Conveyor systems Market Expected to Reach $15.2 Billion by 2030

According to a new report published by Allied Market Research, titled, “Conveyor systems Market by Type, Industry, and Load: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global conveyor systems market size was valued at $9.1 billion in 2020, and is expected to reach $15.2 billion by 2030, with a CAGR of 5.1% from 2021 to 2030. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 37.0% share of the global market.

The conveyor system helps in transportation of the goods from one destination to other. It consists of pulleys and belts, and the belts are connected between two pulleys that help in rotating the pulleys for providing the efficient movement of the goods between two points. It is used in airports for transportation of luggage. Similarly, it is used in airports for the transportation of heavier passenger luggage from one destination to another .

The major driving factors of the conveyor systems market is the growing adoption of the lean manufacturing system by companies. The lean manufacturing system helps in decreasing the time, cost, and efforts by increasing the productivity. Conveyor systems provides the lean manufacturing system application by reducing time, cost, and labor errors by increasing productivity and handling more volume of goods, which is leading to more adoption of conveyor systems. In addition, to compensate with labor shortages, companies are adopting the automation system that helps in saving other cost. Hence, conveyor systems are used as the automated systems for the above applications, which is leading to the adoption of the conveyor systems and hence driving the market.

However, the cost associated with initial process is restraining the market growth. The initial cost is associated with the installation charges that include the charges associated with various components such as ropes, belt, hardware, supports in addition with the costs associated with power source.  In addition, expenses related to repairs, fuels, insurance, tire rotation cost, and the registration cost is limiting the market growth.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering of the conveyor systems market growth. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

On the contrary, conveyor systems are used for the e-commerce industry to provide efficient packaging, provide transportation of heavier goods for packaging, saving time, and reducing the costs. In addition, the e-commerce industry is growing due to adoption of artificial intelligence and modifying software. Hence, the growing e-commerce industry with growing adoption of the conveyor systems for the industry is creating new opportunities for the conveyor systems market.

The global conveyor system market is segmented into type, industry, load, and region. On the basis type, the market is divided into belt, roller, pallet, overhead, others. Depending on industry, the market is divided into food & beverages, pharmaceuticals, transport & logistics, manufacturing, automotive, and others. On the basis of load, the market is divided into bulk and load.

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, and LAMEA is anticipated to secure a leading position during the forecast period.

The major players profiled in the hot melt equipment 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. 

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global conveyor systems market trends and dynamics. 
• Depending on type, the belt segment was the largest revenue generator in 2020.
• By industry, the food & beverages segment generated the highest revenue in 2020.
• Based on load, the bulk segment dominated the market in 2020.
• Region wise, Asia-Pacific is anticipated to dominate the global market throughout the study period.
• The report provides an extensive analysis of the global trends and emerging opportunities of the market. 
• The global conveyor systems market forecast analysis from 2021 to 2030 is included in the report.