March 10, 2022 15:30 ET | Source: FACT.MR FACT.MR
ROCKVILLE, Md., March 10, 2022 (GLOBE NEWSWIRE) -- The global conveyor system market is projected to grow at a CAGR of over 2.9% till 2031, touching an impressive valuation of over US$ 12.9 Bn, according to Fact.MR. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors, which will likely propel demand.
As per historical trends, the market expanded to be valued over US$ 12.1 Bn in 2020. COVID-19 has majorly pinned down expansion prospects, as supply chains are being disruption amidst the emergence of second and third wave infections. However, these are expected to be offset eventually, sustaining demand.
With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, increase returns on investment and more importantly achieve high-quality manufacturing. This involves streamlining existing conveyor systems to achieve faster and optimal output.
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What is the Demand Outlook in the U.S Market? The U.S. government is in limelight for its increasing investments towards expanding old airports and developing new ones to handle this increase in air traffic and air freight transport. This investment is expected to bode well with conveyor market growth in the country.
In April 2021, the U.S. Government introduced a new American Jobs Plan worth US$25 Bn in funding to support and develop its airport infrastructure. This will focus on safe and efficient air travel by supporting terminal renovations and multimodal connections that would provide affordable access for passengers and workers. The market for conveyor systems is projected to grow at around 3% CAGR.
Key Segments of the Conveyor System Market Product
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How is Rapid Industrialization Impacting the Global Market? Rapid industrialization is highly involving the use of AI and IoT. With the increased demand for improvements in material movement, Industry 4.0 is taking over. They are integrating machine learning and the industrial internet of things with existing infrastructure to optimize their production and improve efficiency.
Smart machines are connected through the IoT with AI, conveyor systems are able to increase productivity by leaps and bounds. If one avenue of production is down for maintenance, pallet conveyor systems can reroute production in real-time without creating a back-up on the line that progressively affects every stage of production leading to the blockage.
Competitive Landscape The global conveyor systems market is highly competitive in nature. Leading players are adopting strategic acquisitions in order to maintain their position in the market.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market.
Key Takeaways from Market Study
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Key Points Addressed in Conveyor System Industry Analysis
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