The market for conveyor systems will continue to expand, and in 2021, it is expected that the total market value will surpass US$ 13.7 billion. Between 2021 and 2031, the market’s value will grow at a compound annual growth rate (CAGR) of 4.5%. According to FMI, shipments of conveyor systems are anticipated to reach 16,000 units by the end of 2031, and global sales are anticipated to return to 2019 levels.
Over the past five years, the intralogistics operations market has grown while the traditional supply chain activities have decreased. According to Future Market Insights, the market’s CAGR from 2016 to 2020 was 3.1%.
The transportation module in commercial and industrial facilities includes conveyor systems as a crucial component. Conveyor system automation has lowered manufacturing costs and production time. Rising urbanization and industrialization in emerging economies of Asia and the Middle East will fuel the demand for conveyor systems.
New conveyor systems with modified designs and automated features have been developed as a result of customization to meet the needs of various end users. In addition, the demand for belt conveyors has been sparked by the growth of malls and airports in middle-income nations.
End users have been encouraged to incorporate industrial automation solutions like conveyor systems to facilitate inline operation and production as a result of the growing complexity of supply chains and business processes as well as rising consumer demand. This will increase demand for warehouse space, which is expected to boost conveyor system sales.
Industry 4.0 techniques are being adopted by an increasing number of industries to modernize their current conveyor systems. To increase productivity and efficiency, they are integrating machine learning and the industrial internet of things with their current infrastructure.
Changing preferences of consumers and the need to create an agile environment to cater to these trends will positively influence the market in the upcoming years.
Industries are looking for a compact, low-maintenance, and smart conveyor system for their processing and manufacturing plants. Rising industrialization in developing countries and extensive research undertaken by market players to develop a multi-utility and flexible conveyor system will drive the conveyor system market in the upcoming years.
The U.S. government is investing in expanding old airports and developing new ones to handle this increase in air traffic and air freight transport. This investment is expected to bode well with the conveyor market growth in the country.
Germany is expected to lead the Europe conveyor system market over the forecast period due to the presence of the technologically advanced automotive industry and thriving food and beverage industry.
The demand for conveyor systems in India is on the rise due to the growth of the e-commerce industry and the consequent expansion of warehousing. Increasing production and sales of medicines and personal protective equipment (PPE) kits further boosted the market growth in the country.
Due to their easy installation and low maintenance requirements, belt-type conveyors are predicted to grow significantly over the forecast period. They are also a crucial component of the baggage system at airports. The rise in a number of passengers at airports and the modernization, expansion, and establishment of new airports will drive the conveyor belt market growth.
Conveyor System Market Key Segments
By Product Type:
- Belt Conveyor
- Roller Conveyor
- Pallet Conveyor
- Overhead Conveyor
- Tri-Planar Conveyor
- Crescent Conveyor
- Skid Conveyor
- Trailer Conveyor
By Operation Type:
By Capacity Type:
- Unit Handling
- Bulk Handling
By Application Type:
- Packaging & Warehouse Distribution
- Textile & Paper
- Construction & Mining
- Automotive & Transportation
- Consumer Electronics
- Food & Beverage
- Chemical & Pharmaceutical
- North America
- Latin America
- East Asia
- South Asia
- the Middle East and Africa