The conveyor system market consists of various systems used for transportation of material within a facility or from one location to another. Conveyor systems find wide applications in transportation, packaging, electronics and other industries for sorting, assembling and order picking operations through automated movement of goods. They help reduce manual labor, optimization of warehouse space and increase productivity.
The global conveyor system market is estimated to be valued at US$ 10.35 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the conveyor system market are Bastian Solutions, Inc., BEUMER Group GmbH & Co. KG, Caterpillar Inc., Continental Conveyor, Daifuku Co., Ltd., Dematic Corp., Dürr AG, Emerson Electric Co., Fives Group, Interroll Group, Kardex Group, Kuka AG (Swisslog Holding AG), Murata Machinery, Ltd., Siemens AG, SSI Schäfer AG. Key players are focusing on development of automated and intelligent conveyor systems integrated with IoT, analytics and robotics to enhance operational efficiency.
The growing e-commerce industry and need for automation across industries has increased the demand for conveyor systems globally. Conveyor systems help optimize warehouse operations, reduce manual labor requirements and costs. Various industries like food processing, automotive, airports are increasingly adopting conveyor systems.
The Conveyor System Market Size is witnessing rapid global expansion driven by growing international trade. Manufacturers are expanding their presence across Asia Pacific, Latin America, Middle East and other developing regions to tap the market potential. International companies are also partnering with local players to gain market share through development of customized, cost-effective conveyor solutions.
Market Key Trends
One of the key trends in the Conveyor System Market Size And Trends is adoption of Industry 4.0 technologies like IoT, analytics, robotics, simulation etc. Leading conveyor system manufacturers are developing automated, data-driven solutions integrated with IoT sensors, machine vision and analytics capabilities. This is helping organizations achieve predictive maintenance, optimize production processes, reduce downtime and improve supply chain visibility. Growing focus on automation, optimized material handling and data-driven warehouse operations are some of the significant drivers of the global conveyor system market.
Porter’s Analysis
Threat of new entrants: High capital requirements for establishing a conveyor system manufacturing plant act as a barrier for new entrants. Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchase volumes. Bargaining power of suppliers: Established suppliers have significant influence over prices due to specialized component manufacturing processes. Threat of new substitutes: Automated guided vehicles provide a substitute but require significant investment for transition. Competitive rivalry: Intense competition exists among existing players to gain market share through product innovations and expanded service offerings.
North America accounts for the largest share of the conveyor system market value owing to the high demand from food & beverage, automotive and e-commerce industries in the US and Canada. Asia Pacific region is expected to be the fastest growing market during the forecast period due to growing manufacturing and logistics sectors in China, India and Southeast Asian countries. Material handling equipment replacement and expansion of third party logistics facilities are driving new conveyor system installations.
Germany and other Western European countries hold a major share of the conveyor system market value due to strong manufacturing industries and emphasis on warehouse automation to enhance operational efficiencies. The market is growing rapidly in Eastern Europe with rising investments in advanced distribution centers and industrial plants in Poland, Czech Republic, Hungary and other nations.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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