The GMI Research’s latest analysis reveals that the conveyor system market is slated to register a faster CAGR. This is mainly due to the increasing need for automation to minimize manufacturing and operational costs, budding industrialization, and boosting production proficiency. Companies are investing in the research & development activities to optimize production process and develop cost-effective and environment-friendly conveyor systems.
Conveyor System Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The Conveyor System market is experiencing an increase in demand over the forecast period largely due to factors such as the growing need for automation to contract manufacturing and operational costs, uprising industrialization, and elevating production efficiency. Companies are also advancing in research & development activities to focus on lean manufacturing techniques to improve the production process and augment cost-effective and environment-friendly systems.
For example, in 2020, FLSmidth launched pipe conveyors, which deliver reliable and cost-effective material transportation in challenging topography. Also, manufacturers are providing customized conveyor systems as per the specific customer needs. Moreover, growth in motor vehicle manufacturing has elevated the adoption of assembly line methodology and mass production. All these factors together will significantly boost the conveyor system market size.
The widespread outbreak of Coronavirus has rattled the supply chain and has largely affected e-retailing companies. It has not only shown a sudden spike in orders but also a reduction in shipping and manufacturing with products running out of stock. The unforeseen change in consumer buying behaviour has created a massive demand for warehouse spaces, which is further elevating the demand for conveyor systems.
As per the conveyor system market forecast, the major factor obstructing the growth of the market is the slump in capital investments, mainly due to trade deficits. Also, huge installation costs is another factor acting as a restraint in the conveyor system market growth.
Regional Drivers
Based on the region, the Asia-Pacific region is augmented to grow at a faster CAGR over the forecast period. This is largely because of improving economic conditions in countries like India, Thailand, and China. The promptly increasing population in China and India are further supporting the demand for different industries, which include food & beverages, automotive, e-commerce, among others. Also, Asia-Pacific has 20-23 airports under construction, which are planned to be completed between 2020 to 2030. For example, the Beijing Daxing International Airport in China, the second airport in Beijing, started its operation in 2019. This new airport has seven runways to accommodate 620,000 flights and 100 million passengers every year. These factors significantly uplift the growth of the conveyor system market in the Asia-Pacific region.
Conveyor System Market’s leading Manufacturers:
- Emerson Electric Co
- Interroll Group
- TGW Logistics Group GmbH
- SSI Schafer AG
- Daifuku Co. Ltd.
- Siemens
- Swisslog Holding AG
- Vanderlande Industries B.V
- Dematic
- Taikisha Ltd.
Conveyor System Market Segmentation:
Segmentation by Type:
- Belt Conveyors
- Roller Conveyors
- Pallet Conveyors
- Overhead Conveyors
- Others
Segmentation by Industry Vertical:
- Automotive
- Airport
- Retail
- Food & Beverages
- Others
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
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