DUBLIN--(BUSINESS WIRE)--The "Conveyor Systems Market by Type, Industry, and Load: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global conveyor system market was valued at $9,113.9 million in 2020, and is expected to reach $15,183.1 million by 2030, with a CAGR of 5.1% from 2021 to 2030.
The conveyor system helps in transporting the loads from one point to the other. It helps in saving the labor costs, provides more accuracy, reduces risks, and reduces the error that could be made by humans. It helps in transportation of bulky and the heavier goods. The conveyor systems help in saving time that could be done manually by the humans, and it consists of belt, which is attached to two pulleys. Conveyor systems are used in the airports for transportation of the luggage from one point to another and similarly the conveyor systems are used as escalators.
The major driving factor of the global conveyor systems market is the growing automation for the industries. Automation across the industry helps in saving labor costs & time and increases the productivity. Automation further helps in handling larger volume with lower labor efforts. Automated conveyors help in increasing productivity by providing smart solutions such as handling larger volume of goods in smaller duration of time . In addition, companies are adopting lean manufacturing systems that is leading the companies to increase productivity by decreasing the amount of wastage during the manufacturing process, which leads to improved delivery performance. This results in surge in adoption of conveyor systems.
However, high initial expenses associated with conveyor is restraining the conveyor systems market, due to the cost associated with the supports, wire rope, truss, power source, belt, and hardware. In addition, other than the initial cost, the operation costs and the maintenance costs such as cost of fuel, repairs, insurance, registration, and tire rotation cost restrain the market growth.
On the contrary, the e-commerce industry is growing due the adoption of artificial intelligence in addition with the adoption of virtual reality and modifying the software. Conveyor systems are used in the e-commerce industry, due to their application such as faster delivery, reduced packaging cost, and effective packaging.
The global conveyor system market is segmented into type, industry, load, and region. Depending on type, the market is divided into belt, roller, pallet, overhead, and others. By industry, it is segregated into food & beverages, pharmaceuticals, transport & logistics, manufacturing, automotive, and others. On the basis of load, it is fragmented into bulk and load. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Benefits
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the conveyor systems market
- In-depth conveyor systems market analysis is conducted by estimations for the key segments between 2021 and 2030
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities
- The market forecast analysis from 2021 to 2030 is included in the report
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry
Market Dynamics
Drivers
- Growing Trend of Automation in Industries
- Lean Manufacturing System
Restraints
- Huge Initial Investment
Opportunity
- Growing E-Commerce Industry
Key Market Segments
By Type
- Belt
- Roller
- Pallet
- Overhead
- Others
By Industry
- Food & Beverages
- Pharmaceuticals
- Transport & Logistics
- Manufacturing
- Automotive
- Others
By Load
- Bulk
- Unit
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Caterpillar
- Daifuku Co
- Fives
- Interroll Group
- Kardex
- Kuka AG (Swisslog Holding AG)
- Mahindra Tsubaki Conveyor Systems Pvt Ltd
- Murata Machinery, Ltd
- Siemens
- Taikisha Ltd
For more information about this report visit https://www.researchandmarkets.com/r/kqcgyl
