Dublin, Jan. 28, 2019 (GLOBE NEWSWIRE) -- The "Conveyor System Market by Industry (Warehouse & Distribution, Food & Beverage - Meat, Poultry, Dairy, Automotive, Electronics, Mining, Airport), Type (Belt, Roller, Overhead, Floor, Pallet, Crescent, Cable, Bucket), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Rising demand for handling larger volumes and efficient operation in industries is expected to fuel the demand for conveyor system
The conveyor system market is projected to grow at a CAGR of 4.33% during the forecast period, to reach a market size of USD 9.9 billion by 2025 from an estimated USD 7.4 billion in 2018.
The market is driven by factors such as increased demand for automation, demand for cost-efficient material handling systems, need to handle larger volumes in several industries, increasing FDI investments in developing countries, and other factors. The key factor that restrains the market is high initial investment, which may not be feasible for various small and medium scale enterprises.
Automotive: Asia Pacific constitutes the largest conveyor system market
The growing vehicle production in the automotive industry has resulted in increased demand for conveyor systems. Conveyor systems help automotive plants work at a higher efficiency to meet the desired production levels. Asia Pacific is estimated to be the largest market for conveyor systems, backed by the growth of the automotive industry in China and India. China is the largest vehicle-producing country in the region and is also the strongest economy. It is home to many global as well as regional automotive manufacturers such as BYD Automotive, Geely, Dongfeng, Volkswagen, Ford Motor Co., and others.
Other than OEMs, there are many Tier 1 players such as Mitsubishi Electric, Denso, and foreign players such as BorgWarner, Bosch, and Continental. The presence of big players drives the growth of the conveyor system market in the region. In terms of conveyor technology, overhead conveyors, which are used in painting applications, are expected to hold the largest market share during the forecast period.
Mining: Asia Pacific is estimated to be the largest market for conveyor system market followed by ROW
Today, the mining industry has made noteworthy advancements in productivity, technology adoption, environmental standards, process automation, and health and safety of mine workers. As conveyors help in achieving these advantages, several mining companies have invested heavily in conveyor systems. With increasing investments in mining activities, Latin American, African, and Asian countries are the most promising markets for the mining conveyor system. For example, Tembo Capital (UK) plans to invest USD 400 million in African and other emerging markets.
Asia Pacific: Largest market for conveyor system
The Asia Pacific leads the conveyor system market. The end-user industries for conveyors including automotive, airport, and food & beverage have witnessed the rapid growth of infrastructure and technological advancements. This growth has enhanced the market for conveyors in the Asia Pacific region. RoW is expected to be the fastest growing market for conveyor system due to ongoing as well as upcoming projects and increasing investments in mining and automotive industry.
Market Dynamics
Drivers
- Rising Demand for Handling Larger Volumes of Goods and Improving Productivity
- Growing Vehicle Production to Increase the Demand for Conveyor Systems
- Growing Mining Activities Around the Globe
- Increasing Passenger Handling Capacities of Airports & Freight to Increase the Conveyor System Demand
- Increasing E-commerce Trend to Fuel the Demand for Conveyor Systems in the Industry
- Increased Demand for Processed Food to Boost the Demand for Food & Beverage Conveyor Systems
- Awareness About Personal Wellness to Increase Demand for Conveyor Systems in the Industry
Restraints
- High Initial Investments
- Concerns Over Environmental Impact of Mining Activities
- Increasing Usage of Automated Guided Vehicles & Robotics
Opportunities
- Advanced Technologies in Conveyor Systems
- Green Conveying
- Growing Digitization in Material Handling Industry
- Advanced Conveyor Systems Like Boom Conveyor and Heat/Fire Resistant Conveyor
- Growing Manufacturing Industry in Developing Countries
Challenges
- Requirement of Skilled Workforce for Repair and Maintenance
- Reducing Chances of Contamination in Food Items
- Ensuring Safety and Reducing Accidents
Company Profiles
- Bastian
- Continental
- CSL
- Daifuku
- Dematic
- Emerson
- Fives
- Honeywell Intelligrated
- Interroll Holding GmbH
- Invata
- Khare Group
- Phoenix Conveyor Belt Systems
- Siemens
- Somi Conveyor Beltings
- SSI Schaefer
- Swisslog
- Taikisha
- TGW Logistics Group
- Vanderlande Industries B.V.
- Westfalia
For more information about this report visit https://www.researchandmarkets.com/research/cw5fnc/global_conveyor?w=12
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