Aug 13, 2020 (Heraldkeepers) -- The global conveyor system market is predicted to grow at a healthy CAGR between 2016- 2022 states the recent Market Research Future (MRFR) analysis. A conveyor system, simply put, is highly preferred and used equipment across the world, which has extensive applications. This equipment is used for handling and transporting materials in the industry premises and utilized in different industries like transportation, food and beverage, retail, manufacturing, automotive, and others.
Various factors are propelling the global conveyor system market growth. According to the latest MRFR report, such factors include the development of cost-effective and eco-friendly conveyor systems, the presence of emerging markets like Brazil, India, and China, industry players laying emphasis on lean manufacturing techniques for optimizing the production process, growing industrialization, the requirement of automation to cut down manufacturing costs & waste, and improvement in production efficiency that is resulting in more use of conveyor systems. Additional factors adding market growth include relaxation in government regulations like FDI, growing working class, lifestyle changes, increasing purchasing power, demand for e-commerce industry, material safety concerns, rising FDI investments in the auto sector, and increasing use in different end use industries including airport, food and beverages, retail, and automotive.
On the contrary, high installation cost may limit the global conveyor systems market growth over the forecast period. Besides, the ongoing COVID-19 pandemic is hampering the conveyor system market size with the government reducing the worldwide trade of non-essential products, which has limited the sales of machines. It is this which in turn has limited the working of the conveyor systems, which has minimized its demand.
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The MRFR provides an inclusive segmental analysis of the global conveyor systems market based on application and type.
By type, the global conveyor systems market is segmented into overhead, belt conveyors, pallet, roller, and others. Of these, the belt conveyors will lead the market over the forecast period.
By application, the global conveyor systems market is segmented into airport, automotive, food and beverages, retail, and others.
By region, the conveyor system market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, the Americas will lead the market over the forecast period. The presence of several developing countries such as Brazil and Mexico, the development of innovative and advanced products like lean manufacturing systems & malfunction detector systems, and booming food & beverage industry are adding to the global conveyor system market in the region. The US has the maximum share in the market.
The global conveyor system market in the APAC region is predicted to grow at a fast pace over the forecast period. The development of cost-effective and eco-friendly conveyor systems, construction of new warehouses, distribution centers, & airports, and rise in modernization is adding to the global conveyor system market growth in the region.
The global conveyor system market in Europe is predicted to have healthy growth over the forecast period. Infrastructure limitation, rising labor cost, the rising penetration of advanced technologies like artificial intelligence (AI), radiofrequency-identification (RFIDs), and the Internet of Things (IoT), and the rising adoption of automation in manufacturing units are adding to the global conveyor system market growth in the region.
The global conveyor system market in the RoW is predicted to have sound growth over the forecast period. Demand for sophisticated machinery, for high throughput quality in minimal time, rising labor cost, and increasing use in manufacturing facilities and warehouses are adding to the global conveyor system market growth in the region.
Leading players profiled in the conveyor system market report include Interroll and Intelligrated, FMC Technologies, Fives Group, Dynamic Conveyors, Dorner Conveyors, Caterpillar, Allied Conveyor Systems, Emerson Electric, Siemens AG, and Dematic Group.
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study