The Conveyor system market will register steady growth with the overall valuation forecast to surpass US$ 13.7 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.5% between 2021 and 2031. Global Conveyor system sales are expected to return to 2019 level, with shipments expected to reach 16,000 units by the end of 2031, says FMI.
Regionally, the North America market is set to expand at 3.5% CAGR over the course of the assessment period. The growth can be attributed thriving e-commerce industry and expansion of packaging centres in the U.S. and Canada.
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Conveyor systems demand s significantly increasing from the mining industry. Mining requires transportation and handling of large volume of heavy goods and debris. Low cost of conveyor system and minimum maintenance make them ideal choice for long distance transportation.
Rising per capita income and rapid economic growth in developing countries like India and Brazil are driving the manufacturing industry. This coupled with automation in fast-moving consumer goods (FMCG), baggage handling, and manufacturing industries will positively influence the market growth over the forecast period.
Industries are looking towards optimizing their manufacturing process to improve efficiency and production rate. This has encouraged advancements in conveyor system development and integration of automation in material handling system.
Automated conveyor systems eliminate human error, improve safety and boost the production volume with high repeatability. Owing to such benefits, companies are adopting modern conveyor system for material handling processes.
Surge in online retailing activities along with increasing demand for high quality goods will drive the adoption of conveyor and sortation systems in the retail industry. Companies are installing conveyor system to optimize warehouse spacing, sorting and cross-docking products, and automating their distribution process. Increase in online shopping in India, China, Brazil, and Chile will positively influence the market growth in upcoming years.
Key Takeaways from FMI’s Conveyor system Market Study
- North America conveyor system market is forecast to expand at 3.5% CAGR due to rapid growth in online retail sector.
- Growing adoption of automation in automotive and manufacturing industry, surging mining and construction activities along with growing e-commerce industry in the U.K. and Germany are the key factors driving the market in Europe.
- Population surge, increase in demand for processed food, and presence of e-commerce giants like Alibaba group will drive the demand for conveyor systems in FMCG and packaging industries in China.
- India is expected to offer lucrative opportunities as home to one of the leading the retail sectors after U.S. and China. Steady consumer demand and rising investment towards expansion of retail infrastructure will boost the demand for advanced material handling systems, such as conveyor systems.
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