In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The conveyor belt systems is used for the transportation of heavy and bulky materials. The integration of the information technology leads to smart conveyor system. These systems are equipped with accurate positioning of the conveyor system. The precision control and intelligent motion of the conveyor belt systems increases the efficiency. These systems are prone to high scalability with different product variations. The software configuration can be easily integrated in the systems.
The global intelligent conveyor system market is expected to witness substantial growth during the forecast period. The growth can be attributed to the increasing demand for enhancing the flow of the material in various end-user industries .This is expected to be the major reason for the growth of the market during the forecast period. The growing industrialization across various developing countries coupled with the expansion of the various industries is expected to be the major reasons for the growth of overall market during the forecast period. Additionally, the growing demand for the ecofriendly and safe conveyor systems is also driving the growth of the intelligent conveyor system market.
The market is expected to expand at a CAGR of around 8% during the forecast period. The market is expected to attain significant market size during the forecast period. The market can be segmented on the basis of component and end-user industry. On the basis of component, it is sub-segmented into solutions and services. On the basis of end-user industry, it is sub-segmented into food and beverage, automotive, retail, life sciences and material handling. The retail is expected to lead the end-user segment during the forecast period. The growing expansion of the online retailing is expected to be the major reason for the growth of the sub-segment.
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Additionally, the increasing demand for the material handling by various e-commerce industries is expected to boost the growth of the overall market during the forecast period. For instance, according to India Brand Equity Foundation, the market size of Retail sector in India in 2016 was USD 641 billion and it increased to USD 672 billion in 2017.
The industrial sector involves transfer of the goods across the different locations. The application of intelligent conveyor system decreases the chances of errors while handling the large number of materials belt. This Increases the demand for intelligent conveyor system from various industries.
The growing technological development across the globe in order to enhance the efficiency of the flow of materials is expected to drive the overall intelligent conveyor system market during the forecast period. The integration of sensor with conveyor belt system is expected to increase the efficiency by reducing the errors involved in the system.
The high cost associated with installation of intelligent conveyor belt system is expected to restrain the growth of the overall market during the forecast period.
Our-in depth analysis of the global intelligent conveyor system includes the following segments:
On the basis of regional analysis, global intelligent conveyor system is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to lead the overall market during the forecast period. The presence of highly advanced industrial sector in the region is expected to drive the overall market during the forecast period. Additionally, the growing industrial automation in the region is also a major reason for the growth of market. Asia-Pacific region is expected to witness substantial growth during the forecast period. The growing end-user industries in the region such as automotive, food and beverage and retail is expected to be the major reason for the growth of the overall market during the forecast period.
Global intelligent conveyor system is further classified on the basis of region as follows: