The global vertical reciprocating conveyor market is predicted to witness a substantial growth in the coming years. The increasing demand for various products across sectors such as automobile, aerospace, food & beverage, pharmaceutical as well as soaring costs of land has led to a need for vertical expansion of manufacturing facilities. Vertical reciprocating conveyor belts provide and ideal solution for vertical transportation of materials, which is a key driver in the growth of vertical reciprocating conveyor market. Vertical reciprocating conveyors provide a safe and efficient method of rising and lowering materials in manufacturing units, warehouses, airports, and any other facility that requires movement of materials from one level to another. The availability of a wide range of options such as hydraulic, mechanical, light capacity, and heavy capacity further increase the usability of vertical reciprocating conveyors. These manufacturing solutions, reduce cycle time, and help in making manufacturing more efficient, which ensures substantial growth of vertical reciprocating conveyor market throughout the forecast period.
Vertical reciprocating conveyors are also known as freight elevators as they serve the purpose of vertical transportation of materials. The vertical reciprocating conveyors are electric powered and typically consist of a platform and a hydraulic lifting system. Vertical reciprocating conveyors can be custom build according to the requirement, which makes it usable for various loads and operations in tight spaces. These systems are durable and require less maintenance, which makes them reliable solution in manufacturing industry.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down the production of end users in the vertical reciprocating conveyors industry attributed to the lockdown in countries worldwide. This has hampered the market growth from the last few months and is likely to continue during 2021.
- The major demand for vertical reciprocating conveyors was previously noticed from giant manufacturing countries including the China, Korea, the U.S., and Japan, which are negatively affected by the spread of the coronavirus; thereby, declining the demand for vertical reciprocating conveyors.
- COVID-19 had affected the sales of vertical reciprocating conveyors in the second quarter of 2020 as the demand witnessed a steep decline due to restrictions on manufacturing and construction activities. Major players in the manufacturing and construction industry decreased the production in the wake of reducing demand because of COVID-19.
- COVID-19 pandemic also negatively affected the vertical reciprocating conveyors due to the restrictions laid on factory operations. Vertical reciprocating conveyors industry is expected to focus on protecting its workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
- With the increasing vaccination drives and leniency in social restrictions, the manufacturing and construction industry has shown signs of recovery which is a boost for the vertical reciprocating conveyors market.
Top Impacting Factors
The increasing population has exponentially increased the demand for cars, health care products, machines and also fuelled the food and beverage industry, these industries require a time and cost-efficient manufacturing unit, which drives the growth of the vertical reciprocating conveyors industry. The ability to customize the conveys according to the requirement makes them applicable for heavy lifting operations as well as usable in tight spaces. Vertical reciprocating conveyors can be effectively used to lift as much as 50,000 kgs, which make them an essential component of automotive and aerospace manufacturing industry. These systems provide efficient transportation from one level to another without the risk of damaging the material. The expansion of retail stores as well as inventories and distribution centers is expected to further increase the demand. The increasing cost of steel, carbon, electricity, hydraulic systems, and high initial costs of vertical reciprocating conveyors are proving to be the major restraints in the growth of the industry. The implementation of business-friendly tax policies in emerging economies has led to the rise of industries in countries such as India, Mexico, China, Vietnam, Bangladesh, Brazil, and many other countries is an opportunity for rapid growth in the vertical reciprocating conveyors industry.
- They key players in the industry are adopting new technology to improve their customer experience. For instance, Autoquip, a U.S.-based materials lifting solutions provider, introduced its virtual showcase of lifting solutions in MHEDA’s virtual showcase 2021.
- The key players of the industry have also adopted collaboration strategy to increase its global footprint. For instance, Qimarox partnered with Acoma Systems, a manufacturer of logistics system to develop Prorunner mk5 vertical conveyors, these conveyors are equipped with functions to buffer material as required.
- To sustain in this competitive market, companies are also improving their customer service experience. PFlow Industries focusses on customer satisfaction by providing important guidelines to their customers for increased durability and efficient functioning of their systems, they also provide periodic site inspections to check the health of the conveyor systems.
- Vertical conveyors developed by NERAK Systems Inc. provide efficient functioning up to 120ft. height and in temperatures as high as 280-degree F and as low as -50-degree F.
Key Benefits of the Report
- This study presents the analytical depiction of the vertical reciprocating conveyor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vertical reciprocating conveyor market share.
- The current market is quantitatively analyzed to highlight the vertical reciprocating conveyor market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed vertical reciprocating conveyor market analysis based on competitive intensity and how the competition will take shape in coming years.
Vertical Reciprocating Conveyor Market Report Highlights
By Product Type
By End User Industry
By Business Type
Key Market Players
Alfacon Solutions Ltd., Industrial Kinetics, Inc., NERAK Systems Inc., Technovision Engineers pvt. Ltd., GEDA, Striker Lift Systems Inc., Autoquip, Holden Industries, Inc, PFlow Industries, Qimarox