The Conveyors Market is segmented by Product (Belt, Roller, Pallet, Overhead), End-user Vertical (Airport, Retail, Automotive, Manufacturing, Food & Beverage, Pharmaceuticals, Mining), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
Conveyors Market Size
Conveyors Market Analysis
The Conveyors Market is expected to grow at a CAGR of 4.5% over the forecast period. The world of intralogistics is undergoing a major transformation. With the globalization of the economy, shorter product cycles, and the advancements in e-commerce, the international flow of goods is increasing and accelerating, driving the market studied.
- With the rapidly increasing growth in Stock-Keeping Units (SKUs), wholesalers and distributors need help to make informed decisions about their operations, which drives the need for the more innovative use of labor, equipment, and technology. The main factors driving the need for these automated material handling systems are cost savings, labor efficiency, and space constraints.
- Various factors, such as industrial growth, expansions, modernization of industries, and product and process-specific conditions, influence the conveyor systems market. Conveyor systems help simplify the task of handling bulky materials. It plays a vital role in operations by reducing and minimizing production cycle time and errors.
- Supply chains and business processes are becoming increasingly complex, and customers are demanding more. At the same time, competitive pressure is also growing among national economies and individual market players. Therefore, outsourcing models and automation are gaining demand.
- It has also been observed that there is an increasing need for delivering various products in small time frames that require efficient inventory management and reverse logistic systems. The developing automotive, retail, and food and beverage industries are also likely to fuel the growth of the market studied.
- The spread of COVID-19 has positively affected the market studied, especially in the food & beverage and pharmaceutical sectors, which have been deemed under essential services. Due to increased sales of the products under these segments, manufacturing facilities have been working round the clock to deliver the end products, which was only possible with the usage of conveyor belts, among other machines.
Conveyors Industry Segmentation
Conveyor systems are mechanical devices or assemblies used to transport various materials with little effort. There are different conveyor systems, usually consisting of a frame that supports either wheels, rollers, or a belt, upon which the materials move from one place to another.
The Conveyors Market is segmented by Product (Belt, Roller, Pallet, Overhead), End-user Vertical (Airport, Retail, Automotive, Manufacturing, Food & Beverage, Pharmaceuticals, Mining), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
Conveyors Market News
- October 2022: Daifuku North America Holding Company (Daifuku) announced its new manufacturing plant in Boyne City, Michigan, USA. The company invested USD 26 million to build this world-class 225,000 sq. ft. manufacturing facility. The plant is on 22 acres of land and is operated by Jervis B. Webb Company, a Daifuku North America subsidiary. Moreover, Jervis B. Webb Company (Webb) builds conveyor components for complex systems that support airports, automotive, and general industries.
- August 2022: Hitachi Energy announced that it would implement the Kardex AutoStore solution in the Dietlikon site, which includes goods receipt and inspection, storage, picking & packing, and shipping of the service components. Kardex performed several system simulations with actual data during the planning phase for the customized design of Hitachi Energy’s AutoStore solution. In the first expansion stage, the grid will only be equipped with 3,000 bins, two “Red Line” (R5) robots, and two Conveyor Ports.
