September 28, 2021 08:04 ET | Source: Fortune Business Insights 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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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:
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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.
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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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.
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.
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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