhanced the demand for conveyor systems in these sectors. The market in the APAC area will also benefit from the enormous demand for packaged food and other consumer goods, as well as from powerful governmental initiatives and ongoing projects.
Recent Developments in Global Conveyor System Market
- February 2021: In order to capitalise on their material handling know-how in the automotive sector, Daifuku Co., Ltd. and AFT Industries AG, based in Germany, came to an agreement to form a business collaboration. With the help of their alliance, Daifuku and AFT hope to gain access to new markets and secure rising demand for material handling solutions from the automotive industry.
- May 2021: DuPont and Regina worked together to introduce ground-breaking technology. For its modular belts and chains for conveyor applications in the bottling, packaging, and glass manufacturing industries, Regina chose the new DuPont Delrin Renewable Attributed resin.
List of Key Market Players
- Honeywell Intelligrated
- SSI Schaefer
By Industry Verticals
By End Use Industry
- Healthcare Provider
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