Conveyor system is an important part of the overall material handling system that is required in every industrial processes for various applications. Rapid industrialization coupled with rising demand for technology across various industry in order to automate the entire process is the most important factor predicted to accelerate the demand for conveyor system in the coming years. According to the research report, the global conveyor system market was worth US$4697.1 mn in 2016 and is expected to reach US$6312.5 mn by 2025, surging at a CAGR of 3.5% between the forecast period of 2017 and 2025.
Utilization of advanced technique of production and automated equipment has become the primary need of various end user segment for enhancing the quality of goods and to facilitate timely production. This in turn is anticipated to promote the demand for conveying system that are majorly utilized for shipment, transportation, packaging and other manufacturing related activities. However, selection of proper and appropriate conveying system is majorly dependent on various factors such as application areas, pickup points for uploading and downloading and type of products to be conveyed.
Belt Conveyors to Lead the Pack as their Demand in Various Industrial Sectors Remains High
Different types of conveyor system that are majorly used across various industrial sectors includes roller conveyor, belt conveyor, pallet conveyor, over-head conveyor and others. Wheel conveyor, bucket conveyor, screw conveyor and vibrating conveyor is included within the others segment. In terms of revenue, among the different types of conveyor system available in the market, belt conveyor system held the largest market share in 2016 and is anticipated to maintain its dominance throughout the forecast period from 2017 to 2025. Extensive utilization of belt conveyor across various end user segments including packing lines, dry areas in various food and pharmaceutical industries is the most important factor behind this segments dominance.
Conveyor system also finds its applications across various end user segments including food processing, automotive, retail sector, airport and healthcare among others. On the other hand, based on application of conveyor system across various end user segment, the conveyor system market both in terms of revenue and volume is anticipated to be majorly driven by food processing sector across the globe in the coming years. Technologically advanced and diverse conveyor systems are used extensively across various food processing industry in order to meet the need of specific edible products.
Europe to Remain Dominant in the Global Conveyor Systems Market
On the basis of geography, the global conveyor systems market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. In 2016, Europe held the dominating market share of the conveyor system market in terms of revenue. This regional market is projected to rise at a CAGR of 2.7% over the forecast period. On the flip side, Asia Pacific region is expected to experience the most promising growth in the coming years. Increasing number of manufacturing facilities combined with the rising demand for automation and efficiency from various manufacturing sector is the primary factor responsible for the robust growth of the conveyor system market in Asia Pacific region.
The global conveyor system market is highly competitive in nature with the presence of large number of conveyor system manufacturers. Some of the major players operating in the conveyor system market includes Daifuku Co. Ltd. (Japan), Schaefer Systems International Inc., Dematic Group and Murata Machinery Ltd. among others.
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Growing Need for Optimized Production Level to Drive Conveyor System Market
Conveyor systems are widely regarded as a vital tool in the transportation of materials from one space to another in industrial and commercial facilities as it is capable of diminishing the overall cost and time of production. Novel designs of conveyor system to optimize productivity have been fuelled by solutions of industrial automations amongst its end use sectors. These developments are likely to play an important role in the rapid development of the global conveyor system market in the years to come.
With the emergence and efficient utilization of various industrial automation solutions, such as conveyor systems, improvements in inline operation of products and production can be achieved. However, covid-19 pandemic has been disrupting the supply chains, particularly for various e-commerce companies. There has been a sudden change in the buying behavior of consumers due to rise in demand followed by reduction in shipping and manufacturing and out of stock products. This factor has generated increased demand for warehouse space, which is likely to play an important role in driving the demand for various equipment’s for handling materials, such as conveyor systems.
Rapid Industrialization to Offer Promising Opportunities in Asia Pacific
High purchasing power, growing employment and high GDP growth in the Asia Pacific region has brought in rapid industrialization. The manufacturers in the Asia Pacific region are compelled to better their standardized quality in a bid to gain competitive advantage in the market. These factors are anticipated to support expansion of the conveyor system market in Asia Pacific region.
North America is likely to emerge as one of the prominent geographies in the global conveyor system market. Introduction of innovative and highly advanced systems, such as malfunction detector, lean manufacturing systems, and increasing business of the food and beverage items are likely to add to the growth of the conveyor system market in the region.
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