Conveyor Systems Market to Hit USD 7.62 Billion by 2028; Increased Penetration of Sophisticated Technologies to Push Massive Growth: Fortune Business Insights™

Pune, India, Sept. 28, 2021 (GLOBE NEWSWIRE) -- The global conveyor systems market size is expected to reach USD 7.62 billion by 2028, exhibiting a CAGR of 4.5% during the forecast period. The growing focus of OEMs on automation to make manufacturing processes more efficient and active can have a tremendous impact on the market growth states Fortune Business Insights in a report titled “Conveyor Systems Market, 2021-2028.” The market size stood at USD 5.36 billion in 2020.

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COVID-19 Impact:

Many businesses have seen a drop in market growth as a result of the COVID-19 epidemic. During this time, the use of conveyor systems is critical in overcoming the problems that the epidemic has posed across the world. Manufacturing sector closure and shut-down regulations are likely to drive the use of these systems. This compliance has caused problems in many regions of the world, as well as across economies and production units, distributing laborers. Despite the fact that automation and the usage of material handling systems are widely used and growing in this epidemic, the unemployment factor will be negatively impacted since automation will diminish the need for human labor.  However, less human interaction may have a beneficial effect in mitigating the spread of the virus. Still, it will also raise unemployment among individuals, nevertheless boosting the market.

List of Key Players in Conveyor Systems Market:

  • Daifuku Co., Ltd. (Japan)
  • Continental Conveyor (U.S.)
  • Bastian Solutions, Inc. (U.S.)
  • Conveyor Systems Ltd. (U.K.)
  • Dematic (U.S.)
  • Interroll (Schweiz) AG (Germany)
  • Dürr AG (Germany)
  • ATS Automation Tooling Systems Inc. (Canada)
  • Toyota Industries Corporation (Japan)
  • Invata Intralogistics (U.S.)
  • Taikisha Ltd. (Japan)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 4.5%
2028 Value Projection USD 7.62 Billion
Base Year 2020
Market Size in 2020 USD 5.36 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Type, Location, Load, Application and Geography
Growth Drivers Emphasis on Modern Technology by OEMs to Intensify Market
Growing Production of Automobiles to Augment Growth in Asia Pacific

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Market Segments:

The global market is divided into several types of conveyors, such as roller conveyors, flat belt conveyors, wheel conveyors, vertical conveyors, and others. Conveyors are classified as in-floor, on-floor, or above, depending on their placement. The market is divided into two categories based on load: unit load and bulk load. Based on application, the market is divided into food & beverages, pharmaceuticals, supply chain & logistics, manufacturing, mining, & others. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

What are the Report Highlights?

The report offers a comprehensive overview of the market and emphasizes factors propelling, repelling, obstructing, and creating opportunities for the market.  It also throws light on the table of segmentation, the list of leading segments with figures, and their attributed factors. The report also discusses the market's competitive landscape, the list of significant players, and the key strategies adopted to gain a competitive edge in the market. Besides this, the report highlights the major industry developments of the market, current naval vessels and surface combatants market trends, and other interesting insights into the market.

Driving Factor:

Emphasis on Modern Technology by OEMs to Intensify Market

Traditional supply chains are being transformed by e-commerce and industry 4.0, forcing firms to use modern technology and automation to modify the way they move, track, and store goods. Fulfillment centers and warehouse space are being established by manufacturers, wholesalers, retailers, and logistics businesses. For example, Industrial Kinetics is supplying a big car manufacturer with a pair of dual-strand in-floor vehicle slat conveyors that will transport about 385 tonnes of vehicles, 250 tonnes of conveyor chains, and approximately 635 tonnes of supplies. The desire to automate the whole production process is driving demand for sophisticated mechanical handling equipment, which, in turn, will create lucrative opportunities for the conveyor systems industry.

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Regional Insights:

Growing Production of Automobiles to Augment Growth in Asia Pacific

In 2020, Asia Pacific produced USD 1.79 Billion in revenue, and it is expected to become the most profitable region in terms of conveyor systems market share during the forecast period. Furthermore, throughout the projection period, this area is predicted to have the greatest CAGR. The expansion of end-use sectors such as FMCG, automobiles, airports, and mining is expected to boost growth in this region. Numerous businesses worldwide and provincial automobile manufacturers, such as BYD Automotive, Geely, Dongfeng, Volkswagen, Ford Motor Co., and others, have production plants in China. Furthermore, bulk material handling and storage technologies make it easier to manage huge amounts of data, save wasted time, and promote the industry's growth. The use of automation in industrial units, as well as increased penetration of sophisticated technologies such as the Internet of Things (IoT), Radio-frequency identification (RFIDs), and Artificial Intelligence, are driving growth in Europe and North America (AI). Rising labor costs, along with infrastructural constraints, are likely to help these areas maintain their market dominance.

Competitive Landscape:

The market is extremely fragmented and competitive. International players are steadily expanding their footprint in developing countries, making it difficult for regional vendors to compete, particularly in terms of quality and price. For increased market share, these companies are focused on acquiring regional businesses and forming alliances.

Notable Development:

January 2021: MHS Holdings, Inc., a major producer of material handling and automation solutions, software, engineering, and equipment, announced that it had acquired TGW Systems, Inc, a leading United States conveyor business division.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities & Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competitive Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
    • Global Conveyor Systems Market Share Analysis, 2020
  • Key Market Insights & Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix
    • Global Conveyor Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • Roller Conveyors
        • Flat Belt Conveyors
        • Wheel Conveyors
        • Vertical Conveyors
        • Other Conveyors
      • By Location (Value)
        • In-floor Conveyors
        • On-floor Conveyors
        • Overhead
      • By Load (Value)
        • Unit Load
        • Bulk Load
      • By Application (Value)
        • Food & Beverages
        • Pharmaceuticals
        • Supply chain & Logistics
        • Manufacturing
        • Mining
        • Others
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
    • North America Conveyor Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • Roller Conveyors
        • Flat Belt Conveyors
        • Wheel Conveyors
        • Vertical Conveyors
        • Other Conveyors
      • By Location (Value)
        • In-floor Conveyors
        • On-floor Conveyors
        • Overhead
      • By Load (Value)
        • Unit Load
        • Bulk Load
      • By Application (Value)
        • Food & Beverages
        • Pharmaceuticals
        • Supply chain & Logistics
        • Manufacturing
        • Mining
        • Others

TOC Continued…!

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