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August 08, 2019 | Machinery & Equipment
The Global Conveyor Systems Market is expected to reach US$ 7,169.0 Mn during the forecast period, 2019-2026. Fortune Business Insights in a new study, titled ‘Conveyor Systems Market Size, Share and Global Trend By Type (Roller Conveyors, Flat Belt Conveyors, Wheel Conveyors, Vertical Conveyors & Other), By Location (In-floor Conveyors, On-floor Conveyors & Overhead), By Load (Unit Load & Bulk Load), By Application (Food & Beverages, Pharmaceuticals, Supply chain & Logistics, Manufacturing, Mining & Others) and Geography Forecast till 2026’ entails some of the market trends prevalent in the machinery and equipment industry.
As per the report, the global market was valued at US$ 5,008.4 Mn in 2018. Considering the base and forecast year values, the market is estimated to rise at a CAGR of 4.6% through the forecast years. Several warehousing and manufacturing industries are adopting conveyor systems to improve overall work efficiency, reduce labor cost, and optimize performance. In the era of digitization, manufacturing companies are planning to develop automated conveyor belts in order to make material handling more convenient, thus ensuring the smooth and continuous flow of manufacturing processes.
Flat-belt Conveyors to Witness the Highest Demand
Conveyor belts are used to carry bulky and heavy materials in industries such as food and beverage, retail, and automotive. With the evolving customer preference, the introduction of customized conveyor belts and conveyors rollers is likely to spur the conveyor systems market growth. The emergence of these newer types of conveyor products has improved and simplified operations across several industries, thus spurring the conveyor belts market share. The demand for other different types of conveyor systems such as wheel conveyors, flat belt conveyors, vertical conveyors, and others is likely to increase in the forecast period. As per the report, flat belt conveyors covered the highest share in the market in 2018. These belts are made from different materials such as plastics, metal, leather, fabric, and rubbers. In addition to this, these belts are long belts and help to convey heavier loads. Roller conveyor belts held a share of 24.4% in 2018 and their demand is also expected to surge by 2026.
Tsubaki Acquires Central Conveyor Company to Offer Access to US Automotive Customers
The report profiles some of the leading players in the global conveyor systems market. Some of the players include Daifuku Co., Ltd., Dematic, Bastian Solutions, Interroll Group, and Dürr. These companies are heavily investing in Industry 4.0 and automation to offer digital solutions for production. In addition to this, the market is highly fragmented and competitive. Several key players are planning to expand their presence in emerging or developing countries, which becomes difficult for the regional players to compete in the market. Moreover, regional players find it challenging to compete in terms of pricing and quality. Presently, the competition is increasing and in the forthcoming years, it will grow further. Taking this into consideration, small-scale players are joining hands with large giants. For instance, Tsubaki announced the acquisition of Central Conveyor Company in June 2018. This acquisition aims to offer access to customers in the U.S., especially in the automotive industry. The acquired company manufactures customized automated conveyance systems, material handling systems, and other systems.
Valued at US$ 924.3 Mn, Europe Market to Exhibit High Adoption of Advanced Conveyor Systems
The market in Asia Pacific is expected to rise at the highest CAGR through the forecast years. The growth is primarily attributable to the rising development in end-use industries such as automobile, FMCG, and airport & mining. Moreover, China and India are the major growth contributors to the market. The increasing sales of conveyor belts in these countries are expected to impact the conveyor systems market revenue in the forthcoming years. Furthermore, companies in these countries have bulk material handling systems. These systems have the ability to manage a large volume of data, which minimizes needless time consumption. This, in turn, will drive the market growth in Asia Pacific.
As per the report, the market in Europe was valued at US$ 924.3 Mn in 2018. The rising adoption of automation in manufacturing units is the primary factor driving the market in this region. In addition to this, the rising penetration of artificial intelligence (AI), the internet of things (IoT), RFID, and other advanced technologies is giving significant impetus to the growth of the market. Other factors such as increasing labor cost and lack of infrastructure are compelling manufacturers to invest in conveyor belts.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/conveyor-systems-market-101116
The global conveyor systems market can be segmented into the following categories:
· Roller Conveyors
· Flat Belt Conveyors
· Wheel Conveyors
· Vertical Conveyors
· Other Conveyors
· In-floor Conveyors
· On-floor Conveyors
· Unit Load
· Bulk Load
· Food & Beverages
· Supply chain & Logistics
· North America (U.S. and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)