Press release
Conveyor System Market Research Report: Overview With Geographical Segmentation By Revenue With Forecast 2031
The conveyor system market saw steady growth in 2021 with worldwide revenues up 3.5% year over year. Future Market Insights (FMI) has forecast the conveyor system market to reach US$13.7 billion in 2021 at a CAGR of 4.5%, backed by increasing mergers & acquisitions by Tier-1 companies and integration of machine learning and internet of things in material handling solutions.Get | Download Sample Copy with Graphs & List of Figures:
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Surge in online retailing activities along with increasing demand for high quality goods will drive the adoption of conveyor and sortation systems in the retail industry. Companies are installing conveyor system to optimize warehouse spacing, sorting and cross-docking products, and automating their distribution process. Increase in online shopping in India, China, Brazil, and Chile will positively influence the market growth in upcoming years.
Key Takeaways from FMI’s Conveyor system Market Study
• North America conveyor system market is forecast to expand at 3.5% CAGR due to rapid growth in online retail sector.
• Growing adoption of automation in automotive and manufacturing industry, surging mining and construction activities along with growing e-commerce industry in the U.K. and Germany are the key factors driving the market in Europe.
• Population surge, increase in demand for processed food, and presence of e-commerce giants like Alibaba group will drive the demand for conveyor systems in FMCG and packaging industries in China.
• India is expected to offer lucrative opportunities as home to one of the leading the retail sectors after U.S. and China. Steady consumer demand and rising investment towards expansion of retail infrastructure will boost the demand for advanced material handling systems, such as conveyor systems.
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Key Players:
Future Market Insights discusses the key trends shaping conveyor system market and highlights the strategies adopted by leading market players in the study.
Top players, including Daifuku Co., ltd., Schaefer Systems International, Inc., Interroll Holding AG, BEUMER GROUP, and Dematic Company accounted for 23.5% of the market in 2020. Some of the leading companies are investing in research and development activities to drive product launches.
For instance, SideDrive Conveyor Co. launched configurable side drive conveyor system in January 2021 for modular sanitary applications.
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By Segmentation:
In its latest report, FMI offers an unbiased analysis of the global conveyor system market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of by product type (belt conveyor, roller conveyor, pallet conveyor, overhead conveyor, tri-planar conveyor, crescent conveyor, skid conveyor, trailer conveyor, and others), by operation type (manual, semi-automatic, and automatic), by capacity type (unit handling and bulk handling), by application type (packaging & warehouse distribution, textile & paper, construction & mining, automotive & transportation, consumer electronics, food & beverage, and chemical & pharmaceutical) and by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa)
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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