With sales increasing at an average CAGR of 4.1% from 2022 to 2032, the worldwide conveyor belt market is predicted to reach a value of US$ 5,818.5 Mn. The conveyor belt market, expected to be worth US$ 3,893.20 Mn in 2022, is propelled by the quick and effective movement of a variety of heavy and bulky items, notably in the aerospace and industrial sectors. Over the anticipated period, the conveyor belt market will benefit from the belts’ growing acceptance in the expanding mining and power sectors.
Growing urbanisation and industrialization, particularly in emerging economies, will increase the activities of various industry verticals including manufacturing, electricity, and mining, which would improve the conveyor belt market’s future prospects. When these belts are used in various industries, time is saved, processes are optimised, and productivity is increased when moving goods from one location to another. Also, the construction of new airports in response to increased air traffic and the growing demand for luggage transfers that go smoothly will fuel the conveyor belt market. Likewise, the use of conveyor belts in the building and construction industries as well as the food and beverage industries would help the target market grow as a result of rising demand and consumption.
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Conveyor belt market expansion is anticipated to be facilitated by the inclusion of technical developments into the conveyor belt system, such as the emergence of the green conveyor belt idea. Green conveyor belts are self-cleaning, reduce emissions of hazardous chemicals, and prevent environmental pollution. The use of green conveyor belts is expanding as people become more aware of sustainability principles and environmental protection. The conveyor belt market faces limitations including expensive initial investment and strict restrictions that may impede market growth over the projected period, in addition to promising industry prospects.
“Increasing aerospace and industrial activities due to growing consumption and demand will likely supplement the market growth of conveyor belt over the forecast period,” says an FMI analyst.
Key Takeaways:
- Application in multiple industry vertical boosts market expansion over the forecast period.
- Expensive periodic maintenance may stunt the market growth.
- North America to account for 20.3% of the total revenue share.
- Asia Pacific is predicted to offer lucrative market opportunities to the target product.
- Start-ups in the market will benefit from distribution and implementation benefits.
Competitive Landscape
Bridgestone Corporation, QingDao Rubber Six Conveyor Belt Co. Ltd., Goodyear, ContiTech AG, Zhejiang Double, Siemens AG, TGW Logistics Group, Emerson Electric Co., Intelligrated, Daifuku Co. Ltd., Interroll Holding GmbH, Vanderlande Industries B.V., Taikisha Ltd., Fives, and Swisslog among others, are some of the major players in the conveyor belt market that are profiled in the full version of the report.
Major market players are concentrating on new product development and supplying the product to multiple industries. Technological integration into the product is a strategy employed by many businesses in the market to gain a competitive advantage.
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More Insights into the Conveyor Belt Market Report
In its latest report, FMI offers an unbiased analysis of the global conveyor belt market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type (crescent, floor, overhead, pallet, roller), belt type (heavy-weight, medium-weight, lightweight), material (polymers, metals), installation (stationary, portable), end user (automotive, airport, retail, industrial, poultry & dairy, food & beverage), and region.
According to the latest FMI reports, based on region, the conveyor belt market in North America is expected to exhibit impressive growth over the forecast period. The region is expected to lead the market, accounting for 20.3% of the market revenue. The thriving food and beverage industry coupled with the opening up of numerous airports is fueling the regional market growth.
In the Asia Pacific region, the conveyor belt market is predicted to be offered several profitable opportunities. The swift expansion of airports and expanding steel, food, mining, and cement industries, specifically in countries like India and China will likely supplement the market growth over the forecast period.
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