Press release
Conveyor System Market - Utility Across Multiple Industries Bolsters Demand
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Transparency Market Research (TMR) conducted an analysis of the market to ascertain a growth trajectory over the period from 2017 to 2025. It is estimated that the market value in 2025 is expected to touch US$6312.5 mn from US$4697.1 mn in 2016. Furthermore, the market is expected to grow at a steady CAGR of 3.5% over the forecast period. Geographically, Europe is expected to lead all other regional markets, registering a CAGR of 2.7% over the forecast period. Based on distribution channel, the direct distribution channel is expected to outdo the online distribution channel due to a higher level of penetration of the former.
A wide array of conveyor types ensures that the needs of all the industries are covered. Belt conveyors are the most popular across several industrial longitudes due to their ease of operation. These conveyors hold immense utility for industries such as packaging, food and beverages, and pharmaceuticals. Luggage is run on these belts for safe and efficient transit at airports, thus, making the aviation industry an ardent consumer of conveyor systems. These systems are also used across automotive, healthcare, and retail sectors. The operational efficiency offered by these systems is the primary reason behind their adoption. Furthermore, automation has also transcended as the watchword of industrial units who now want to reduce manual work. This augments the demand for these systems and creates tremendous opportunities for the market players. The concerns regarding the safety and wellbeing of employees has also driven the demand for conveyor systems within large industrial units. Advanced conveyor systems that boast of durability and can guarantee safe transport of heavy objects have also generated interest among the end-users. The growth of several industries has made it imperative for managers to induct their workplaces with conveyor systems.
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High Costs of Installation Obstructs Market Growth
Despite the affluent growth rate of the market, certain factors are expected to obstruct the demand for conveyor systems. The installation costs of these systems is exorbitantly high, which discourages a number of small- and medium-sized industries from resorting to them. Furthermore, the costs incurred for repairing and maintaining these systems is also a burden for enterprises. However, the pervasive growth of automation across several industries will keep proliferating the demand within the market. The aviation industry is also expected to be a prolific consumer of conveyor systems.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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