The Global Conveyor Systems Market size is predicted to reach $15 billion by 2031, growing at a CAGR of 5.4% during the forecast period 2024-2031 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the growing trend of automation in industries, Development of infrastructures, Modernization of Agriculture and Food and Beverage Industries, increasing passenger handling capacities of airports & freights, finds IndustryARC in its recent report, titled “Conveyor Systems Market – By Type (Belt, Roller, Pallet, Overhead, Floor, Cable, Tri-Planer, Others), By Operation (Manual, Semi Automatic, Automatic), By Component (Aluminum Profile, Driving Unit, Extremity Unit, Others), By Capacity (Unit, Bulk), By Industry (Food & Beverages, Pharmaceuticals, Transport & Logistics, Manufacturing, Automotive, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2031.”
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Asia-Pacific to Register Highest Growth:
The Asia Pacific region is predicted to develop at a quicker rate for the worldwide Conveyor Systems market due to growing infrastructure facilities associated with grocery stores and shopping malls in countries such as China and India, which is expected to support revenue from such items in the area. According to the United States Department of Agriculture’s study ‘Retail Sector Growth Offers New Opportunities for High-Value Goods,’ the number of conventional grocery stores in India reached 16.77 million in 2022, up from 12.70 million in 2017. Furthermore, rising population income and expenditure on different travel and tourist activities are projected to drive demand for diverse Conveyor Systems in the region’s restaurants and hotels.
Conveyor Systems Market 2023-2031: Segmentation
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Conveyor Systems Market Report – Key Takeaways:
The Asia Pacific region exhibits the most rapid growth rate
The Asia Pacific region is in a prime position to take the lead in the market. This growth is primarily driven by significant developments in the FMCG, car, airport, and mining industries. Moreover, the region’s high concentration of industrial businesses is looking to automate their production facilities as labor costs rise, further bolstering its potential for substantial influence on growth. With the increasing adoption of automation and Industry 4.0 technologies, this trend is expected to persist not only in developing countries but also in wealthier nations. Additionally, the escalating demand for products has become a pressing concern for companies operating in the area. Consequently, they have implemented automation and integrated manufacturing processes to enhance productivity, leading to a notable boost in market growth.
The increasing adoption of Industry 4.0 techniques is contributing to the market’s growth.
As machine learning and the industrial internet of things become integrated with current infrastructure to improve production and efficiency, an increasing number of enterprises are adopting Industry 4.0 strategies to modernize their conveyor systems. The industry is set to benefit in the coming years due to evolving consumer preferences, which require a flexible environment to adapt to these changing trends. Industries are now seeking compact, low-maintenance, and intelligent conveyor systems for their processing and manufacturing needs. The conveyor system market will experience significant growth in the future, driven by the increasing industrialization in emerging nations and extensive research by industry participants to develop versatile and adaptable conveyor systems.
The Conveyor System market has witnessed the emergence of the Circular Economy as a major driving force.
Manufacturers are increasingly compelled to adopt the circular economy due to strict government regulations and industry initiatives aimed at reducing carbon footprint. In the conveyor system market, energy consumption poses a significant concern, especially for systems utilizing outdated electric motors. To tackle this issue, market players are actively working on developing more efficient products to minimize energy costs and, consequently, lower carbon emissions. Collaboration among key market players is also underway to advance the development of optimized machine drives and cooling systems. Moreover, there is a strong focus on replacing traditional conveyor belt materials with lighter and more durable alternatives. These collective efforts are geared towards enhancing energy efficiency in conveyor systems and promoting sustainability in the industry.
Market expansion could face obstacles due to safety and accident prevention concerns.
The rising demand for increased productivity and material handling capacities in conveyor systems has brought about safety concerns. Mishandling of these systems can lead to injuries, underscoring the importance of proper employee training. These systems consist of multiple moving parts and are susceptible to minor issues that can escalate and disrupt operations. For instance, seized rollers can result in defects and substantial losses. Complex systems carry a higher risk of failure and frequent breakdowns, impacting their overall lifespan and incurring significant maintenance expenses. Conveyor accidents have caused significant losses, with the US Department of Labor, Bureau of Labor Statistics reporting over 40 workplace fatalities and 9,000 injuries in 2020 alone.
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Key Opportunity Analysis:
Sustainability and Energy Efficiency
With the rising focus on sustainability and reducing energy consumption, there is an opportunity for manufacturers to develop energy-efficient conveyor systems that align with circular economy principles, attracting environmentally conscious customers. Businesses and industries are increasingly prioritizing sustainable practices to reduce their environmental impact. This shift in consumer preferences and corporate policies creates a demand for conveyor systems that are designed with energy efficiency and eco-friendliness in mind. As sustainability becomes a key consideration for businesses, conveyor system manufacturers that can demonstrate their commitment to eco-friendly solutions will have a competitive advantage over those who do not prioritize sustainability.
Safety and Accident Prevention Solutions
Workplace safety has become a top priority for businesses across various industries. Conveyor system manufacturers can capitalize on this trend by offering advanced safety features and solutions that minimize the risk of accidents and injuries. Companies that prioritize safety and accident prevention demonstrate their commitment to the well-being of their employees. Conveyor system manufacturers with a reputation for providing safe equipment can build stronger customer trust and loyalty.
Customization and Integration
Different industries have unique requirements when it comes to material handling and conveyor systems. By offering customization options, conveyor system manufacturers can cater to a wide range of industries, such as automotive, food and beverage, pharmaceuticals, and more. Customization allows manufacturers to design conveyor systems that precisely fit the specific needs of individual businesses or processes. This ensures optimal performance, efficiency, and space utilization, resulting in higher customer satisfaction. Industries often experience shifts in production volumes, product dimensions, and handling requirements. Customizable conveyor systems can adapt to these changing demands, providing businesses with a versatile solution that can evolve with their needs.
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The Report also covers the following Areas:
Conveyor Systems Market Size and Forecast
Conveyor Systems Market Trends
Conveyor Systems Market Analysis by Type
Conveyor Systems Market 2023-2031: Key Highlights
CAGR of the market during the forecast period 2024-2031
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
Conveyor Systems Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Conveyor Systems Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic caused significant disruptions in global supply chains, affecting the production and delivery of conveyor system components. Restrictions on international trade, factory closures, and logistical challenges led to delays in manufacturing and distribution, impacting the overall market. However, the crisis also accelerated the adoption of automation technologies across industries. Companies turned to automated solutions, including conveyor systems, to maintain productivity and efficiency during lockdowns and social distancing measures. Despite the disruptions, the pandemic also increased the demand for conveyor systems in sectors like e-commerce, pharmaceuticals, and healthcare. With the surge in online shopping during lockdowns, there was a need for efficient sorting, packaging, and delivery systems, leading to a higher demand for conveyor systems.
The ongoing conflict could potentially cause disruptions in supply chains, particularly if critical manufacturing facilities or transportation routes are affected. As a result, there might be delays in the production and delivery of conveyor system components, which could impact the overall market. Industries like logistics, transportation, and manufacturing, which heavily rely on conveyor systems for efficient operations, may be more directly affected by the war. Any disturbances or shifts in these sectors could have implications for the demand and adoption of conveyor systems.
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List of Key Market Players in Conveyor Systems Market:
The Conveyor Systems Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Daifuku Co. Ltd.
- Continental AG
- Siemens AG
- Beumer Group
- Interroll Holding AG
- Durrr Group
- KION Group AG
- ERIKS North America, Inc.
- Taikisha Ltd.
- ATS Automation Tooling Systems, Inc.
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