Conveyor Systems Market Research 2030
The Global Conveyor Systems Market size was $9,113.9 million in 2020, and is expected to reach $15,183.1 million by 2030, with a CAGR of 5.1% from 2021 to 2030. Conveyor system is the type of machines that increases the efficiency of engines in addition to increase the power of the engines.
The conveyor system is a type of equipment or a machine that helps in transportation of goods or materials from one point to the other. It consists of the belt that is connected to the pulleys that are two in number and the belt helps in providing efficient rotation to the pulleys. In addition, these systems help in saving time of activities that could be done manually and it helps in saving the labor cost with reduced error that could be done by humans.
Market Dynamics
The major driving factor of conveyor systems market is the growing trend of automation in industries. The automated conveyors are suited for handling any volume of goods, and in addition they simplify the industrial task by reducing the amount of time for delivering goods. Hence, this is leading to surge in adoption of automated solutions across industries. In addition, companies use the lean manufacturing system to increase the productivity by reducing the waste within the manufacturing operation that helps in reducing the time, saving the costs, and increasing the quality of the service or the product. Conveyor systems help in saving the costs of hiring labors and time, thus increasing the productivity by handling larger volumes. This is leading to adoption of the conveyor system across industries.
However, high initial cost is restraining the market growth, as it includes the expenses related with hardware, belt, power source, truss, wire rope, and supports. In addition, the maintenance and the operation of these systems such as registration, insurance, fuel cost, repairs, and tire rotation incur additional cost, which restrains the market growth.
Conventional conveyor systems frequently lack the necessary flexibility and adaptability to effectively incorporate modifications in production, manufacturing, or logistics procedures. However, the emerging trend in conveyor design focuses on modularity and flexibility.
Manufacturers are now creating conveyor systems that can be effortlessly restructured to meet evolving requirements. Modular conveyors that can be effortlessly relocated from one line to another can address this requirement within a short span of time. An instance of innovation in conveyor flexibility is the retractable tail conveyors, which enable one end to adjust its length based on specific needs.
This feature can facilitate the distribution of products across different conveyors, alter product orientation, or enhance quality control. This adaptability guarantees that businesses can remain agile in response to shifting market demands and production prerequisites. Conveyors constructed using modular t-slot aluminum extrusions, such as MK conveyors, possess a distinct advantage in this realm as they naturally lend themselves to being reconfigured over time.
Furthermore, the evolution of automation is reshaping conveyor systems into more than just transportation tools. The incorporation of synthetic intelligence (AI) has the capacity to revolutionize the conveyor industry. By integrating self-reliant and collaborative robots with conveyors, plenty of complicated tasks such as sorting, choosing, and packing can be executed. This integration not only improves efficiency and reduces labor costs but also creates new possibilities for industries that need precise handling of goods.
In modern manufacturing environments, the capacity to adjust quickly is crucial as production necessities can range unexpectedly. The growing reputation of modular conveyor systems, which can be easily reconfigured or improved to accommodate changing demands, is substantial. RFID era is becoming increasingly more universal in numerous marketplace sectors.
The actual-time monitoring functionality it gives can greatly enhance logistics operations, enhance customer support, and optimize supply chains from the initial order placement to very last delivery. In the realm of conveyors, RFID technology is being seamlessly integrated into self-contained conveyor systems, enabling automated control decisions and facilitating simultaneous execution of multiple processes across different products.
Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level.
This led to decline in manufacturing of conveyor system as well as their demand in the market, thereby restraining of the conveyor systems market growth. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of conveyor system companies at their full-scale capacities, which is likely to help the market to recover by end of 2021.
On the contrary, the conveyor systems are used for the e-commerce industry for various applications such as fast delivery, efficient delivery of the parcels, reduced time, and efficient packaging. This is encouraging the e-commerce industries to adopt the conveyor systems. Hence, the growing e-commerce industry with growing trends of the automation for increasing productivity is creating opportunities for the market.
The Global Conveyor Systems Market is segmented into type, industry, load, and region. Depending on type, the market is divided into belt, roller, pallet, overhead, others. On the basis of industry, it is segregated into food & beverages, pharmaceuticals, transport & logistics, manufacturing, automotive, and others. By load, it is fragmented into bulk and load.
By Type
Overhead segment is projected to grow at a significant CAGR
Region wise, the global conveyor systems market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global conveyor systems market share, however, LAMEA is anticipated to secure a leading position during the forecast period.
On the basis of type, in 2020, the belt segment dominated the conveyor systems market, in terms of revenue, whereas the overhead segment is expected to witness growth at the highest CAGR during the forecast period. As per industry, in 2020, the food & beverages segment led the market, however, the pharmaceuticals segment is expected to exhibit highest CAGR in the near future.
By load, the bulk segment led the market in 2020, in terms of revenue; however, the unit segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.
By End User
Food & beverages segment is expected to grow at a significant rate during the forecast period.
Competition Analysis
The major players profiled in the conveyor systems market include Caterpillar, Daifuku Co., Fives, Interroll Group, Kardex, Kuka AG (Swisslog Holding AG), Mahindra Tsubaki Conveyor Systems Pvt. Ltd., Murata Machinery, Ltd., Siemens, Taikisha Ltd.
Major companies in the market have adopted agreement, product launch, business expansion, partnership and acquisition as their key developmental strategies to offer better products and services to customers in the market.
By Region
Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current conveyor systems market trends and future estimations.
- Extensive analysis of market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing conveyor systems market opportunities.
- The global conveyor systems market forecast analysis from 2021 to 2030 is included in the report.
- The key market players within the global conveyor systems industry are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
Conveyor Systems Market Report Highlights
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Analyst Review
The global conveyor systems market is exhibiting steady growth across the world because of the subsequent growth of dependent industries such as retail and automotive. The recent boom in e-commerce has emerged as a boon for the conveyor systems industry, with a widespread demand for process automation across the world. The e-commerce industry players are focusing on improving the quality of their service through minimal waste. In developing nations, industrialization and modernization have primarily supported the market growth.
However, high initial with huge operating and maintenance costs acts as a major restraint of the conveyor systems market.
Major companies in the market have adopted strategies such as product launch, agreement, acquisition, partnership, and business expansion to offer better services to customers in the conveyor systems market.
The conveyor systems market was valued at $9,113.9 million in 2020, and is expected to reach $15,183.1 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
The forecast period considered for the global conveyor systems market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
To get latest version of global conveyor systems market report can be obtained on demand from the website.
The base year considered in the global conveyor systems market report is 2020.
The top companies holding the market share in the global conveyor systems market report include Caterpillar, Daifuku Co., Fives, Interroll Group, Kardex, Kuka AG (Swisslog Holding AG), Mahindra Tsubaki Conveyor Systems Pvt. Ltd., Murata Machinery, Ltd., Siemens, Taikisha Ltd.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
By type, the belt segment dominated the global conveyor systems market, in terms of revenue and is expected to maintain this trend during the forecast period.
By industry, the food & beverages segment is the highest share holder of global conveyor systems market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global conveyor systems market is $9,715.4 million in 2021.
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