The Conveyor System Market is set to experience rapid growth, driven by several key factors. Firstly, the expansion in vehicle production is expected to fuel market growth as automotive manufacturing heavily relies on conveyor systems for efficient assembly processes. Moreover, the surge in mining activities worldwide and the continuous growth in passenger handling capacities at airports and freight transportation will further boost the demand for conveyor systems in the materials handling sector.
The conveyor system market will be worth US$ 6.4 billion globally in 2023. According to reports from Future Market Insights, the market is predicted to grow at a CAGR of 5.45% from 2023 to 2033 and will be worth US$ 10.9 billion by 2033.
The growth in vehicle production is expected to accelerate the market growth. In addition, an increase in mining activities around the globe, with an increase in passenger handling capacities of airports & freight, rising e-commerce trends will boost the demand for conveyor systems. A rise in demand for processed will increase demand for the same in the food & beverage industry.
Upliftment of advanced technologies in conveyor systems, with growth in digitization in the material handling industry, and increase in advanced conveyor systems will further create new opportunities for the conveyor system market in the forecasted time period. Rise in initial investments, with rising concerns over the environmental impact of mining activities and an increase in the usage of automated guided vehicles & robotics are the major factors among others restraining the market growth.
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Key Takeaways:
Sales of global conveyor systems market expanded at a CAGR of 4.2% from 2018 to 2022:
- The North American market for global conveyor systems market is likely to have a market share of 26.9%.
- The Unites States market for global conveyor systems market is likely to expand at a share of 16.9%.
- Belt type conveyors are expected to generate maximum demand for the global conveyor systems market.
- Global conveyor system market in 2022 was US$ 5.6 billion.
- European market is said to grow at a CAGR of 3.4%.
- Germany is said to lead the market with the valuation of 8.76%.
- China is said to grow at a CAGR of 4.66% in the conveyor systems market.
- Agriculture and related activities in China account for more than 7% of its total GDP according to World Bank in 2020.
- Market value for conveyor system market in India is said to hold a market share of 3.65%.
- Belt type conveyors are said to hold a market share of 18.2% in the conveyor industry.
- Automatic Conveyors are said to Gain in the Market of Conveyors.
- Automatic conveyors are said to grow at a CAGR of 4.9% in the conveyor systems market.
- Automotive and Transportation Industry is Most Commonly Used in Conveyor systems Market.
- Automotive and transportation industry will exhibit a dominant growth rate with a market share of 3.52%.
“Impact of circular economy on conveyor system market is one of the major driver of the global conveyor systems market,”- says an analyst at Future Market Insights (FMI).
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Competitive Landscape:
Some of the prominent players in this market are-
- Daifuku Co., Ltd.
- Fives
- Interroll Group
- Kardex
- Kuka AG
- Mahindra Tsubaki Conveyor Systems Pvt. Ltd.
- Murata Machinery, Ltd.
- Siemens
- Taikisha Ltd.
- Caterpillar
Some of the important developments of the key players in the market are:
- In March 2023, Caterpillar announced the development of the Cat® C13D, a new 13-liter diesel engine platform, which is designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications.
- In November 2022, Caterpillar announced the launch of two new hydraulic excavators on Monday, one of just a few major equipment launches ahead of the 2023 CON-EXPO show. New Cat 340 Hydraulic Excavator features a more powerful engine, wider track, and 7.5-ton counterweight to increase productivity by 10% over the 2020 model year Cat 336, according to Caterpillar. New Cat 352 Hydraulic Excavator combines more power and a heavier counterweight to work with larger tools, Caterpillar said in a press release.
Key Segmentation:
By Product Type:
- Belt Conveyor
- Roller Conveyor
- Pallet Conveyor
- Overhead Conveyor
- Tri-Planar Conveyor
- Crescent Conveyor
- Skid Conveyor
- Trailer Conveyor
- Others
By Operation Type:
- Manual
- Semi-Automatic
- Automatic
By Capacity Type:
- Unit Handling
- Bulk Handling
By Application Type:
- Packaging & Warehouse Distribution
- Textile & Paper
- Construction & Mining
- Automotive & Transportation
- Consumer Electronics
- Food & Beverage
- Chemical & Pharmaceutical
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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