The conveyor system report offers key insights into the market and projects growth for the period of 2019-2029. The global conveyor system market was valued at ~US$ 12 Bn in 2018 and is forecasted to amplify at a CAGR of ~5% during the stipulated period of 2019-2029.
The market research report, published by Future Market Insights (FMI), on the global conveyor system market analyzes the industry trends. The global market research study on conveyor system projects that the belt conveyor systems will remain prominent in terms of market value shares through 2029, whereas in terms of growth rate, the roller conveyor systems are likely to lead the way in global conveyor system market.
The key conclusion after the assessment of the global conveyor system market is that the market is estimated to foresee steady growth in coming years owing to the positive outlook for packaging industry and optimistic warehouse & distribution sector growth, and the best strategy to adopt is to concentrate resources in targeting turnkey projects. The report has covered deep-dive insights on how the flourishing retail sector has been assisting the sales of conveyor systems, and thereby, pushing the global market growth.
Retail Sector to Create Sizable Opportunities
The retail sector has been the most attractive segment and investment destination for multinational and private equites, with emerging countries estimated to be the most lucrative markets. Favorable demographics, expanding factory automation, rising disposable incomes, industrialization, extensive presence of players, and the entry of new companies are the major factors influencing the growth of the market. India is expected to be the 3rd most attractive market in the retail sector. Driven by buoyant consumer demand and development plans of organized retail companies, the sector grew by 23% in FY2014-FY2015. Consequently, fueling the demand for material handling systems, such as conveyor systems, throughout the forecast period.
End-use Industries Setting Momentum for Conveyor System Market Growth
Advancements in technologies have led end-use industries to include automation. Use of automatic conveyor systems to test applications resulted in reduced ergonomic issues created due to humans performing repetitive jobs. In several end-use industries, end users often work with large heavy parts, which can be easily handled by conveyor systems.
- For instance, the electronic industry demands more precision, flexibility, and speed from a system. Assembly applications in this industry, when carried out with conveyor systems, can save operations cost, throughput time, and offer maximum accuracy.
- Conveyor systems serve food and agriculture, plastics and polymers, pharmaceutical and chemistry, furniture and equipment, as well as science and research fields. Advancements in technology and trending automation in these industries are pivotal factors for the growth of the material handling equipment market, in turn, driving the demand for conveyor systems.
Conveyor System Market: Vendor Insights
The global conveyor system market is estimated to be fragmented with Tier-1 players accounting for about one-fourth of the global market share. Manufacturers who can offer exceptionally reliable and efficient conveyor systems in a short time can gain clear competitive edge in the global conveyor system market. Investment in research and development could also create opportunities for conveyor system manufacturers as chemical, pharmaceutical, automotive, and transportation end-use industries invest significantly in procuring material handling equipment that are technologically advanced, as factory automation is not a benefit in these industries, instead, it has become a need.
- In May 2019, Dürr Group launched its first AGV specifically designed for paint shops as a new solution for more intelligent production.
- In April 2018, BEUMER Group launched new generation of high-performance sorting: BG Sorter.
Press Release Source: https://www.globenewswire.com/news-release/2019/10/10/1928050/0/en/Conveyor-System-Market-is-anticipated-to-grow-at-a-CAGR-of-5-over-the-forecast-period-of-2019-to-2029-Future-Market-Insights.html
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