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The global conveyor systems market size reached USD 5.42 billion in 2021. The market value is estimated to increase from USD 5.60 billion in 2022 to USD 7.76 billion in 2029 at a CAGR of 4.8% in 2022-2029. This information is published by Fortune Business Insights™, in its report, titled, “Conveyor Systems Market Size, Share & COVID-19 Impact Analysis, By Type (Roller, Flat Belt, Wheel, Vertical Conveyors and Others), By Location (In-floor, On-floor and Overhead), By Load (Unit & Bulk Load), By Application (Food & Beverages, Pharmaceuticals, Supply chain & Logistics, Manufacturing, Mining and Others) and Regional Forecast, 2022-2029”
Shutdown of Manufacturing Sector during COVID-19 Pandemic to Limit Growth
The ongoing pandemic has resulted in a downward growth rate for the sector of conveyor systems due to imposed lockdowns and shutting down of the manufacturing sector at the initial stages of COVID-19. Irregular shutdown of world economies led to a fragmented workforce and players operating with a less-than-optimal capacity. This further created delays in upcoming projects, triggering a decrease in market share during the forecast period.
However, the market is expected to pave the way for a revival due to rising demand from various sectors including electronic/electrical and food & beverage. However, as the pandemic looms on, conveyor systems are expected to return to pre-pandemic levels as the market will present lucrative opportunities for investments. Manufacturers were positively dealing by introducing new automated systems and partnering with regional companies to expand market presence thus, minimizing the COVID-19 impact on the financial aspects.
FMH Conveyors Introduce LITESORT for Fluid Loading & Unloading
FMH Conveyors announced launching LITESORT, an automated sortation system that is expected to increase efficiency for a wide range of applications. LITESORT is designed to create efficient supply chains by eliminating labor-intensive steps that often time results in errors.
LITESORT intends to tackle sorting solutions by encompassing a modular, easy-to-set-up light automated structure that contains an integrated scanning tunnel, which is further customizable. Additionally, the modular structure will contain foldable wings that will allow for faster loading and unloading. The foldable wings come with multiple widths to accommodate packages of all sizes.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/conveyor-systems-market-101116
Rising E-commerce Dominance & Increasing Prevalence of Industry 4.0 to Fuel Market Growth
Factors such as increasing requirement of handling larger volumes of goods in manufacturing & warehousing sector along with requirements of lowering costs & production time will boost the conveyor systems market growth during the forecast period. Integration of smart & innovative technologies including RFIDs & barcodes and increasing awareness regarding speed & accuracy will increase the footprint of the market.
An expanding e-commerce sector and rising industry 4.0 prospects are transforming supply chains, triggering an increase in the market volume during the forecast. Also, rising demand for intelligent mechanical handling equipment fueling automation solutions will fuel the growth of the market.
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ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD billion) |
Segmentation | Type, Location, Load, Application & Region |
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By Location |
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By Load |
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By Application |
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By Region |
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