The global conveyor system market was valued at ~US$ 12.1 Bn in 2019 and is anticipated to surpass US$ 12.9 Bn during the forecast period 2020-2030. The market is slated on a course of sluggish growth at 2.9%. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors. With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, reduce ROI (return on investment), and more importantly achieve high quality manufacturing.
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The COVID-19 crisis has caused unprecedented uncertainty, leading to a major slowdown. The manufacturing of automobiles, industrial equipment and food & beverages has come to a standstill due to stringent lockdowns imposed by governments. Despite this panic buying by consumers is coaxing manufacturers to increase their warehouse space, which is expected to accelerate demand for conveyor systems.
Key Takeaways of Conveyor System Market Study:
- The global conveyor system market is projected to create an absolute $ opportunity of more than ~US$ 3.1 Bn and is anticipated to grow at a value CAGR of 2.9% during the forecast period.
- By product, conveyor belts are projected to grow at a value CAGR of 2.7%, and will be valued 1.6X more than roller conveyors by the end of 2020.
- East Asia is expected to emerge as the fastest growing conveyor system market and is projected to surpass a market valuation of ~US$ 2.6 Bn by the end of 2030.
- Packaging & Warehouse Distribution is projected to grow at a value CAGR of ~3.5% and is expected to create an absolute value opportunity of US$ 973.2 million.
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Key Segments of the Conveyor System Market
- Belt Conveyor System
- Roller Conveyor System
- Pallet Conveyor System
- Overhead Conveyor System
- Tri-Planar Conveyor System
- Crescent Conveyor System
- Skid Conveyor System
- Trailer Conveyor System
- Other Conveyor Systems
- Manual Conveyor System
- Semi-Automatic Conveyor System
- Automatic Conveyor System
- Unit Handling Conveyor System
- Bulk Handling Conveyor System
- Conveyor System for Packaging & Warehouse Distribution
- Conveyor System for Textile & Paper
- Conveyor System for Construction & Mining
- Conveyor System for Automotive & Transportation
- Conveyor System for Consumer Electronics
- Conveyor System for Food & Beverages
- Conveyor System for Chemicals & Pharmaceuticals
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The report covers following Conveyor System Market insights and assessment that are helpful for all participants involved in the Conveyor System Market:
- Data on recently introduced regulations and their impact on key industries and on demand in Conveyor System Market
- Latest industry Conveyor System Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Conveyor System Market and changing consumer preferences in major industries.
- Changing Conveyor System Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Conveyor System Market major players
- Conveyor System Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Conveyor System Market demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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