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Conveyor System market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company's Conveyor System Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 17, 2024 /EINPresswire / -- The conveyor system market has experienced robust growth in recent years, expanding from $9.21 billion in 2023 to $9.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to labor-saving devices adoption, maintenance and after-sales services, supply chain efficiency, emerging markets demand, cost reduction strategies.
What Is The Estimated Market Size Of The Global Conveyor System Market And Its Annual Growth Rate?
The conveyor system global market is projected to continue its strong growth, reaching $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to automation and industry 4.0 adoption, manufacturing sector growth, warehouse optimization, retail sector innovations, sustainability and green logistics. Major trends in the forecast period include integration with robotics, maintenance and after-sales services, demand in developing economies, labor costs and efficiency, globalization and trade.
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Growth Driver Of The Conveyor System Market
Rapid growth in e-commerce is expected to propel the growth of the market going forward. E-commerce is the activity of electronically buying or selling products over an electronic network, primarily the internet. Conveyor systems are beneficial in the e-commercial sector as they provide quick and efficient delivery of packages and parcels of a variety of sizes, are fast in delivery, and are ideal for the specialized capacity of products.
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Which Market Players Are Steering The Conveyor System Market Growth?
Key players in the market include Daifuku Co. Ltd., Continental AG, Siemens AG, Taikisha Ltd., Fives Group, Kion Group AG, Toyota Industries Corporation, KUKA AG, Honeywell International Inc., Murata Machinery Ltd., TGW Logistics Group GmbH, Interroll Holding AG, Beumer Group GmbH & Co. KG, Viastore Systems GmbH, SSI Schaefer AG, Knapp AG, Mecalux SA, Witron Logistik + Informatik GmbH, Kardex Group, Terex Corporation, FlexLink AB, Dorner Mfg Corp., Hytrol Conveyor Co. Inc., mk Technology Group Inc., TGW Logistics Group, Conveyor Systems Ltd., Conveyor Units Ltd., ConveyorTek Ltd., LAC Conveyors & Automation Ltd., Advance Automated Systems Ltd.
What Are The Key Trends That Influence Conveyor System Market Size?
Technological advancement is the key trend gaining popularity in the conveyor system market. Major companies operating in the market are introducing new technologies such as the Internet of Things (IoT), radio-frequency identification (RFIDs), 2D radar technology, ultrasonic technology, and artificial intelligence (AI) to sustain their position in the market.
How Is The Global Conveyor System Market Segmented?
1) By Product Type: Belt Conveyor, Roller Conveyor, Pallet Conveyor, Overhead Conveyor, Tri-Planar Conveyor, Crescent Conveyor, Skid Conveyor, Trailer Conveyor, Other Product Types
2) By Component: Aluminum Profile, Driving Unit, Extremity Unit
3) By Operation: Manual, Semi-Automatic, Automatic
4) By End-User Industry: Retail, Food And Beverages, Poultry And Dairy, Automotive, Airport, Other End User Industries
Geographical Insights: North America Leading The Conveyor System Market
Asia-Pacific was the largest region in the conveyor system market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the conveyor system global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Conveyor System Market Definition
A conveyor system refers to mechanical devices and material handling systems for automatically transporting loads and materials. These are used in many industries as standard piece of mechanical handling equipment for moving goods from one location to another as it minimizes the risk of human error, lowers workplace risks, and also reduces labor costs.
Conveyor System Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global conveyor system market report covering trends, opportunities, strategies, and more
The Conveyor System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on conveyor system market size, conveyor system market drivers and trends, conveyor system market major players, conveyor system competitors' revenues, conveyor system market positioning, and conveyor system market growth across geographies. The conveyor system global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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