The global conveyor system market size is estimated to reach ~USD 29.5 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of global conveyor system was ~USD 10.49 Billion. The growth of the market can be attributed to the increasing number of e-commerce companies across the globe. Furthermore, e-commerce companies are trying to provide the best experience to their customers by providing their orders at an accurate time, day, and place. Therefore, the conveyor system assists these companies in the warehouse through handling all their orders, and it is expected to boost the growth of the market over the forecast period. By the end of 2025, it is expected that retail e-commerce sales across the globe to reach more than USD 7,000 Billion.
A conveyor system refers to mechanical handling equipment that is used to move materials from one to another locations. They are popularly used for the transportation of high load materials, as they are difficult to carry. There has been continuous advancement in the conveyor system through different means, such as portable conveyors. In addition to these, factors that are believed to fuel the market growth of conveyor systems include the increasing use of conveyors in different industries such as the logistics, parcel, and automation industries. The logistics and parcel delivery industries use portable conveyors, also known as mobile line shaft conveyors, as it shortens production time and lowers overall costs.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~9% |
|
Base Year Market Size (2022) |
~ USD 10.49 Billion |
|
Forecast Year Market Size (2035) |
~ USD 29.5 Billion |
|
Regional Scope |
|
Growth Drivers
Growing Intralogistics Operations– According to the survey report, more than 40 percent of the respondents stated that intralogistics automation is very important for the success of the business. The conveyor system makes the products ready for loading, transport, and storage without getting damaged. Therefore, the goods that are manufactured in an industry goes through different process, and this increased the use of conveyors. Hence, it is anticipated to increase the growth of the market in the upcoming years.
Surging Expansion of Existing Airports- According to reports in 2021, the Airports Authority of India announced the investment of more than USD 3 Billion in order to expand the existing airports over the next four to five years in the country.
Increasing Industrialization, and Urbanization– The industrialization rate has been increasing, owing to which, conveyors are used for various applications in the industries such as bottling, food processing, automotive, aerospace, and others. Moreover, it is also used for transporting products, buffering, and storage. Hence, it is predicted to drive the growth of the global conveyor system market over the forecast period. According to the most recent data, the Indian production rate increased by more than 4 percent year on year basis in December 2022.
Surging in the Number of Warehouses Space- There has been an increase in the number of warehouse space, worldwide, which is driving up demand for conveyor systems to handle the stock in bulk. It reduces the labor costs, minimize human errors, and lower workplace risks in the warehouses. Moreover, the goods are transported and sorted with the conveyor belts, that is projected to rise the growth of the global conveyor system market over the forecast period. It is expected that the number of warehouses around the world to reach more than 175,000 by the end of 2025
Increasing Number of Shopping Malls– The conveyor is used in multi-level retail stores in order to move shopping carts adjacently or parallel to escalators. There are more than 100,000 shopping centers in the United States as of now. Therefore, the advancement is required for the development of shopping malls, and it is predicted to increase the market’s growth by the end of 2035.
Challenges
The global conveyor system market is segmented and analyzed for demand and supply by industry into food & beverage, automotive, retail & distribution, and others. Out of these industries, the automotive segment is expected to hold a significant share over the forecast period on the back of growing production of vehicles, and the rising popularity of electric vehicles. Furthermore, the automotive plants opt for overhead conveyers owing to its capacity of carrying high load, along with the improvement in the production rate of the plant. Therefore, it is anticipated to rise the segment’s growth in the market. According to estimates, the number of electric vehicles that include electric vans, buses, cars, and heavy trucks on the road is expected to reach more than 145 million by the end of the year 2030. Furthermore, the final vehicles that are produced are difficult to carry from the production area to the transport area, and it is expected to boost the growth of the segment in the market over the forecast period.
The global conveyor system market is also segmented and analyzed for demand and supply by type into cable, bucket, belt, roller, overhead, pallet, floor, and others. Amongst these three segments, the belt segment is expected to garner a significant share by the year 2035. The growth of the segment can be attributed to the development of airports in different countries that require easy to install and little maintenance belts for baggage collection, and screening. Moreover, they are easy to handle, and can be customized according to the customer’s need, that is anticipated to boost the growth of the segment in the market. Furthermore, it allows to move objects that are bulky from one place to another such as metals in the mining industry with ease, and also saves time on transportation.
Our in-depth analysis of the global conveyor system market includes the following segments:
|
By Type |
|
|
By Industry |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
The market share of conveyor system in Europe, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing use of technologies such as IOT, and artificial intelligence in the manufacturing units. Furthermore, there is a need to reduce the labor costs, that is further predicted to drive the market’s growth in the region. In addition, the presence of large automotive companies in the region is anticipated to expand the conveyor system market in the region. Furthermore, there have been strict regulations in relation to the safety of the employees that are working in the manufacturing unit, such as in the automotive industries. According to the European Commission, atleast 2.6 million people work in the direct manufacturing of motor vehicles. Therefore, there is a need for a conveyor system in order to compile different parts of the motor vehicle. Hence, it is anticipated to boost the growth of the market in the European region.
The Asia Pacific conveyor system market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand from manufacturing industries to automate their processes, and the surging development among various industries such as airports, automobiles, mining industries, and others. In addition, there has been a growing demand for products from consumers, which is putting pressure on the companies to provide their products at the right time with lower cost. Moreover, surging adoption of industry 4.0, and the implementation of automation are further anticipated to boost the growth of the market in the region.
Further, the market in the North America amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the surging problem faced by the industries related to the heavy traffic on conveyors. Moreover, the surging industrialization in the region, which requires conveyors in their production processes, is further estimated to rise the growth of the market in the region.
KUKA AG announced the new conveyor technology in order to transport the car bodies safely with KUKA BOLT and KUKA PULSE. Moreover, the new generation of KUKA PULSE is faster, use less energy and lower the MTTR for which it is more flexible than the friction based conveyance systems
Intralox, L.L.C. announced the launch of new Sinamics G115D distributed drive system that is specifically designed for conveyor applications. Furthermore, the G115D comprises of frequency converter, motor, and gear box.
Author Credits: Rushikesh, Richa Gupta
Ans: Surging expansion of existing airports, increasing number of shopping malls, and increasing industrialization, and urbanization are the major factors driving the market growth.
Ans: The market size of conveyor system is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of skilled persons for handling the conveyor system, and high chances of workers accidents in the industries are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the European region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are ContiTech AG, Daifuku Co., Ltd., Fives Group, Murata Machinery, Ltd., KUKA AG, Tsubaki Group, Interroll AG, Intralox, L.L.C., Fenner Conveyors, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, industry, and by region.
Ans: The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?