by Conveyor System Market Size 2022 -2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research, is an In-Depth Analysis of Market Characteristics, Segmentation, Regional and Country Breakdowns, Competitive Landscape, Market Outlook, Future Scope, and Strategies for This Market.
According to Precedence Research, the global conveyor system market size is projected to hit USD 10.3 billion by 2030 from US$ 7.45 billion in 2021. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 3.6%.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.
Download FREE Sample of This Strategic Report with TOC, Graphs & List of Figures @ https://www.precedenceresearch.com/sample/1317
Conveyor system is used to move products, raw materials, and other items form one place to another in the same building or area and is used in various industries such as airport, pharmaceutical, retail, and automotive. The demand for the conveyor system is dependent on the growth of the various end use industries across the globe. The rising demand for handling large volume of goods in industries such as mining, food & beverage, and supply chain and distribution is exponentially fostering the growth of the global conveyor system market.
Further, the rapid growth of e-commerce has a crucial role to play in the upcoming years. The technological advancements has led to the development of the e-commerce. The e-commerce sector extensively utilizes conveyor systems in warehouses and distribution centers. Therefore, the rising popularity of e-commerce among the global population is expected to drive the growth of the global conveyor system market during the forecast period. Further, the rapid growth of the pharmaceutical industry owing to the growing biopharmaceutical manufacturing in North America is significantly boosting the growth of the conveyor system market. The presence of huge number of pharmaceutical manufacturers is expected to augment the demand for the conveyor system in the forthcoming years.
Crucial factors accountable for market growth are:
- Rapid industrialization in developing regions
- Rising adoption of automation across different industries
- Government policies to attract FDIs
- Rapid growth of the e-commerce
- Rising investments in the production of electric vehicles
- Rising government investments for industrialization
Market Dynamics
Drivers
The conveyor system market is primarily driven by the rising adoption o automation across industries, development of efficient and latest conveyor systems, and rising need for handling large volume of goods. Further, the mining industry is significantly boosting the market growth owing to the extraction of metal and fuel in large volumes across the globe.
Restraints
A high investment is associated with the installation of conveyor systems in the operating facilities. The high capital investment may hinder the market growth especially in the developing and under developed economies that faces financial restrictions.
Opportunities
The introduction of latest technologies such as internet of things, IoT, sensors, and other smart features in the conveyor systems that can efficiently and safely handle large volume of goods is expected to drive the growth of the conveyor system market in the upcoming future.
Challenges
The rising adoption of robots in the industries is a major challenge to the conveyor system manufacturers. According to the International Federation of Robotics, approximately 2.7 million robots were employed in factories in 2020. This may substitute the use of conveyor system.
Report Highlights
- Based on type, the roller segment is estimated to be the fastest-growing segment during the forecast period. This can be attributed to the rising adoption of roller conveyors in warehouses and distribution centers of the e-commerce platforms. The rapid growth of the e-commerce segment is expected to drive the segment growth.
- Based on the industry, the automotive segment is anticipated to be the most opportunistic segment. The rising popularity of the electric vehicles and rising emphasis on the development of eco-friendly transport solution is expected to foster the manufacturing of electric vehicles. This will foster the growth of the conveyor system.
Regional Snapshots
Europe is the leading conveyor system market. The early adoption of automation technologies across various industries in Europe has significantly fostered the growth of the market. The rapidly growing tourism industry in Europe is fueling the demand for the conveyor system from the airport segment. The presence of top automotive companies in the region is expected to drive the growth of the market during the forecast period. The rising adoption of smart and innovative technologies in the manufacturing sector of Europe has increased the demand for the latest conveyor systems.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by rapid industrialization, presence of huge customer base, rising disposable income of the consumers, and rising popularity of automation in the industries. All these factors are encouraging the players from the different industries to invest in the region to set up manufacturing facilities. Therefore, industrialization of Asia Pacific is the major factor that is expected to boost the growth of the market.
Competitive Intelligence
The conveyor system market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the key players in the global conveyor system include:
- Daifuku Co., Ltd.
- Dematic Group
- Emerson Electric Co.
- Interroll Holding Ltd.
- Siemens AG
- Swisslog Holding AG
- SSI Schäfer AG
- Taikisha Ltd.
- Vanderlande Industries
- TGW Logistics Group Gmbh
Market Segmentation
By Type
- Belt
- Roller
- Overhead
- Pallet
By Industry
- Airport
- Retail
- Automotive
- Food & Beverages
- Supply Chain & Logistics
- Pharmaceuticals
- Mining
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Purchase Full Research Report (Single User License US$ 4500) @ https://www.precedenceresearch.com/checkout/1317
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.
Contact Us:
Precedence Research
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
