Global conveyor system market is expected to rise from its initial estimated value of USD 7.48 billion in 2018 to a projected value of USD 10.43 billion by 2026, registering a CAGR of 4.25% in the forecast period of 2019-2026. This rise in market value can be attributed to the enhanced benefits such as increased efficiency and safety with the usage of conveyor systems.
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Market Definition: Global Conveyor System Market
Conveyor system is a type of automated machine handling operation that involves transportation of equipment, materials, product from one position to another. They are majorly utilized in transferring and transportation of heavy-weighted items, as they can perform this task with ease and high effectiveness. It is also used in production lines, as well as in sorting procedures in a number of warehouses, manufacturing facilities and factories.
Key Market Competitors: Global Conveyor System Market
Few of the major competitors currently working in the conveyor system market are WESTFALIA TECHNOLOGIES INC., Schaefer Systems International Inc., Emerson Electric Co., Dematic, Continental AG, Bastian Solutions Inc., Somi Conveyor Beltings Ltd., TGW Logistics Group, Fives, Siemens, Honeywell Intelligrated, Vanderlande Industries B.V., Invata Intralogisitcs, Taikisha Ltd., Daifuku Co. Ltd., Swisslog Holding Ltd., Conveyor Systems Ltd, PHOENIX CBS GmbH and Khare Agromech Industries Pvt.Ltd.
- Requirement of efficient and effective systems for handling of large volume of products that are heavy and bulky in nature
- Growth of the various end-use industries requiring faster, safe and effective way for transportation of goods
- Rise in adoption and prevalence of AGVs and warehousing robots has resulted in decline of usage of conveyor systems; this factor is expected to act as a restraint to the market growth
- Requirement of high capital and infrastructure for the installation and functioning of such systems
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Global Conveyor System Market Segmentation:
- By Conveyor Type
- TRI Planar
- By Industry
- Food & Beverages
- Meat & Poultry
- Warehouse & Distribution
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In June 2018, Dematic announced the introduction of “Dematic Roller Non-Contact Accumulation (RNCA)” platform. This platform is equipped with the capability of providing varying pickup and take-off options from the sortation systems.
- In November 2016, Honeywell Intelligrated announced that they had expanded their sortation solutions by introducing “USS vertical conveyor and sortation”, “tote stacking and destacking”, “buffering” and “sweeper” sorter systems.
Competitive Analysis: Global Conveyor System Market
Global conveyor system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of conveyor system market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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