The conveyor system market saw steady growth in 2021 with worldwide revenues up 3.5% year over year. Future Market Insights (FMI) has forecast the conveyor system market to reach US$13.7 billion in 2021 at a CAGR of 4.5%, backed by increasing mergers & acquisitions by Tier-1 companies and integration of machine learning and internet of things in material handling solutions.
Conveyor systems demand s significantly increasing from the mining industry. Mining requires transportation and handling of large volume of heavy goods and debris. Low cost of conveyor system and minimum maintenance make them ideal choice for long distance transportation.
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Rising per capita income and rapid economic growth in developing countries like India and Brazil are driving the manufacturing industry. This coupled with automation in fast-moving consumer goods (FMCG), baggage handling, and manufacturing industries will positively influence the market growth over the forecast period.
Industries are looking towards optimizing their manufacturing process to improve efficiency and production rate. This has encouraged advancements in conveyor system development and integration of automation in material handling system.
Automated conveyor systems eliminate human error, improve safety and boost the production volume with high repeatability. Owing to such benefits, companies are adopting modern conveyor system for material handling processes.
Surge in online retailing activities along with increasing demand for high quality goods will drive the adoption of conveyor and sortation systems in the retail industry. Companies are installing conveyor system to optimize warehouse spacing, sorting and cross-docking products, and automating their distribution process. Increase in online shopping in India, China, Brazil, and Chile will positively influence the market growth in upcoming years.
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Key Takeaways from FMI’s Conveyor system Market Study
- North America conveyor system market is forecast to expand at 3.5% CAGR due to rapid growth in online retail sector.
- Growing adoption of automation in automotive and manufacturing industry, surging mining and construction activities along with growing e-commerce industry in the U.K. and Germany are the key factors driving the market in Europe.
- Population surge, increase in demand for processed food, and presence of e-commerce giants like Alibaba group will drive the demand for conveyor systems in FMCG and packaging industries in China.
- India is expected to offer lucrative opportunities as home to one of the leading the retail sectors after U.S. and China. Steady consumer demand and rising investment towards expansion of retail infrastructure will boost the demand for advanced material handling systems, such as conveyor systems.
“Increasing penetration of automation in material handling and distribution system and increase in number of supermarkets and distribution centers will boost the demand for conveyor system in upcoming years,” says the FMI analyst.
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Who is Winning?
Future Market Insights discusses the key trends shaping conveyor system market and highlights the strategies adopted by leading market players in the study.
Top players, including Daifuku Co., ltd., Schaefer Systems International, Inc., Interroll Holding AG, BEUMER GROUP, and Dematic Company accounted for 23.5% of the market in 2020. Some of the leading companies are investing in research and development activities to drive product launches.
For instance, SideDrive Conveyor Co. launched configurable side drive conveyor system in January 2021 for modular sanitary applications.
In response to pandemic, Multi-Conveyor collaborated with East Coast representatives to develop a hand-pack conveyor system to effectively follow social distancing in work place and launched “Barrier Spaced Conveyor” in July 2020.
Dürr Group introduced automated guided vehicle designed for paint shops as a part of its intelligent production initiative in May 2019.
Prominent players operating in the conveyor system market are:-
- BEUMER GROUP
- Interroll Holding AG
- Murata Machinery
- Schaefer Systems International
- Dürr Group