Conveyor System Market worth $10.6 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 8, 2021 /PRNewswire/ -- According to the new market research report "Conveyor System Market by Industry (Retail & Distribution, Food & Beverage, Automotive, Electronic, Mining, & Airport), Type (Belt, Roller, Overhead, Floor, Pallet, Crescent, Cable, Bucket, Others) Component, Operation, & Region – Global Forecast to 2025", published by MarketsandMarkets™, the global Conveyor System Market size is projected to reach USD 10.6 billion by 2025, from an estimated value of USD 8.8 billion in 2020, at a CAGR of 3.9%.
Higher adoption of automation processes in various end-use industries and rising demand for handling larger volumes of goods are the driving factors that are expected to boost the Conveyor System Market. The constant R&D efforts by conveyor system manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the demand for automated conveyor systems in the coming years.
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164 – Tables
57 – Figures
252 – Pages
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Airport industry in Europe is expected to drive the market from 2020 to 2025
In the airport industry, the increasing traffic at airports has increased the need for the expansion, modernization, and development of new airports. For example, Germany's long-delayed Berlin Brandenburg Airport (BER) is expected to be operational during the last quarter of 2020. Italy's new Brescia-Verona Airport is also expected to be completed by 31st December 2020. Similar developments are currently underway in Asia Pacific countries such as China and India. The Airport Authority of India has planned the development of 100 airports by 2024, while China has announced plans to build 215 new airports by 2035. In the airport industry, conveyor belts are used in airports for passenger luggage in which, belt and tri planar types dominate the global airport conveyor belts market.
Food & beverage industry in North America is expected to be the second largest market in 2020
The food & beverage industry is influenced by factors such as economic growth, research and technological developments, food safety regulations and, most importantly, changes in consumer lifestyles and demand. Conveyor systems used in the food & beverage industry are classified into two major categories—food processing and packaging & labeling. The US is home to various key players in the food & beverage industry such as PepsiCo, Coca-Cola, Tyson Foods, Kraft Foods, Kellogg's Company, and others. Due to stringent quality regulations in the food processing and packaging industry, many of the industry players use conveyor systems as modes of transportation, conveying food products from one station to another.
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Europe is projected to be the largest market
The market in Europe is projected to be the largest by 2025. Growth can be attributed to the increasing e-commerce in the region. The focus on infrastructure and increase in demand for material handling from the warehouse and pharmaceutical companies during the COVID-19 crisis has increased the demand for conveyor systems. Germany has one of the largest manufacturing sectors in Europe and offers significant opportunities for suppliers of conveyor systems.
Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), and Fives Group (France) are expected to be the market leaders. These players have adopted strategies such as supply orders, new product development, expansions, partnerships, agreements, and acquisitions to increase their share and diversify and strengthen their business networks in the Conveyor System Market.
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