June 14, 2024
Conveyor Belts Market

The global Conveyor Belts Market is estimated to Propelled by Increased Demand from Logistics & Manufacturing Industries

Conveyor belts are durable mechanical devices that facilitate the movement or transportation of material between different points in a production line or facility through continuous motion. Conveyor belts promote efficiency and accuracy in the transportation and handling of goods, allowing for continuous high-volume movement. They are ideally suited for the transport of heavy boxes, packaged goods, and loose materials over short-to-medium distances from one workstation to another or from receiving docks to storage areas.

The global Conveyor Belts Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased demand from logistics and manufacturing industries has emerged as a key driver bolstering growth of the conveyor belts market. Conveyor belts help modernize logistics operations in warehouses and distribution centers by enabling high volume and high throughput transportation of goods. Their adoption allows efficient movement of goods across different stages of production in manufacturing plants. Furthermore, advances in conveyor belt material such as composite and plastic varieties have improved performance characteristics like durability, strength and corrosion resistance. Lightweight belts require less power to operate while providing greater uptime, contributing to reduced operational costs. Industry players are also focusing on producing belts tailored to specific automation needs through customized configurations.

SWOT Analysis
Strength: Conveyor belts provide an efficient means of transportation for bulk materials over long or short distances. They reduce manual labor requirements and improve productivity.
Weakness: Conveyor belt systems require high initial investments and have ongoing maintenance costs. Failure or breakdown can disrupt production processes.
Opportunity: Growing automation in industries such as food processing, automotive, airports etc is driving the demand for conveyor belts. Developing regions with expanding manufacturing sectors also offer new market opportunities.
Threats: stringent environmental regulations regarding disposal of old conveyor belts. Substitutes such as pneumatic transport systems pose a threat in certain applications.

Key Takeaways

The Global Conveyor Belts Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. Rapid industrialization and automation trends across regions are fueling the installations of new conveyor belt systems. The global Conveyor Belts Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific dominates the global conveyor belts market currently, with China, India, Japan, and other Southeast Asian countries heavily investing in infrastructure and factory automation. Countries such as China, India are fast growing manufacturing hubs and see significant conveyor belt usage.

Key players: Key players operating in the conveyor belts market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc, Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it