Conveyor System Market Size, Share, Growth & Forecast 2027

The global conveyor system market size is projected to reach USD 12.7 billion by 2027, from an estimated value of USD 9.4 billion in 2022, at a CAGR of 6.0%. The growing need for efficiently handling large volumes of materials and products in the manufacturing industry has increased the demand for industrial automation. A conveyor system is an important part of the material handling process and is involved in every industrial step. The growth of the conveyor system market is influenced by factors such as industrial growth, expansion, modernization of industries, and product and process-specific conditions.

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Rapid growth in e-commerce

The increasing popularity of online shopping is the key factor boosting the growth of the e-commerce industry. E-commerce companies such as Flipkart (India) and Amazon (US) are extremely popular among online shoppers. Thus, they need to stock large volumes of products in their warehouses. E-commerce companies also need to offer order accuracy, same-day same-hour delivery, and free returns to compete. Thus, e-commerce companies are constantly looking for economical ways to reduce their delivery times. Digitization in material handling equipment such as automated storage and retrieval systems (ASRS) and automated conveyors has emerged as a comprehensive solution. It has gained popularity among e-commerce companies, helping them handle order fulfillment processes efficiently. As demand for online purchasing continues to increase, the demand for conveyor systems in the e-commerce industry is expected to witness significant growth in the near future.

Retail & Distribution industry in Asia Pacific is estimated to drive the market from 2022 to 2027.

Asia Pacific is expected to account for a significant share of the global conveyor system market due to the increased demand for conveyors in the retail & distribution industry. Companies such as Alibaba.com and Amazon.com, Inc. are creating a high demand for conveyor systems in Asia Pacific. The regional market's growth can also be attributed to the rising demand for automotive and mining conveyor systems in China and India. For instance, South Korea's largest retailer Shinsegae Department Store is planning to spend 476.6 billion on opening new branches and refurbishing, which is expected to fuel the demand for material handling systems such as conveyors.

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Airport industry in North America is estimated to be the significant market in 2022.

North America comprises the US, Canada, and Mexico. The US is the largest market for conveyor systems in the region. The increasing complexity in the supply chain with regard to the transportation and handling of materials in the manufacturing and mining industries has surged the adoption of conveyor systems. As most of the cities in North America have airports, aviation is a major market for conveyor systems in the region. The number of air travelers in the US is growing rapidly, which has led to the expansion of terminals. The rising development of domestic and international airports, expanding tourism industry, increasing trade proliferation of low-cost airlines, and growing population are expected to drive the growth of the conveyor system market for the airport industry in the region.

Europe is projected to be the largest market.

The market in Europe is projected to be the largest by 2027. Being an early adopter, Europe witnesses' extensive applications of conveyor systems in several industries. Conveyor system manufacturers in the region have made high investments in research and development for innovating technologies to stay competitive in the market. Germany and the UK are at the forefront of industrial research and engineering. Extensive R&D infrastructure, a highly qualified workforce, and complete industry value chain integration create an environment that enables companies to develop cutting-edge technologies. Production levels in the food, retail & distribution, automotive, and aviation industries have witnessed significant growth in Europe and are projected to increase further in the future.

Key Market Players

Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), Fives Group (France) and Metso Outotec (Finland) are expected to be the market leaders. These players have adopted strategies such as innovation, strong supply chain network, new product development, expansions, partnerships, agreements, and acquisitions to increase their share and diversify and strengthen their business networks in the conveyor system market.

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