Conveyor System Market Size Worth $11,903.88 Million, Globally, by 2027 at 5.5% CAGR - Exclusive Report by The Insight Partners
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Conveyor System Market: Competitive Landscape and Key Developments
Daifuku Co. Ltd.; Dematic; Emerson Electric Co.; Honeywell Intelligrated; Interroll Holding GmbH; Siemens AG; SSI Schafer; Swisslog Holding AG; TGW Logistics Group; and Vanderlande Industries are among the key players in the global conveyor system market. The leading companies focus on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
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In 2020, Siemens launched a new compact and powerful drive system specifically designed for horizontal conveyor applications. The drive system comprises a motor, frequency converter, and gearbox.
In 2019, Interroll provided a new stacker crane for dynamic storage and a transfer car with a modular pallet conveyor platform (MPP). The new products allow users to implement extremely compact, robust, and efficient pallet handling automation solutions.
A conveyor system is an assembly equipped with various mechanical equipment that help carry materials from one location to another with less effort. There are various types of conveyor systems, such as overhead, floor, roller, and belt, upon which materials are moved. While deploying conveyor systems in any industry, several key factors, such as abrasiveness, corrosiveness, flow ability, size, and moisture content, should be taken into consideration to fulfill the industry needs. The system is usually complex in their design and construction due to their huge scales and integration into different factory processes. However, the modular nature of this system makes it readily attainable. The increasing demand for automation in verticals is one of the significant drivers for the growth of the conveyor systems market. The rising adoption of assembly line systems and mass production, coupled with increase in vehicle manufacturing, contributes to market growth. The soaring foreign direct investment (FDI) investments in the automotive industry, material safety concerns, rising industrialization, requirement of automation to mitigate manufacturing costs, and expansion of the e-commerce sector with the adoption of conveyor systems are the key factors propelling the growth of the global conveyor system market. The leading market players are focusing on broadening their addressable market by diversifying client bases, expanding current product portfolios by developing new products. For instance, in April 2020, Martin Engineering, a US-based company, announced the launch of a conveyor belt monitoring system, which monitors the blade and tracks the remaining service life. The newly launched product reduces the manual inspections by providing accurate data to the technicians and mitigating exposure to moving conveyors. Moreover, the global pandemic has positively impacted the market growth, particularly in the e-commerce and food & beverage industries. Due to mounting sales of the products under these industries, manufacturing facilities have been operating to provide products to their customers, which would not have been possible without the use of conveyor systems.
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According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and China are among the worst-affected countries due to COVID-19 outbreak. The sharp decline in the international logistics business industry had negatively impacted the growth of the global conveyor system market. However, the ease of restrictions, and adoption of technologies, such as advanced electronics and automated machinery is anticipated to boost the global conveyor system market significantly in the post COVID-19 era.
Growth in E-commerce Industry to Propel Conveyor System Market Growth in Coming Years:
The e-commerce industry is one of the mature industries in the US and is growing at an unprecedented adoption rate across the world. As per the Census Bureau of the Department of Commerce, the US retail e-commerce sales were accounted for US$ 160.3 billion in the first quarter of 2020, which depicted a growth of 2.4% from the fourth quarter of 2019. Hence, the rising e-commerce industries in potential regions, such as North America and APAC, are thriving in the business for conveyor systems. The conveyor system is one of the significant components of e-commerce for managing products such as poly bags, padded envelopes, totes, cases, and cartons. In the e-commerce business, conveyor system providers offer upgraded technology, scalability & flexibility, and efficiency to the end users. The rising usage of online retailing and changing consumer behavior toward purchasing are positively impacting the adoption of conveyor systems. If the consumers buy something online and decide to return it, the consumer anticipate the return process to be as rapid and convenient as the purchase process. For such processes, vendors require conveyor systems to move those products effectively.
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Conveyor System market: System Type
The global conveyor system market, based on technology, is segmented into overhead, floor, roller, belt, and others. The belt segment held the largest market share in 2019. Belt system type is extensively used for continuous transport of bulk materials. To ensure the reliability of the belt system type, maintenance activities are crucial. It has primarily helped the industrial sector progress swiftly. The process of carrying materials has become easy and rapid due to this efficient mechanical device, which can carry heavy materials seamlessly. It is used to transport materials such as sand, grain, coal, ore, and salt. The system effortlessly transports huge volume of materials in less time. It can convey the materials both vertically and horizontally. It also helps load the transported materials at the end of the production line and consumes less power. Its industrial applications include manufacturing, pharmaceutical, food & beverage, packaging, power plants, bakeries and confectioneries, textile, laundries, flour mills, and chemical plants. Apart from these applications, belt conveyors are used in numerous other industrial applications that make this equipment reliable and useful to carry out many major operations in industries. The manufacturers and suppliers of belt conveyor across the world make their product effective to meet the demands of their customers. They are highly inclined toward adopting advanced technologies and methods that prove to be helpful in their production and delivery process. Hence, all the above factors drive the demand for belt conveyor system types in numerous industries across the world.
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