April 11, 2022 05:37 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The global conveyor systems market size was USD 5.42 billion in 2021. The market is projected to grow from USD 5.60 billion in 2022 to USD 7.76 billion in 2029 at a CAGR of 4.8% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Conveyor Systems Market, 2022-2029.” Factors such as rising demand for handling a large volume of goods in manufacturing & warehousing operations and increased focus on automated material handling will boost the growth of the market during the forecast period. Additionally, increased attention towards developing smart & innovative technologies will increase the footprint of the market.
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Companies Operating in Conveyor Systems Market are:
Need for Automation in Good Transportation to Boost Conveyor System Installation
The COVID-19 pandemic impacted the market of conveyor systems as imposed lockdowns and shutting down of various manufacturing sectors took its financial impact. Shutting down of manufacturing activities further triggered a dispersed workforce and remaining manufacturers operating at a less-than-optimal capacity.
However, the conveyor systems industry is always on a growth curve. The main reason behind is the constant up-gradation of material handling systems. The need for automation and goods transportation has further balanced the impact and complimented the continuous growth. Manufacturers were positively dealing by introducing new automated systems and partnering with regional companies to expand market presence thus, minimizing the COVID-19 impact on the financial aspects.
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Conveyor Systems Market Report Scope & Segmentation
The market report for conveyor systems contains a detailed analysis by encompassing critical factors including types, location, and other segments & subsegments along with leading companies and their strategic approaches. Additionally, the report contains insights by factoring in competitive insights, SWOT analysis, ongoing market trends, and accompanying drivers and restraints. The report provides factors that are expected to impact the market in a considerable manner during the forecast period.
Rising E-commerce Activity & Increasing Advent of Industry 4.0 to Augment Growth
Factors such as increasing e-commerce activities and transforming supply chains will boost the conveyor systems market growth during the forecast period. Rising demand for automation in manufacturing processes and the increasing advent of industry 4.0 will increase the footprint of the market. Also, increasing application of smart & innovative technologies will fuel the growth of the market.
However, uncertainties in global trade activities will limit the growth of the market during the forecast period.
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Asia Pacific to Hold Dominance Due to Increasing Developments Across FMCG Industry
Asia Pacific will occupy the largest conveyor systems market share during the forecast period due to rising development across various sectors including automobile, airport, FMCG, and mining industries to name a few. Additionally, the increasing concentration of industries’ adoption of automation solutions and the rising advent of industry 4.0 will drive the growth of the market in the region.
Europe and North America will witness a moderate growth rate owing to increasing adoption of automation within manufacturing units coupled with rising penetration of advanced technologies including Internet of Things (IoT), Radio-Frequency Identification (RFIDs), and Artificial Intelligence (AI) to name a few.
Rapid Product Development & Expanding Regional Presence to Bolster Market Share for Dominant Players
The sector of conveyor systems is extremely fragmented with the rising number of manufacturers occupying the space. These manufacturers are focusing their attention on regional prospects in order to consolidate market share. Players are also aiming at capitalizing on digital transformations by diluting rising investments towards their R&D departments. For example, in January 2021, Gartenbau Paul Cox recently installed fixed conveyor belts in several of their greenhouses. This move will allow handling large-scale orders in a rapid and effective manner. Others are focused on employing strategic tactics including mergers & acquisitions, collaborations, and launching novel products.
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Based on type, the market can be divided into roller conveyors, flat belt conveyors, wheel conveyors, vertical conveyors, & others.
By location, the market can be broken down into in-floor, on-floor, & overhead conveyors.
With respect to load, the market can be segmented into unit load & bulk load.
Based on application, the market can be fragmented into food & beverages, pharmaceuticals, supply chain & logistics, manufacturing, mining, & others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.