ROCKVILLE, Md., March 10, 2022 (GLOBE NEWSWIRE) -- The global conveyor system market is projected to grow at a CAGR of over 2.9% till 2031, touching an impressive valuation of over US$ 12.9 Bn, according to Fact.MR. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors, which will likely propel demand.
As per historical trends, the market expanded to be valued over US$ 12.1 Bn in 2020. COVID-19 has majorly pinned down expansion prospects, as supply chains are being disruption amidst the emergence of second and third wave infections. However, these are expected to be offset eventually, sustaining demand.
With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, increase returns on investment and more importantly achieve high-quality manufacturing. This involves streamlining existing conveyor systems to achieve faster and optimal output.
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What is the Demand Outlook in the U.S Market?
The U.S. government is in limelight for its increasing investments towards expanding old airports and developing new ones to handle this increase in air traffic and air freight transport. This investment is expected to bode well with conveyor market growth in the country.
In April 2021, the U.S. Government introduced a new American Jobs Plan worth US$25 Bn in funding to support and develop its airport infrastructure. This will focus on safe and efficient air travel by supporting terminal renovations and multimodal connections that would provide affordable access for passengers and workers. The market for conveyor systems is projected to grow at around 3% CAGR.
Key Segments of the Conveyor System Market
Product
- Belt Conveyor System
- Roller Conveyor System
- Pallet Conveyor System
- Overhead Conveyor System
- Tri-Planar Conveyor System
- Crescent Conveyor System
- Skid Conveyor System
- Trailer Conveyor System
- Other Conveyor Systems
Operation
- Manual Conveyor System
- Semi-Automatic Conveyor System
- Automatic Conveyor System
Capacity Type
- Unit Handling Conveyor System
- Bulk Handling Conveyor System
End Use
- Conveyor System for Packaging & Warehouse Distribution
- Conveyor System for Textile & Paper
- Conveyor System for Construction & Mining
- Conveyor System for Automotive & Transportation
- Conveyor System for Consumer Electronics
- Conveyor System for Food & Beverages
- Conveyor System for Chemicals & Pharmaceuticals
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How is Rapid Industrialization Impacting the Global Market?
Rapid industrialization is highly involving the use of AI and IoT. With the increased demand for improvements in material movement, Industry 4.0 is taking over. They are integrating machine learning and the industrial internet of things with existing infrastructure to optimize their production and improve efficiency.
Smart machines are connected through the IoT with AI, conveyor systems are able to increase productivity by leaps and bounds. If one avenue of production is down for maintenance, pallet conveyor systems can reroute production in real-time without creating a back-up on the line that progressively affects every stage of production leading to the blockage.
Competitive Landscape
The global conveyor systems market is highly competitive in nature. Leading players are adopting strategic acquisitions in order to maintain their position in the market.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market.
- In September 2020, Austrian Post announced that it has selected Fives to automate a new distribution center in Vomp. The new solution comprises Fives’ proprietary technologies such as the GENI-Belt cross-belt sorter, GENI-Feed induction lines, and a singulator, handling 7,000 parcels per hour.
- In February 2021, Daifuku Co. Ltd. announced the signing of an agreement with Germany-based AFT Industries AG to collaborate on a project-by-project basis by utilizing AFT’s automotive customer base and technologies and Daifuku’s extensive global network, to provide a better offering to customers in the automotive domain which includes automated conveyor system.
Key Companies Profiled
- Daifuku Co. Ltd.
- SSI Schaefer AG
- Murata Machinery Ltd.
- Interroll Holding AG
- Beumer Group
- Honeywell International Inc.
- Siemens AG
- Dematic Company
- Fives
Key Takeaways from Market Study
- By product, belt conveyor systems to remain top selling, expanding at a CAGR of 2.7%
- Packaging & warehouse distribution key end user, likely to generate an opportunity worth US$ 973.2 Mn
- By operation, demand for automatic conveyor systems to soar, expanding at 2.5% CAGR
- U.S to be a substantial market, experiencing growth of around 3% CAGR until 2031
- China to account for bulk of demand in East Asia, capturing 50% of overall demand
- Germany to propel the demand in Europe, experiencing at least 1 out of 4 sales
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Key Points Addressed in Conveyor System Industry Analysis
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Conveyor Systems and How to Navigate
- Recommendation on Key Winning Strategies
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