According to Market Research Future (MRFR), the global conveyor system market has been projected to scale steady valuation at a steady CAGR over the forecast period 2020 to 2027. The system is mechanical handling equipment used for the distribution of goods and materials. It has paved its way across major industry verticals such as food beverage, automotive, retail, etc. The growth of these industries is expected to propel the expansion of the conveyor system market in the upcoming years.
The drastic rise of air traffic in the aviation industry is anticipated to have a favorable impact on the expansion of the conveyor system market across the review period. The use of conveyor systems in food beverage and automotive industries are likely to accelerate revenue creation for the market players.
The online retail industry is witnessing technological transformation which is projected to catapult the conveyor system market on an upward trajectory for the next couple of years. On the contrary, factors such as price volatility of raw materials and unstable environment regulations are expected to check the expansion of the conveyor system market in the upcoming years.
By application, the conveyor system market has been segmented into automotive, retail, food beverages, airport and others.
The global conveyor system market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to expedite the expansion of the market over the assessment period. The U.S. is anticipated to command the lion’s share of the market across the projection period. The region has been witnessing a boom in the end-user industries and is likely to attract investments in the forthcoming years. This, in turn, is presumed to augment the conveyor system market over the forecast period.
Asia Pacific is the fastest growing regional market. The growth of manufacturing industries, airports, and warehouses are likely to dominate the growth trajectory of the conveyor system market in the region through the assessment period.
Rest of the World signifies strong growth opportunities owing to the presence of developing economies in Latin America. Country-level markets such as Mexico and Brazil are prognosticated to contribute substantially towards the development of the conveyor system market.
Some of the major players operating in the global conveyor system market are Dematic Group, Emerson Electric, Daifuku, Siemens AG, Allied Conveyor Systems, Dorner Conveyors, Caterpillar, Dynamic Conveyors, FMC technologies, Fives Group, Interroll, and Intelligrated.
In February 2020, Carrefour, China, has announced the testing of ceiling conveyor systems for product deliveries so that it can accept over 3000 deliveries every day.
In February 2020, ThyssenKrupp, a German multinational conglomerate with a focus on steel production and industrial engineering, has announced that it will be providing a gearless driven overland conveyor system for one of the world’s largest copper reserves, Quellaveco copper mine in Peru.
In February 2020, Port of Eastport in the continental United States has revealed that the first trial of its bulk conveyor system is expected in the spring. These tests are also likely to draw the fate of the export deal of these conveyors to Europe.
In February 2020, EtherCAT, an Australian manufacturer of food packaging systems, has developed its latest tna roflo 3 horizontal conveyors, using a Beckhoff controller for boosting system power while streamlining its architecture.
In February 2020, Desch Plantpak in Maldon, Essex, and Virginio Nastri, developer of handling systems for the manufacturing industry has announced the development of a new multi-layer conveyor for product handling.