Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Intelligent Conveyor System
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.
Market Size and Forecast
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.
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.
Growth Drivers
Increasing demand from different end user industries
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.
Widespread Technological Advancement
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.
Restraints
High Cost of Intelligent Conveyor 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.
Market Segmentation
Our-in depth analysis of the global intelligent conveyor system includes the following segments:
By Component:
By End-User Industry:
By Region
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:
Key Players
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