The global conveyor systems market is anticipated to reach a value of USD 12.7 billion by 2027, with a CAGR of 6.0% from 2022 to 2027. This growth is driven by the increasing adoption of automation in various industries and the growing demand for efficient handling of larger volumes of goods. Manufacturers in the conveyor system industry are continuously engaged in research and development efforts to modernize the sector, creating favorable opportunities and driving the demand for automated conveyor systems in the forecast period.
The retail and distribution industry in the Asia Pacific region is expected to drive the market from 2022 to 2027. Companies like Alibaba.com and Amazon.com have generated significant demand for conveyor systems in the Asia Pacific market. Additionally, the automotive and mining sectors in countries like China and India are witnessing an increased demand for conveyor systems. For example, Shinsegae Department Store, the largest retailer in South Korea, plans to invest in new branches and refurbishments, which will further boost the demand for material handling systems such as conveyors.
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In North America, the airport industry is projected to be a significant market for conveyor systems in 2022. The United States, in particular, has a large market for conveyor systems due to the complexity of supply chains in manufacturing and mining industries. The growing number of air travelers and the expansion of terminals contribute to the demand for conveyor systems in the aviation sector. The region’s conveyor system market is expected to benefit from the development of domestic and international airports, the expansion of the tourism industry, the proliferation of low-cost airlines, and a growing population.
Europe is projected to be the largest market for conveyor systems by 2027. As an early adopter, Europe has witnessed extensive applications of conveyor systems across various industries. Manufacturers in the region have made significant investments in research and development to stay competitive and innovative. Countries like Germany and the UK are leaders in industrial research and engineering, with a strong R&D infrastructure and highly skilled workforce. The food, retail and distribution, automotive, and aviation industries in Europe have experienced substantial growth, which is expected to continue in the future.
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Key market players in the conveyor system industry include Daifuku Co., Ltd., Continental AG, Siemens AG, Fives Group, and Metso Outotec. These companies have adopted strategies such as innovation, strong supply chain networks, new product development, expansions, partnerships, agreements, and acquisitions to enhance their market share, diversify their offerings, and strengthen their business networks in the conveyor system market.
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