Conveyor System Market worth $12.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 6, 2022 /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) Component, Operation & Region", published by MarketsandMarkets™, the global Conveyor System Market size is projected to reach USD 12.7 billion by 2027, from an estimated value of USD 9.4 billion in 2022, at a CAGR of 6.0%.
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 forecast period.
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341 – Tables
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322 – Pages
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Retail & Distribution industry in Asia Pacific is estimated to drive the market from 2022 to 2027.
Asia Pacific is expected to account for a significant share of the global Conveyor System Market due to the increased demand for conveyors in the retail & distribution industry. Companies such as Alibaba.com and Amazon.com, Inc. are creating a high demand for conveyor systems in Asia Pacific. The regional market's growth can also be attributed to the rising demand for automotive and mining conveyor systems in China and India. For instance, South Korea's largest retailer Shinsegae Department Store is planning to spend 476.6 billion on opening new branches and refurbishing, which is expected to fuel the demand for material handling systems such as conveyors.
Airport industry in North America is estimated to be the significant market in 2022.
North America comprises the US, Canada, and Mexico. The US is the largest market for conveyor systems in the region. The increasing complexity in the supply chain about the transportation and handling of materials in the manufacturing and mining industries has surged the adoption of conveyor systems. As most of the cities in North America have airports, aviation is a major market for conveyor systems in the region. The number of air travelers in the US is growing rapidly, which has led to the expansion of terminals. The rising development of domestic and international airports, expanding tourism industry, increasing trade proliferation of low-cost airlines, and growing population are expected to drive the growth of the Conveyor System Market for the airport industry in the region.
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Europe is projected to be the largest market.
The market in Europe is projected to be the largest by 2027. Being an early adopter, Europe witnesses' extensive applications of conveyor systems in several industries. Conveyor system manufacturers in the region have made high investments in research and development for innovating technologies to stay competitive in the market. Germany and the UK are at the forefront of industrial research and engineering. Extensive R&D infrastructure, a highly qualified workforce, and complete industry value chain integration create an environment that enables companies to develop cutting-edge technologies. Production levels in the food, retail & distribution, automotive, and aviation industries have witnessed significant growth in Europe and are projected to increase further in the future.
Key Market Players
Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), Fives Group (France) and Metso Outotec (Finland) are expected to be the market leaders. These players have adopted strategies such as innovation, strong supply chain network, 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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