New York, July 05, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Pallet Conveyor Market” published by Consegic Business Intelligence, the market was worth USD 1,854.22 Million in 2022 and is anticipated to reach over USD 2,844.96 Million by the year 2030, growing at a CAGR of 5.8%.
Pallet conveyors are equipment utilized for transporting products on carriers, also known as pallets, by using roller chains, flat-top chains, belts, or rollers. The benefits of pallet conveyors including accurate positioning and routing, ease of installation, effective handling of materials with minimal product degradation, and others make it ideal for utilization in food & beverage, retail & e-commerce, pharmaceutical, and other industries.
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The increasing utilization of pallet conveyors in the food & beverage industry is one of the key factors driving the market growth. Moreover, the increasing investments in the expansion of food & beverage facilities are fostering the market demand for pallet conveyors. For instance, in September 2021, Nature Bio Foods BV inaugurated its organic food processing facility in Netherlands. The new food processing facility aims to provide organic food ingredients to consumers throughout the country. Hence, the expansion of food & beverage facilities is driving the adoption of pallet conveyors for transporting raw materials, moving finished food products, and other related applications, thereby, driving the growth of the market.
Additionally, the rising application of pallet conveyors in the pharmaceutical sector is expected to promote potential opportunities for the growth of the pallet conveyor market. Pallet conveyors are ideal for deployment in pharmaceutical facilities for applications involving production, packaging, and distribution of pharmaceutical products. The features of pallet conveyors including accurate placement, high flexibility, standardized production, and highly sanitary conditions are primary determinants increasing its application pharmaceutical sector. However, the high cost of pallet conveyors is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 2,844.96 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Five Group, Dorner Mfg. Corp, Bastian Solutions LLC, FMH Conveyors, Interroll Group, Krones AG, Damon Australia, KNAPP AG, Gilgen Logistics, and Okura Yusoki Co., Ltd. |
| By Type | Gravity Pallet Conveyors, Drag Chain Pallet Conveyors, Belt Driven Live Roller Pallet Conveyors, and Others |
| By End-User | Food & Beverage, Retail & E-commerce, Chemical, Pharmaceutical, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Pallet Conveyor Market Growth Drivers:
- The increasing adoption of pallet conveyors in the food & beverage industry is driving the growth of the market.
- The rising utilization of pallet conveyors in retail & e-commerce sector is accelerating the growth of the market.
Restraints
- High cost of pallet conveyors is restraining the growth of the market.
Opportunities
- The rising application of pallet conveyors in pharmaceutical sector is expected to promote potential opportunities for growth of the pallet conveyor market.
Global Pallet Conveyor Market Segmentation Details:
Based on type, the gravity pallet conveyors segment contributed the largest shares to the market growth in 2022. The benefits of gravity pallet conveyors such as greater handling capacity, ease of utilization and maintenance, high versatility, and cost-effectiveness are prime aspects driving the growth of the segment. Moreover, the increasing utilization of pallet conveyors in pharmaceutical and food & beverage industries is driving the growth of the gravity pallet conveyors segment.
Based on end-user, the retail & e-commerce segment accounted for the maximum revenue share in the year 2022. Pallet conveyors are often deployed in retail & e-commerce sector for transferring, collecting, and distributing goods from warehouses to specific positions as per the logistics operations. Factors including the growing demand for online shopping, expansion of retail & e-commerce warehouses, and rising adoption of pallet conveyors for goods transportation and distribution applications are among the key prospects boosting the growth of the retail & e-commerce segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including food & beverage, pharmaceutical, retail & e-commerce, and others is driving the growth of pallet conveyor market in North America. Moreover, the increasing investments in food & beverage and pharmaceutical manufacturing among others are further boosting the growth of the market in the North American region.
Recent Developments
- In June 2022, Ultimation Industries LLC, a conveyor manufacturer serving the food processing, automotive, warehousing, and other industries, partnered with Qimarox to enable manufacturers and distributors to transport pallets, cartons, and totes from one level to another while maximizing the vertical space in facilities.
- In January 2021, MHS, a leading provider of conveyor systems acquired the conveyor business unit of TGW Systems Inc., based in the United States. The acquisition aims at expanding MHS's capabilities to serve the fast growing e-commerce sector.
Key Market Highlights
- The global pallet conveyor market size is estimated to reach USD 2,844.96 Million by 2030 and grow at a CAGR of 5.8% during the forecast period (2023-2030).
- Globally, pallet conveyor market is divided based on the type into gravity pallet conveyors, drag chain pallet conveyors, belt driven live roller pallet conveyors, and others.
- In the context of end-user, the market is separated into food & beverage, retail & e-commerce, chemical, pharmaceutical, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in pallet conveyor market.
List of Major Global Pallet Conveyor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Five Group
• Dorner Mfg. Corp
• Bastian Solutions LLC
• FMH Conveyors
• Interroll Group
• Krones AG
• Damon Australia
• KNAPP AG
• Gilgen Logistics
• Okura Yusoki Co., Ltd.
Global Pallet Conveyor Market Segmentation:
- By Type
- Gravity Pallet Conveyors
- Drag Chain Pallet Conveyors
- Belt Driven Live Roller Pallet Conveyors
- Others
- By End-User
- Food & Beverage
- Retail & E-commerce
- Chemical
- Pharmaceutical
- Others
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Key Questions Covered in the Pallet Conveyor Market Report
- What is pallet conveyor?
- Pallet conveyor is a type of equipment that is capable of handling and transporting large, heavy or unwieldly loads. Pallet conveyors mainly transfer discrete products on carriers, also known as pallets, which are usually transported by roller chain, belt, flat-top chain, or rollers.
- What is the dominating segment in the pallet conveyor market by end-user?
- In 2022, the retail and e-commerce, end-user segment accounted for the highest market share of 35.4% in the overall pallet conveyor market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the pallet conveyor growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for pallet conveyors from food & beverage, pharmaceutical, and chemical sectors among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as retail & e-commerce, pharmaceutical, food & beverage, and others.
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