Conveyor System Market Estimated To Surpass $15.07 Billion By 2031, Globally At A CAGR Of 5.5%, Says Coherent Market Insights

Burlingame, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The Global Conveyor System Market , valued at US$ 10.35 Bn in 2024, is likely to exhibit a CAGR of 5.5% over the forecast period. It is projected to reach US$ 15.07 Bn by 2031. The increasing need for material handling equipment is boosting the conveyor system market. Owing to the increased installation of conveyor systems across various manufacturing industries. Conveyor systems help in efficient transportation of materials within the manufacturing facility and allow smooth production workflow. Industries such as automotive, food & beverage, packaging and logistics extensively use conveyor systems for transportation of raw materials, in-process components and finished goods.

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Market Dynamics:

Conveyor System Market growth is attributed to increasing automation in the manufacturing industries. Rising demand for material handling equipment also contributes to growth. Conveyor systems transport materials along production lines. These systems deliver materials to workstations accurately and on time. This reduces human errors and improves production efficiency.

Limited flexibility in changing production process acts as a restraint. Dependence on electricity and energy consumption also hinder market growth.

Conveyor System Market Report Coverage

Market Trends

Growing E-commerce Industry: Rising penetration of internet and smartphones has boosted the growth of the e-commerce industry. E-commerce warehouses use conveyor systems on a large-scale for sorting, assembling, and distribution of packages.

Advent of Robotic Conveyor Systems: Integration of robotics with conveyor systems is gaining traction among manufacturers. Robotic conveyor systems provide flexibility in handling complex product designs at high-speeds with accuracy and precision.

Belt Conveyor Systems: Belt conveyor systems account for the largest share of the conveyor system market. Belt conveyors offer flexible and efficient transportation of diverse product across different distance. They offer advantages such as continuous product movement, reliability, low maintenance, and easy installation compared to other conveyor types.

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Market Opportunities

Automated warehousing and logistics, fuelled by the relentless rise of e-commerce, present a lucrative opportunity for growth. Manufacturers are focusing on providing efficient and scalable material handling solutions.

Adoption of smart manufacturing and industry 4.0 technologies in automotive and aerospace sector creates demand for advance conveyor system. It can integrate seamlessly with robotics and artificial intelligence.

Renewable energy sector, particularly solar panel production, requires specialized conveyor solutions that ensure efficient and precise material handling.

Key Market Takeaways

The global conveyor system market is projected to witness a CAGR of 5.5% during the forecast period 2024-2031. This is owing to growing automation across industries.

On the basis of type, the belt conveyor system segment to hold a dominant position. It accounts for over 30% of the market share due to its versatility and suitability for medium to long-distance transportation.

By vertical, the manufacturing segment holds the largest share currently. This is due to wide use of conveyors in assembly lines and within-plant logistics. The food & beverage segment will grow at a strong pace due to the need for hygienic and reliable material movement.

North America currently dominates the global market due to early adoption of automation. Asia Pacific is anticipated to offer lucrative growth opportunities. This is owing to increasing manufacturing activities and e-commerce penetration in China and India.

Competitors Insights

• Bastian Solutions, Inc.
• BEUMER Group GmbH & Co. KG
• Catepillar Inc.
• Continental Conveyor
• Daifuku Co., Ltd., Dematic Corp.
• Durr AG, Emerson Electric Co.
• Fives Group, Interroll Group
• Kardex Group
• Kuka AG
• Murata Machinery, Ltd.
• Siemens AG
• SSI Schafer AG.

Conveyor System Industry News

In June 2023, Siemens introduced the SIMATIC WinCC Unified V18, an advanced visualization system integrated within the TIA Portal.

In February 2023, Murata Machinery USA, Inc. announced the introduction of the Ledger A3 mini-load system.

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Detailed Segmentation-

Type Insights (Revenue, US$ Bn, 2019 - 2031)

• Belt Conveyor Systems
• Roller Conveyor Systems
• Overhead Conveyor Systems
• Pallet Conveyor Systems
• Others (e.g. Vibrating Conveyor, Bucket Conveyor)
  

Vertical Insights (Revenue, US$ Bn, 2019 - 2031)

• Manufacturing
• Logistics and Warehousing
• Food and Beverage
• Mining and Minerals
• Others
  

Regional Insights (Revenue, USD Bn, 2019 - 2031)

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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