In 2023, the global conveyor system market is valued at approximately USD 6.4 billion. According to projections by Future Market Insights, the market is expected to grow at a compound annual growth rate (CAGR) of 5.45% from 2023 to 2033, reaching an estimated USD 10.9 billion by the end of this period.
The Conveyor System Market report, released by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—offers valuable insights and detailed analysis of the conveyor system industry. The report thoroughly examines key drivers, market size, and forecasts for the conveyor system market. It provides comprehensive revenue and shipment segmentations, alongside a ten-year projection up to 2033. Additionally, the report assesses major industry players, their market presence, the competitive landscape, and regional insights.
The conveyor system market is set for significant growth, driven by several key factors. One major catalyst is the increasing production in the automotive sector, where conveyor systems are crucial for streamlining assembly processes, making them essential to automotive manufacturing. Moreover, the global rise in mining activities, along with the continuous growth in passenger handling capacities at airports and the expansion of freight transportation networks, is expected to boost the demand for conveyor systems in material handling applications.
The increasing production in the automotive sector is anticipated to be a key driver of market growth. Concurrently, the global expansion of mining activities, the steady increase in airport passenger handling and freight transport capacities, and the rapid growth of e-commerce are expected to drive the demand for conveyor systems. Additionally, the rising demand for processed goods is likely to further increase the need for conveyor systems in the food and beverage industry.
The integration of advanced technologies into conveyor systems and the growing trend of digitization in the material handling sector are expected to create new opportunities for the conveyor system market throughout the forecast period. However, market growth may face challenges due to high initial investment costs and environmental concerns related to mining activities. Furthermore, the increased use of automated guided vehicles and robotics presents both opportunities and challenges in this evolving market landscape.
Exhaustive Market Report: A Complete Study
Key Takeaways:
- 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 USD 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).
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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