Conveyor Systems Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $7,573 million by 2022, registering a CAGR of 4.3% during the period 2016-2022. Europe is expected to dominate throughout the forecast period due to boost in the e-commerce retail industry. Asia-Pacific region is expected to grow at the fastest rate owing to extensive demand from china and India.
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Material handling equipment such as conveyor systems have experienced an upsurge in demand in recent past. Manufacturing industry players have not only focused on improving quality and production efficiency, but have also made significant investments towards reducing waste and production costs through automation. However, high initial installation costs of such systems could hamper their market growth. The demand for eco-friendly, cost-effective and safe conveyors systems are expected to generate the additional demand for the market growth.
Major types of conveyors systems sought by the customer industries include belt, roller, pallet, overhead, and others including crescent, tri-planer, and floor conveyors. Conveyor system industry has witnessed several transitions from belt and roller conveyors to overhead conveyors with regular innovations in their design. The players have made efforts to make the conveyor more flexible in order to meet the demand of food and beverages and automotive industries. Overhead and pallet conveyors prove to be ideal where space is major restraint in deploying the conveyor systems.
Belt and roller conveyors constituted the majority of the market in 2015 with 3/5th share and are expected to continue to maintain their dominance throughout the forecast period. These conveyors are more economical than others and find usage in a variety of fields. Belt conveyors find application in almost in every field such as food & beverage, retail, automotive, and airport.
Among the major industry verticals, the conveyor systems find widespread usage in airport, retail, food & beverage, and automotive sectors. Retail and food & beverage sectors constituted the significant portion with four-fifths market share in 2015. Growth in shopping through online mode in Asia-Pacific and LAMEA regions has created a conducive market environment. The installation of conveyor systems in airport sector has demonstrated a rapid growth as the airport authorities focus on improving baggage handling experience at international and domestic airports. Thus, airport sector is anticipated to grow at faster CAGR during the forecast period. Government initiatives for hygiene and cleanliness in food and beverage industry are expected to fuel the demand from this sector.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Europe dominates the global conveyor systems market owing to heavy investment by automotive and food & beverage industry players in automation, followed by North America. LAMEA region has exhibited significant growth due to rapid industrialization. Especially, emerging countries such as Brazil has been facilitating the market growth.
Key Findings of the Conveyor Systems Market:
- Conveyor systems market has witnessed a steady growth globally, due to growing automation trends in manufacturing processes and material handling
- Belt conveyor systems find multiple applications as they are easy to install and their capability to convey variety of materials
- Retail sector would continue to lead the market on account of growth in warehouse space across the global
- Asia-Pacific and LAMEA regions exhibit the fastest growth globally due to growth in food & beverage and retail industries
- Market players are entering into contract and forming agreements with various customer industry players to improve the market share
- Emerging countries such as China, India, Brazil and Mexico have been exhibiting the conducive market environment owing to increased manufacturing activities
Market players profiled in the report include Daifuku Co., Ltd., Dematic Group S. r.l., Emerson Electric Co., Interroll Holding Ltd., Siemens AG, Swisslog Holding AG, SSI Schfer AG, Taikisha Ltd., Vanderlande Industries, TGW Logistics Group GmbH. Players such as Daifuku Co., Ltd., Dematic Group S. r.l., Interroll Holding Ltd. and Taikisha Ltd. share the majority of the market. The market players invest heavily on research and development to design and manufacture the systems as per emerging needs of the customers. The players have designed modular conveyors to meet the demand for flexibility of the customers.