Overview and Scope
A conveyor system refers to mechanical devices and material handling systems for automatically transporting loads and materials. These are used in many industries as standard piece of mechanical handling equipment for moving goods from one location to another as it minimizes the risk of human error, lowers workplace risks, and also reduces labor costs.
Sizing and Forecast
The conveyor system market size has grown strongly in recent years. It will grow from $9.21 billion in 2023 to $9.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to labor-saving devices adoption, maintenance and after-sales services, supply chain efficiency, emerging markets demand, cost reduction strategies.
The conveyor system market size is expected to see strong growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to automation and industry 4.0 adoption, manufacturing sector growth, warehouse optimization, retail sector innovations, sustainability and green logistics.. Major trends in the forecast period include integration with robotics, maintenance and after-sales services, demand in developing economies, labor costs and efficiency,globalization and trade.
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Segmentation & Regional Insights
The conveyor system market covered in this report is segmented –
1) By Product Type: Belt Conveyor, Roller Conveyor, Pallet Conveyor, Overhead Conveyor, Tri-Planar Conveyor, Crescent Conveyor, Skid Conveyor, Trailer Conveyor, Other Product Types
2) By Component: Aluminum Profile, Driving Unit, Extremity Unit
3) By Operation: Manual, Semi-Automatic, Automatic
4) By End-User Industry: Retail, Food And Beverages, Poultry And Dairy, Automotive, Airport, Other End User Industries
Asia-Pacific was the largest region in the conveyor system market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the conveyor system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rapid growth in e-commerce is expected to propel the growth of the conveyor system market going forward. E-commerce is the activity of electronically buying or selling products over an electronic network, primarily the internet. Conveyor systems are beneficial in the e-commercial sector as they provide quick and efficient delivery of packages and parcels of a variety of sizes, are fast in delivery, and are ideal for the specialized capacity of products. For instance, in February 2022, according to Shopify Inc., a Canada-based multinational e-commerce company, the global e-commerce market reached a total of $5.55 trillion in 2022. Moreover, Latin America saw $85 billion in e-commerce sales in 2021. Therefore, the growth in e-commerce is driving the growth of the conveyor system market.
Key Industry Players
Major companies operating in the conveyor system market report are Daifuku Co. Ltd., Continental AG, Siemens AG, Taikisha Ltd., Fives Group, Kion Group AG, Toyota Industries Corporation, KUKA AG, Honeywell International Inc., Murata Machinery Ltd., TGW Logistics Group GmbH, Interroll Holding AG, Beumer Group GmbH & Co. KG, Viastore Systems GmbH, SSI Schaefer AG, Knapp AG, Mecalux SA, Witron Logistik + Informatik GmbH, Kardex Group, Terex Corporation, FlexLink AB, Dorner Mfg Corp., Hytrol Conveyor Co. Inc., mk Technology Group Inc., TGW Logistics Group, Conveyor Systems Ltd., Conveyor Units Ltd., ConveyorTek Ltd., LAC Conveyors & Automation Ltd., Advance Automated Systems Ltd.
The conveyor system market report table of contents includes:
1. Executive Summary
2. Conveyor System Market Characteristics
3. Conveyor System Market Trends And Strategies
4. Conveyor System Market – Macro Economic Scenario
5. Global Conveyor System Market Size and Growth
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26. South America Conveyor System Market
27. Brazil Conveyor System Market
28. Middle East Conveyor System Market
29. Africa Conveyor System Market
30. Conveyor System Market Competitive Landscape And Company Profiles
Top Major Players:
- Daifuku Co. Ltd
- Continental AG
- Siemens A
- Taikisha Ltd
- Fives Group
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