by The conveyor system market involves products such as belt, roller, pallet, overhead, and other types of conveyors used for material handling across industries. Conveyor systems aid in the transportation and movement of materials within facilities and warehouses in an efficient manner. They improve productivity and ergonomics by reducing manual material movement. Key advantages include high throughput, low labour requirement, accuracy and safety. Growing automation of material handling processes across industries such as automotive, food & beverage, e-commerce and others is driving the need for conveyor systems.
The Global Conveyor System Market is estimated to be valued at US$ 10.35 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Conveyor System market are Bastian Solutions, Inc., BEUMER Group GmbH & Co. KG, Caterpillar Inc., Continental Conveyor, Daifuku Co., Ltd., Dematic Corp., Dürr AG, Emerson Electric Co., Fives Group, Interroll Group, Kardex Group, Kuka AG (Swisslog Holding AG), Murata Machinery, Ltd., Siemens AG, SSI Schäfer AG. These players are focusing on new product launches and partnerships to gain a competitive edge in the market.
The growing e-commerce industry is presenting significant opportunities for conveyor system manufacturers with increasing focus of retailers and third-party logistics providers on automating distribution and fulfillment centers. E-commerce retailers are widely adopting conveyor systems for sorting, packing and shipping of products.
The global expansion of key end-use industries is also driving the demand for Conveyor Systems Market Demand. Industry giants are setting up manufacturing plants in Asia Pacific and Middle East & Africa owing to availability of low cost resources and proximity to growing end-use markets in these regions. This is increasing the sales of conveyor systems across emerging economies.
Market Drivers
Increasing automation of material handling processes across automotive, food processing, airport and other industries owing to benefits such as reduced manufacturing costs and improved productivity is a major driver for the conveyor system market. Growth in industrialization and manufacturing output globally is augmenting the need for automated material movement within facilities using Conveyor Systems Companies. Growing complexities in production and distribution operations are further necessitating the implementation of conveyor systems.
PEST Analysis
Political: Government safety regulations on conveyor systems will affect the market. Developing countries may introduce stricter rules to improve working conditions.
Economic: As economic growth leads to higher manufacturing and logistics volumes, demand for conveyor systems increases to boost efficiency. Recessions could impact capital investment in new systems.
Social: Population growth and rising living standards in emerging markets drive demand for consumer goods and food, boosting the need for conveyor systems in related industries. Automation reduces jobs for manual labor.
Technological: Advances in materials, controls and software allow for more compact and intelligent conveyor designs with increased capacities and throughput. Internet of things connectivity enables remote monitoring and predictive maintenance of systems.
Europe captures the largest share of the global conveyor system market value due primarily to high manufacturing concentration and stringent industrial safety guidelines. Germany, the UK, France, Spain and Italy contribute substantially to European demand.
The Asia Pacific region has emerged as the fastest growing market for conveyor systems globally. China, as the world’s largest manufacturer, has witnessed rapid expansion of its automotive, electronics and E-commerce industries which widely utilize conveyors for logistics and production. The conveyor market is also gaining momentum in other Asian nations like India, Japan, South Korea and Singapore driven by rising industrialization and urbanization.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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