The global conveyor system market size accounted for USD 8.80 billion in 2022 and is expected to hit around USD 13.21 billion by 2032, poised to grow at a CAGR of 4.20% during the forecast period from 2023 to 2032.
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The Europe conveyor system market size reached USD 3.43 billion in 2022 and is projected to be worth around USD 5.25 billion by 2032, at a CAGR of 3.6% between 2023 to 2032.
Based on region, Europe dominated the global conveyor system market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. Europe is the early adopter of the conveyor system. Further, the higher adoption rate of latest technologies in the manufacturing units in Europe has significantly fostered the growth of the conveyor system market in Europe. Further, the presence of top automotive companies in the region is expected to drive the growth of the market during the forecast period. The rising adoption of smart and innovative technologies in the manufacturing sector of Europe has increased the demand for the latest conveyor systems.
On the other hand, Asia Pacific is expected to be the fastest-growing market for the conveyor system. This can be attributed to the rising investment by the private and public organizations in the region. Countries like China and India are competing for becoming the manufacturing hub of the world. The increased industrialization in this region is expected to drive the demand for the conveyor system in the forthcoming years.
The growth of the global conveyor system market is driven by the increasing adoption of automated technologies across various industries. The growing need for transportation or moving goods quickly from one place to another especially in a manufacturing unit or an assembling unit is boosting the demand for the conveyor system. The larger volume of goods is handled very efficiently and quickly with the help of a conveyor system. For instance, moving heavy items like vehicles down an assembly line in automotive manufacturing unit. Therefore, the rapid growth of different industries such as food & beverages, automotive, and retail is expected to impact the growth of the global conveyor system market. The rising adoption of automation in packaging industry is also a significant factor boosting the growth of the market during the forecast period. Conveyor system helps in reducing operational costs and improves efficiency by eliminating the excess use of labor. Hence, the cost-saving and improved efficiency is a major factor boosting the adoption of conveyor system across industries.
Rising government initiatives to develop manufacturing facilities and policies to attract foreign direct investments (FDIs) to foster the industrialization in the economy is a significant factor that is expected to drive the growth of the global conveyor system market during the forecast period. The lucrative growth opportunities offered by the developing regions like Asia Pacific, Latin America, and Africa is compelling the players of various industries to invest in these developing regions that would propel the growth of the conveyor system market in the foreseeable future. The increasing competition in the retail, packaging, and food & beverages sector is exponentially driving the adoption of automated equipment that fosters the demand for the conveyor system across the globe. Automation helps to reduce cost and improve productivity. Moreover, the rising adoption and popularity of electric vehicles among the global consumers is expected to drive the growth of the automotive industry, which in turn boost the demand for the conveyor system for the manufacturing of the electric vehicles.
|Market Size in 2023||USD 9.13 Billion|
|Market Size by 2032||USD 13.21 Billion|
|Growth Rate from 2021 to 2030||CAGR of 4.20%|
|Fastest Growing Market||APAC|
|Forecast Period||2022 to 2032|
|Segments Covered||Type, Industry, Region|
|Companies Mentioned||Daifuku Co., Ltd., Siemens AG, Dematic Group, Emerson Electric Co., Interroll Holding Ltd., Taikisha Ltd., Swisslog Holding AG, SSI Schäfer AG, Vanderlande Industries, TGW Logistics Group Gmbh|
Based on type, the belt segment dominated the global conveyor system market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the durability and toughness of the belt conveyor systems that efficiently handles the heavy items. The increased adoption of belt conveyors across the industries for handling heavy goods especially at manufacturing facilities of automotive sector has propelled the growth of this segment.
On the other hand, the roller conveyors are expected to be the fastest-growing segment during the forecast period. The roller conveyor systems are installed with sensors and other advanced technologies that reduces the risk of damage and is efficient in handling heavy loads. The rising adoption of roller conveyors in manufacturing units and warehouses is expected to boost the growth of this segment in the upcoming years.
Based on industry, the retail segment dominated the global conveyor system market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the rapid growth of the retail sector in the past few years. Retail is the major sector for the distribution of the consumer goods and food and beverages products to the end-use customers. This segment is expected to grow owing to the rising growth of the various retail channels such as supermarkets and hypermarkets especially in the developed markets like North America and Europe. The retail distribution is a significant channel for any industry that generates constant revenue streams.
On the other hand, the automotive segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising adoption of electric vehicles across the globe. The rising government initiatives and increased consumer awareness regarding the environment protection has significantly boosted the growth of the electric vehicles industry. The rapid production of electric vehicles is expected to drive the growth of the global conveyor system market during the forecast period.
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In January 2021, MHS Holdings announced the acquisition of TGW System’s conveyor business division in US.
In March 2021, Columbus McKinnon announced the acquisition of Dorner to strengthen Dorner’s automation capability.
The various developmental strategies like acquisitions, mergers, and partnerships fosters market growth and offers lucrative growth opportunities to the market players.
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