The market for conveyor system is expected to grow at a CAGR of around 4.7% from 2020 to 2027 and expected to reach the market value of around US$ 7,203.3 Mn by 2027.
A conveyor system is mechanical handling equipment that moves materials from one place to another. These are mostly used in applications associated with the transportation of heavy and bulk material. There are various kinds of conveyor systems available, basically, these are consist of a frame that supports either rollers, wheels, or a belt, on which material moves from one place to another. The overall system is powered by a motor, gravity, or manually. The basic features of a conveyor system include load capacity per unit length, maximum load capacity, conveyor belt system speed/rated speed, throughput, frame configuration, and drive location. Additionally, the available types of conveyors include belt, roller, powered roller, slat/apron, ball transfer, magnetic, bucket, chute, drag/chain/tow, overhead, pneumatic/vacuum, screw/auger, vertical, vibrating, walking beam, and wheel.
The rising demand for handling larger volumes of goods along with improved productivity is driving the market value. The growing vehicle production is favoring the increased demand for conveyor systems. The increasing passenger handling capacities of airports & freight is contributing to the conveyor system demand in the global market. Additionally, the increasing e-commerce trend and growing mining activities around the globe are fuelling the conveyor systems market value. The increasing demand for processed food & beverage where conveyor systems are used at the manufacturing units is further propelling the market growth. Furthermore, advancements in conveyor system technology like green conveying and growing digitalization in the material handling industry is projected to create potential opportunities over the period. The growing manufacturing industry in developing countries is further anticipated to create potential demand over the period.
On the other side, the high initial investments, and increasing usage of automated guided vehicles & robotics are projected to hinder the growth over the forecast period.
Belt segment is leading the market by Conveyor Type
By conveyor type, the belt segment accounted for the maximum revenue share (%) in 2019. The segment is further projected to maintain its dominance over the forecast timeframe from 2020 to 2027. The belt conveyor systems have potential demand in the airport sector due to its features like easy to install and requirement of low maintenance. The increasing air traffic particularly in the Asia Pacific region is supporting the development of new airports and infrastructural development of existing airports is the factor projected to create demand in the market.
Asia Pacific registered maximum revenue share in the Conveyor System Market
In 2019, Asia Pacific accounted for the maximum revenue share (%) in the market, and the region is also projected to maintain its dominance over the estimated period from 2020 to 2027. The emerging economies of the region including China and India are majorly contributing to the market value. The increasing industrial production in the regional market along with the increasing demand for consumer goods and passenger vehicles are accelerating the demand for conveyor systems in the regional industrial market. Moreover, the region is further projected to experience the fastest growth with major CAGR (%) during the forecast period from 2020 to 2027.
The players profiled in the report include ATS Automation Tooling Systems Inc., Bastian Solutions, Inc., Continental Conveyor, Conveyor Systems Ltd, Daifuku Co., Ltd., Dematic, Dürr AG, Interroll (Schweiz) AG, Invata Intralogistics, Taikisha Ltd, and Toyota Industries Corporation. The major conveyor system players were involved in strategic developments for increasing the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for the conveyor system.
Market By Industry
Warehouse & Distribution
Food & Beverage
Market By Conveyor Type
Market By Geography
Middle East & Africa
The market for conveyor system is expected to reach a market value of around US$ 7,203.3 Mn by 2027.
The conveyor system market is expected to grow at a CAGR of around 4.7% from 2020 to 2027.
The belt is the leading segment by application in the conveyor system market.
The rising demand for handling larger volumes of goods, growing vehicle production, increasing passenger handling capacities of airports & freight, the increasing e-commerce trend, and growing mining activities, and increasing demand for processed food & beverage are the key drivers of the global conveyor system market.
ATS Automation Tooling Systems Inc., Bastian Solutions, Inc., Continental Conveyor, Conveyor Systems Ltd, Daifuku Co., Ltd., Dematic, Dürr AG, Interroll (Schweiz) AG, Invata Intralogistics, Taikisha Ltd, and Toyota Industries Corporation are the prominent players in the market.
Asia Pacific held the highest market share in the conveyor system market.
Asia Pacific is expected to be the fastest growing market over the forecast period.