The Conveyor Systems market is expected to grow at a compound annual growth rate of 3.83% over the forecast period to reach a market size of US$10.069 billion in 2026, from US$7.741 billion in 2019.
A conveyor system has been known as a systematic and rapid mechanical handling equipment for transferring goods, and materials within a specific enclosed area. The key advantage of conveyor systems is that it reduces human error, minimizes workplace risks and accidents, and also helps in the reduction in labor costs. The conveyor systems are also widely used in the movement of heavy, bulk goods and materials from one place to another. It is classified and used as wheels, belts, chains, or rollers to transfer goods and loads. Major firms and corporations have been investing a considerable sum of capital to develop novel, safer and advanced conveyor systems for their customers. Asia Pacific region is expected to play a major role in the market growth, due to the high and stronger manufacturing sector and other related factors. The increasing regulations and standards by various organizations, countries, and others, intending to enhance the workplace safety standards are expected to play a major role in the development of advanced conveyor systems, worldwide. These trends and developments are projected to drive market growth, in the coming years.
The market growth is expected to surge by the increasing capital investment intending in the development of novel and advanced products.
There have been considerable developments in the market, in the past few years.
In September 2021, CR, a major player in the market, announced a novel partnership with a major firm, KBSS. The key partnership was announced to brought CR's conveyor systems to Western Australia. This development is essential for the market growth in the Pilbara region in Australia.
In September 2021, mk North America, a key producer of conveyor systems, had announced that it would add and introduce two novel conveyor models to its key and flagship VersaFlex flat top chain conveyor systems. The company had stated that their flat top chain conveyor system had been flexible, highly modular, and is suitable for complex features and layouts.
Increasing use in the automotive industry
The market is expected to surge in the coming years, due to the rising use of conveyor systems in the automotive sector, worldwide. The rising disposable income and increasing populations are expected to drive the production of vehicles, worldwide. According to the data given by the International Organisation of Motor Vehicle Manufacturers, around 91.7 million vehicles were produced in 2019. Major firms have been offering conveyor systems for automotive sectors. The growth of electric vehicles is also expected to drive the market growth. For instance, Industrial Kinetics Inc., one of the key players in the market, has been offering and providing custom-designed conveyors for automotive applications. The company provides these systems for the assembly process for several automotive parts. These trends and developments are projected to enhance the market growth, in the coming years.
|Market size value in 2019||US$7.741 billion|
|Market size value in 2026||US$10.069 billion|
|Growth Rate||CAGR of 3.83% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Siemens AG, DEMATIC, BEUMER Group, Murata Machinery Ltd., Liebherr Group, Mecalux SA, SSI Schaefer AG, Honeywell Intelligrated Inc., Daifuku Co. Ltd, Titan Conveyors|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global conveyor systems market?
A1. Conveyor Systems market was valued at US$7.741 billion in 2019.
Q2. What are the growth prospects for the conveyor systems market?
A2. The global conveyor systems market is expected to grow at a CAGR of 3.83% during the forecast period.
Q3. What will be the conveyor systems market size by 2026?
A3. The conveyor systems market is expected to reach a total market size of US$10.069 billion by 2026.
Q4. What factors are anticipated to drive the conveyor systems market growth?
A4. An increasing trend in the conveyor systems market is toward the use of companies offering a combination of basic conveyor types that are assembled into a single conveyor system.
Q5. Who are the major players in the conveyor systems market?
A5. Prominent/major key market players in the conveyor systems market include Siemens AG, DEMATIC, BEUMER Group, and Murata Machinery Ltd. among others.