Press release
Conveyor System Market Outlook 2024: Exclusive Report By The Business Research Company | Daifuku Co. Ltd., Continental AG, Siemens AG, Taikisha Ltd., Fives Group, Kion Group AG, Toyota Industries Corporation
Conveyor System Market Size
The Business Research Company offers in-depth market insights through Conveyor System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The conveyor system market size has grown strongly in recent years. It will grow from $9.21 billion in 2023 to $9.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to labor-saving devices adoption, maintenance and after-sales services, supply chain efficiency, emerging markets demand, cost reduction strategies..
The conveyor system market size is expected to see strong growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to automation and industry 4.0 adoption, manufacturing sector growth, warehouse optimization, retail sector innovations, sustainability and green logistics.. Major trends in the forecast period include integration with robotics, maintenance and after-sales services, demand in developing economies, labor costs and efficiency,globalization and trade..
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Market Segmentation:
The conveyor system market covered in this report is segmented -
1) By Product Type: Belt Conveyor, Roller Conveyor, Pallet Conveyor, Overhead Conveyor, Tri-Planar Conveyor, Crescent Conveyor, Skid Conveyor, Trailer Conveyor, Other Product Types
2) By Component: Aluminum Profile, Driving Unit, Extremity Unit
3) By Operation: Manual, Semi-Automatic, Automatic
4) By End-User Industry: Retail, Food And Beverages, Poultry And Dairy, Automotive, Airport, Other End User Industries
Major Driver - E-Commerce Surge Accelerates Growth Of The Conveyor System Market
Rapid growth in e-commerce is expected to propel the growth of the conveyor system market going forward. E-commerce is the activity of electronically buying or selling products over an electronic network, primarily the internet. Conveyor systems are beneficial in the e-commercial sector as they provide quick and efficient delivery of packages and parcels of a variety of sizes, are fast in delivery, and are ideal for the specialized capacity of products. For instance, in February 2022, according to Shopify Inc., a Canada-based multinational e-commerce company, the global e-commerce market reached a total of $5.55 trillion in 2022. Moreover, Latin America saw $85 billion in e-commerce sales in 2021. Therefore, the growth in e-commerce is driving the growth of the conveyor system market.
Competitive Landscape:
Major companies operating in the conveyor system market report are Daifuku Co. Ltd., Continental AG, Siemens AG, Taikisha Ltd., Fives Group, Kion Group AG, Toyota Industries Corporation, KUKA AG, Honeywell International Inc., Murata Machinery Ltd., TGW Logistics Group GmbH, Interroll Holding AG, Beumer Group GmbH & Co. KG, Viastore Systems GmbH, SSI Schaefer AG, Knapp AG, Mecalux SA, Witron Logistik + Informatik GmbH, Kardex Group, Tere*x Corporation, FlexLink AB, Dorner Mfg Corp., Hytrol Conveyor Co. Inc., mk Technology Group Inc., TGW Logistics Group, Conveyor Systems Ltd., Conveyor Units Ltd., ConveyorTek Ltd., LAC Conveyors & Automation Ltd., Advance Automated Systems Ltd.
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Top Trend - Conveyor System Market Advances With Cutting-Edge Technologies For Enhanced Efficiency
Technological advancement is the key trend gaining popularity in the conveyor system market. Major companies operating in the market are introducing new technologies such as the Internet of Things (IoT), radio-frequency identification (RFIDs), 2D radar technology, ultrasonic technology, and artificial intelligence (AI) to sustain their position in the market. For instance, in February 2022, Continental AG, a Germany-based company operating in conveyor systems introduced Conti Load Sense, a new 2D radar-based conveyor monitoring system. The unique features of this conveyor system include 2D radar-based monitoring that scans the material and conveyor belt from various angles to determine the position of the load and the belt and also utilizes ultrasonic technologies. This determines the precise amount of products being transported.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Conveyor System Market Characteristics
3. Conveyor System Market Trends And Strategies
4. Conveyor System Market - Macro Economic Scenario
5. Conveyor System Market Size And Growth
…..
27. Conveyor System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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