The Conveyor System Market is projected to grow at a CAGR of 4.33% during the forecast period, to reach USD 9.9 billion by 2025 from an estimated USD 7.4 billion in 2018.
Increasing industrialization and automation have led to improved productivity and efficiency in the manufacturing sector. Factors such as growing demand for automation to lower manufacturing costs and waste and improve production efficiency have encouraged the adoption of conveyor systems. As industry players focus on lean manufacturing techniques to optimize the production process, they have adopted conveyor systems and other advanced technologies.
Market Growth Drivers:
• Rising Demand for Handling Larger Volumes of Goods and Improving Productivity
• Growing Vehicle Production to Increase the Demand for Conveyor Systems
• Growing Mining Activities Around the Globe
• Increasing Passenger Handling Capacities of Airports & Freight to Increase the Conveyor System Demand
• Increasing Ecommerce Trend to Fuel the Demand for Conveyor Systems in the Industry
• Increased Demand for Processed Food to Boost the Demand for Food & Beverage Conveyor Systems
• Awareness About Personal Wellness to Increase Demand for Conveyor Systems in the Industry
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According to a presentation by Del Deur of TGW Logistics Group (Austria) and Tim Kraus of Honeywell Intelligrated (US), the electricity cost accounts for 95.0% of the total lifetime cost of a conveyor system. Green conveyors are a threefold concept, which involves lower energy consumption, minimizing the amount of material used in conveyors, and maximizing the positive human impact of these systems such as lower noise and increased safety for the employees. Green conveyors help manufacturers save money and address the pressing problem of climate change by lowering carbon emissions. Various companies have now started realizing the importance of greener products and have introduced green conveyors in their product portfolios. For instance, in 2015, Jervis B. Webb Company, a subsidiary of Daifuku, launched a baggage handling conveyor system. The green conveyor reduces energy consumption by 40% compared to traditional motor conveyors. These energy-saving conveyor systems can also be a product differentiator for suppliers as their product would result in energy-saving and reduce the carbon footprint for clients using conveyors systems for their daily operations.
• Advanced Technologies in Conveyor Systems
1 Green Conveying
• Growing Digitization in the Material Handling Industry
• Advanced Conveyor Systems Like Boom Conveyor and Heat/Fire Resistant Conveyor
• Growing Manufacturing Industry in Developing Countries
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The airport is estimated to be the fastest-growing market for conveyor system. In the airport industry, the increasing passenger traffic at airports has accentuated the need for expansion, modernization, and development of new airports. For instance, the Beijing Daxing International Airport (China) is currently under construction and is expected to be functional by 2019. Similar developments are currently underway in India, which plans to open four new airports to air traffic in 2019-2020. Hence, the airport would be an important market for conveyor manufacturers in the coming years. North America and Europe have developed regions, and there is very limited scope for new developments. However, the expansion of existing airports can provide an opportunity for conveyor manufacturers.
Overhead conveyors are estimated to be the fastest-growing market, by conveyor type, during the forecast period. An overhead conveyor system offers many advantages with its ability to transport products, pieces, or parts in unused plant spaces above the work area. Overhead conveyors are mainly used in the automotive industry to lift car cabins into the paint shop for painting. In addition, overhead conveyors are also used in industries such as food and beverage, especially meat and poultry, apparel retail, paper, and tissue. The Asia Pacific is one of the fastest-growing markets for processed food and automotive manufacturing. The growth of these two industries would create a good opportunity for conveyor manufacturers in the region.
Several developing economies have now emerged as promising markets for the manufacturing industry. Different industries such as automotive, retail, and food have successfully adopted strategies to cater to the growing middle-class consumers in these emerging economies. The conveyor system market comprises various products depending on various factors such as the country’s economic condition, population, GDP, and spending choices of the population among others. The Asian and the Middle Eastern countries are currently at the growth stage in the conveyor system market. These emerging markets are expected to be the new revenue pockets for the conveyor system market in the near future.