Conveying Equipment Market Soaring at 2% CAGR During the Period 2016-2024
Strong application trend in automotive industry to reduce production costs and time should drive conveying equipment market size. They offer cost-effective and efficient techniques for easy and fast goods transportation. It is used as goods carrier in power, airports, food &beverages, metal mining, and steelworks industries. Increasing efficiency and fast supply of spare parts in aerospace and automotive industries may drive industry growth.
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Conveying Equipment Market size will exceed USD 39 billion by 2024; according to a new research report.
Increasing infrastructure spending for building malls and airports mainly in BRICS nations should stimulate conveying equipment market size. Automotive sector in shipment and manufacturing of motor vehicles should influence industry growth. Stringent guidelines are set by OSHA regarding employee exposure to certain hazards during material handling activities.
Unit handling conveyors should surpass over USD 17 billion at the end of forecast timeframe. It reduces maintenance cost and is preferably used in automotive, food &beverage, shipments, and other durable goods production.
Manufacturers procure raw materials from chemical, iron and textile industry. Rubber, polyester materials, steel, cotton, and coated fabrics are key raw materials used in manufacturing process. These raw materials can face tight supply dynamics and have an impact on conveying equipment market price trend.
These systems provide timely goods delivery which has led manufacturers to provide solutions for designing, maintenance, and installations to expand product portfolio and enhance industry profitability.
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Asia Pacific, driven by India and China conveying equipment market size, should witness above 2.5% gains. Favorable government regulations along with transportation industry growth should favor regional product demand.
Europe conveying equipment market size from parts &attachments systems may witness gains at over 2%. It is preferably used in light weighted machines. Rapid industrialization along with application outlook in food &beverage industry should influence regional growth.
Durable good applications expect gains at above 2% during the forecast timeframe. Rapid industrialization along with need to increase production output may positively influence product demand for durable goods applications.
U.S. conveying equipment market is the hub for various products designing, manufacturing and installing which is facilitated by CEMA. Increased efficiency along with continuous spare parts supply for aerospace and automobile industries should positively influence regional industry growth.
LATAM, driven by Brazil conveying equipment market size, should witness steady gains for bulk handing material applications. Favorable regulations along with increasing infrastructural spending should drive regional industry growth.
Global conveying equipment market share is fragmented. Key manufacturing companies include Sandvik, Rexnord, and Dematic. Other industrial participants include Hitachi, Siemens, FMC Technologies, Intelligrated, Webster, Fritz Schafer, Daifuku, Nordstrong Equipment, FMC Technologies, and Richards Wilcox.
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