The global conveyor system market is projected to grow at a CAGR of over 2.9% till 2031, touching an impressive valuation of over US$ 12.9 Bn, according to a recent market intelligence study by an ESOMAR-certified market research and consulting firm. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors, which will likely propel demand.
As per historical trends, the market expanded to be valued at over US$ 12.1 Bn in 2020. COVID-19 has majorly pinned down expansion prospects, as supply chains are being disrupted amidst the emergence of second and third wave infections. However, these are expected to be offset eventually, sustaining demand.
With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, increase returns on investment and more importantly achieve high-quality manufacturing. This involves streamlining existing conveyor systems to achieve a faster and optimal output.
Key Takeaways from Market Study
- By product, belt conveyor systems to remain top-selling, expanding at a CAGR of 2.7%
- Packaging & warehouse distribution key end-user, likely to generate an opportunity worth US$ 973.2 Mn
- By operation, demand for automatic conveyor systems to soar, expanding at 2.5% CAGR
- U.S to be a substantial market, experiencing growth of around 3% CAGR until 2031
- China to account for the bulk of demand in East Asia, capturing 50% of overall demand
- Germany to propel the demand in Europe, experiencing at least 1 out of 4 sales
“Increasing demand to streamline manufacturing processes in the global manufacturing sector is prompting companies to adopt conveyor systems, equipped with the latest motion technology based on AI and IoT,” says a Senior Research Analyst.
Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
Prominent players in the market are Daifuku Co. Ltd, SSI Schaefer AG, Murata Machinery Ltd., Interroll Holding AG, Beumer Group, Honeywell International Inc., Siemens AG, Dematic Company, Fives, and others.
- In September 2020, Austrian Post, a logistics and postal services provider in Austria, announced that it has selected Fives to automate a new distribution center in Vomp. The new solution comprises Fives’ proprietary technologies such as the GENI-Belt cross-belt sorter, GENI-Feed induction lines, and a singulator.
- Fives’ turnkey solution enables Austrian Post to handle 7,000 parcels per hour (every day) within its new logistic center, delivering more parcels than ever. The company’s GENI-Belt cross-belt sorter is equipped with two high-speed GENI-Feed induction lines and 90 different chutes to handle parcels and packets.
These insights are based on a report on Conveyor System Market by Fact.MR.