San Francisco, Feb. 26, 2016 (GLOBE NEWSWIRE) -- According to a new study by Grand View Research Inc., the global conveying equipment market is projected to reach $36.5 billion by 2020. Growing approach towards flow-production & assembly line method across different industries including sea ports as well as food & beverages are projected to be a major driving factor for the global conveying equipment market over the forecast period (2014–2020). Moreover, growth in the construction sector along with the increasing market growth of automobile manufacturing in Europe and Asia-Pacific is projected to boost the market growth in the forecast period. However, unstable prices of raw materials like metals and synthetic rubber are said to hamper the market growth.
In 2013, the unit handling conveying equipment market emerged as a top product segment accounting for over 45.6% of the total market share. However, parts & attachment is likely to be the fastest-growing product segment at an approximate CAGR rate of 2.5% in the forecast period.
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Durable products manufacturing was one of the top application sectors for conveying equipment. It accounted for over 39% of the total market share in 2013. Conveying equipment’s global demand in durable goods manufacturing is projected to be mainly driven by an increase in the demand for industrial machinery and computer equipment. Conveying equipment’s global demand in non-durable goods manufacturing is likely to grow at an approximate CAGR of 1.2% over the forecast period.
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Europe was the dominating region of the global market accounting for 35.5% of the total market share in 2013. The presence of some top automobile manufacturers, like Mercedes, Audi, Ferrari etc., has helped the market development in the region. Europe was closely followed by the Asia-Pacific region. It is projected to be the fastest-growing market at an approximate CAGR of 2.4% over the forecast period.
The global market for conveying equipment is sectioned with top four participants, catering to less than 40% of the worldwide demand in 2013. Vanderlande Industries, Durr, Rexnord and Sandvik, FMC Technologies, Hytrol Conveyor, Hitachi, Richards Wilcox, Swisslog and Dematic are some of the major companies of the global conveying equipment market.
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