According to Precedence Research, The conveyor system market size is projected to surpass USD 7.45 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 3.6% from 2020 to 2030. The report contains 150+ pages of detailed analysis.
The global conveyor system market is on the rise. According to research and consulting company, Precedence Research.
Conveyor system is used to move products, raw materials, and other items form one place to another in the same building or area and is used in various industries such as airport, pharmaceutical, retail, and automotive. The demand for the conveyor system is dependent on the growth of the various end use industries across the globe. The rising demand for handling large volume of goods in industries such as mining, food & beverage, and supply chain and distribution is exponentially fostering the growth of the global conveyor system market.
Further, the rapid growth of e-commerce has a crucial role to play in the upcoming years. The technological advancements has led to the development of the e-commerce. The e-commerce sector extensively utilizes conveyor systems in warehouses and distribution centers. Therefore, the rising popularity of e-commerce among the global population is expected to drive the growth of the global conveyor system market during the forecast period. Further, the rapid growth of the pharmaceutical industry owing to the growing biopharmaceutical manufacturing in North America is significantly boosting the growth of the conveyor system market. The presence of huge number of pharmaceutical manufacturers is expected to augment the demand for the conveyor system in the forthcoming years.
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Conveyor System Market Growth Factors
- Rapid industrialization in developing regions
- Rising adoption of automation across different industries
- Government policies to attract FDIs
- Rapid growth of the e-commerce
- Rising investments in the production of electric vehicles
- Rising government investments for industrialization
Conveyor System Market Report Scope
|Market Size||USD 10.3 Billion by 2030|
|Growth Rate||CAGR of 3.6% from 2021 to 2030|
|Fastest Growing Market||APAC|
|Forecast Period||2021 to 2030|
Conveyor System Market Report Highlights
- Based on type, the roller segment is estimated to be the fastest-growing segment during the forecast period. This can be attributed to the rising adoption of roller conveyors in warehouses and distribution centers of the e-commerce platforms. The rapid growth of the e-commerce segment is expected to drive the segment growth.
- Based on the industry, the automotive segment is anticipated to be the most opportunistic segment. The rising popularity of the electric vehicles and rising emphasis on the development of eco-friendly transport solution is expected to foster the manufacturing of electric vehicles. This will foster the growth of the conveyor system.
Europe is the leading conveyor system market. The early adoption of automation technologies across various industries in Europe has significantly fostered the growth of the market. The rapidly growing tourism industry in Europe is fueling the demand for the conveyor system from the airport segment. The presence of top automotive companies in the region is expected to drive the growth of the market during the forecast period. The rising adoption of smart and innovative technologies in the manufacturing sector of Europe has increased the demand for the latest conveyor systems.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by rapid industrialization, presence of huge customer base, rising disposable income of the consumers, and rising popularity of automation in the industries. All these factors are encouraging the players from the different industries to invest in the region to set up manufacturing facilities. Therefore, industrialization of Asia Pacific is the major factor that is expected to boost the growth of the market.
Conveyor System Market Dynamics
The conveyor system market is primarily driven by the rising adoption o automation across industries, development of efficient and latest conveyor systems, and rising need for handling large volume of goods. Further, the mining industry is significantly boosting the market growth owing to the extraction of metal and fuel in large volumes across the globe.
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A high investment is associated with the installation of conveyor systems in the operating facilities. The high capital investment may hinder the market growth especially in the developing and under developed economies that faces financial restrictions.
The introduction of latest technologies such as internet of things, IoT, sensors, and other smart features in the conveyor systems that can efficiently and safely handle large volume of goods is expected to drive the growth of the conveyor system market in the upcoming future.
The rising adoption of robots in the industries is a major challenge to the conveyor system manufacturers. According to the International Federation of Robotics, approximately 2.7 million robots were employed in factories in 2020. This may substitute the use of conveyor system.
Conveyor System Market Key Vendors
- Daifuku Co., Ltd.
- Dematic Group
- Emerson Electric Co.
- Interroll Holding Ltd.
- Siemens AG
- Swisslog Holding AG
- SSI Schäfer AG
- Taikisha Ltd.
- Vanderlande Industries
- TGW Logistics Group Gmbh
- Food & Beverages
- Supply Chain & Logistics
- North America
- Asia Pacific
- South Korea
- Rest of the World
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global conveyor system market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global conveyor system market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Why should you invest in this report?
If you are aiming to enter the global conveyor system market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for conveyor system are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Frequently Asked Questions –
[sc_fs_multi_faq headline-0=”h3″ question-0=”Which are the driving factors of the conveyor system market?” answer-0=”The growth of the global conveyor system market is driven by the increasing adoption of automated technologies across various industries. ” image-0=”” headline-1=”h3″ question-1=”What is the current size of conveyor system market?” answer-1=”The global conveyor system market size was reached at US$ 7.2 billion in 2020 and is projected to hit US$ 10.3 billion by 2030. ” image-1=”” headline-2=”h3″ question-2=”What is the CAGR of conveyor system market?” answer-2=”The global conveyor system market is poised to grow at a compound annual growth rate (CAGR) of 3.6% from 2021 to 2030. ” image-2=”” headline-3=”h3″ question-3=”Who are the major players operating in the conveyor system market?” answer-3=”The major players operating in the conveyor system market are Daifuku Co., Ltd., Siemens AG, Dematic Group, Emerson Electric Co., Interroll Holding Ltd., Taikisha Ltd., Swisslog Holding AG, SSI Schäfer AG, Vanderlande Industries, TGW Logistics Group Gmbh ” image-3=”” headline-4=”h3″ question-4=”Which region will lead the global conveyor system market?” answer-4=”The Europe will lead the global conveyor system market in near future. ” image-4=”” count=”5″ html=”true” css_class=””]