Global Conveyor System Market is Growing at a Healthy CAGR of 4.5% From 2020 to 2027
September 15, 2021
The conveyor system market is expected to grow from USD 7.7 billion in 2019 to USD 11 billion by 2027, at a CAGR of 4.5% during the forecast period 2020-2027.NEWARK, UNITED STATES, NEW JERSEY, September 15, 2021 /EINPresswire.com/ -- Fior Markets has recently released a research report titled Conveyor System Market by Type (Roller, Belt, Overhead, Pallet, Floor, Cable, Crescent, Bucket), Industry (Food & Beverage, Warehouse & Distribution, Poultry & Dairy, Electronics, Automotive, Mining, and Airport), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global conveyor system market is expected to grow from USD 7.7 billion in 2019 to USD 11 billion by 2027, at a CAGR of 4.5% during the forecast period 2020-2027. The Asia-Pacific region is expected to account for the highest growth rate in the forecast period. The growth can be attributed to the development of industries like airport, FMCG, automobile, retail etc. India and China being significant contributors to the regional growth are a hub of manufacturing facilities of big automobile players like Ford Motors and Volkswagen. The increase in purchasing power of people and improvement in the standard of living has led to a rise in demand for automated systems contributing to market growth in the region. European region is also expected to portray a rapid growth rate with the upcoming manufacturing activities and growth in the automobile sector.
The leading players of the market include Daifuku Co., Ltd., Emerson Electric Co., Dematic Group S.à r.l., Interroll Holding Ltd., Swisslog Holding AG, Siemens AG, SSI Schäfer AG, Vanderlande Industries, Taikisha Ltd., and TGW Logistics Group Gmbh. The players are focusing on innovation and expansion through mergers and acquisitions. In 2019, BEUMER Group and Aruba Airport Authority came together for installation of high-tech baggage transportation system at Queen Beatrix International Airport, Aruba.
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This study delivers a comprehensive analysis of type, industry, and regions of the conveyor system market. On the basis of type, the market can be divided into roller, belt, overhead, pallet, floor, cable, crescent, and bucket. Belt conveyors are expected to dominate the market share due to its application across multiple fields from airport to food industries. The rise in demand for conveyor belts is due to its ability to carry different types of goods like heavyweight, irregular or large products. There are different types of belt conveyors like elevator, flatbed, variable speed, and packing. On the basis of industry, the market can be divided into food & beverage, warehouse & distribution, poultry & dairy, electronics, automotive, mining, and airport. The warehouse and distribution industry is expected to dominate the market share due to rising demand for e-commerce sector with massive growth in online sales. The rise in disposable incomes and changes in the lifestyle of people, along with the reduced strictness of government policies has boosted the growth of the e-commerce sector. Also, the increase in supermarket chains has resulted in the growth of warehouse and distribution industry.
The increase in demand for large-scale handling of bulk goods is the primary driver for market growth. The advantages of conveyor systems over manual handling like cost-saving, increased efficiency, and quick material flow has led to the widespread adoption of conveyor belts. The need for modernizing the old conveyors is also contributing to market growth. The technological advancements and increase in demand for automation are expected to fuel the growth of the market. The high cost of installation can act as a possible restraint to market growth.
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About the report:
The global conveyor system market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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