The conveyor system market size is expected to grow from US$ 8.86 billion in 2022 to US$ 12.94 billion by 2031; it is anticipated to grow at a CAGR of 5.8% from 2022 to 2031.
The e-commerce industry is growing massively across the globe, especially in the US. The country’s e-commerce is rising at an unprecedented adoption rate worldwide. As per the Census Bureau of the Department of Commerce, the US retail e-commerce sales accounted for US$ 160.3 billion for the first quarter of 2021, which depicted a growth of 2.4% from the fourth quarter of 2021. Hence, the rise in e-commerce industries in potential regions such as North America and APAC is propelling the business of conveyor systems and thereby impacting the conveyor system market. The conveyor system is one of the significant components of e-commerce for managing products such as poly bags, padded envelopes, totes, cases, and cartons. In the e-commerce business, conveyor system providers offer upgraded technology, scalability & flexibility, and efficiency to the end users. Rising usage of online retailing and changing consumer behavior toward purchasing are positively impacting the adoption of conveyor systems. If consumers buy something online and decide to return it for some reason, they anticipate the return process to be as rapid and convenient as the purchase process. For such processes, vendors require conveyor systems to move those products effectively. This aspect will contribute in accelerating the conveyor system market.
Further, to encourage the use of conveyor systems, companies are developing different technologies to enhance overall conveyor systems. For instance, in June 2022, Key Technology unveiled a better auto diverter for its Iso-Flo vibratory conveyors. The company’s auto diverter is appropriate for the bulk product and packaging distribution lines. Auto diverter depicts a stronger diverter blade, enhanced pneumatic hold-down system, and higher accuracy for better performance of the downstream systems. Such technological developments are projected to fuel the conveyor system market growth.
Strategic Insights
Regional Analysis of Conveyor System Market
From the regional perspective, Europe held the third-largest conveyor system market share in 2022. In terms of production, automobiles, rail, marine, chemical processing, aerospace equipment, machinery, food, and pharmaceutical goods are the key products manufactured by Europe. For the efficient production and supply of these products, the automotive, aerospace, food & beverages, chemical, and pharmaceutical industries in the region need advanced material-handling equipment. In contrast to old bulk handling practices, conveyor systems allow users to divert their resource allocation focus from unnecessary processes; this enables them to cut excessive costs incurred by traditional material-handling processes while saving the time spent on transporting materials between two assembly destinations. Gebhardt European Conveyor Systems, STB Engineering, BEUMER Maschinenfabrik GmbH, TMT spol, VIGAN Engineering S.A, and MODU Systems Europe Limited are among the key companies offering material handling equipment, including industrial conveyors. Moreover, BEUMER Group developed hybrid conveyor technology for port terminals in April 2022. Taking benefit of troughed overland belt conveyors and pipe conveyors, the company’s new U-Shape conveyor facilitates efficient and environmentally friendly operations at port terminals. The troughed belt conveyors are ideal for very large volumes and coarse materials.
Product development strategies by European companies are projected to continue and make Europe a significant conveyor system market share holder.
Market Insights – Conveyor System Market
System Type-Based Insights
Based on system type, the conveyor system market is segmented into overhead, floor, roller, belt, and others. In 2022, the belt segment held the second-largest share in the conveyor system market. The belt system type is extensively used for the continuous transport of bulk materials. To ensure the reliability of the belt system type, maintenance activities are crucial. It has primarily helped to progress the industrial sector swiftly. Carrying materials has become easy and rapid due to this efficient mechanical device, which can carry heavy materials seamlessly. It is used to transport materials such as sand, grain, coal, ore, and salt. Its industrial applications include manufacturing, pharmaceutical, food & beverage, packaging, power plants, bakeries and confectioneries, textiles, laundries, flour mills, and chemical plants.
Further, with the rollout of vulcanized rubber, the materials used in conveyor belts have become sturdier and more adaptable. The use of vulcanized rubber for making conveyor belts will continue to rise. Use of new material for making conveyor belts will have a positive impact on conveyor system and thereby contributing towards the conveyor system market growth. Synthetic materials are also introduced with respect to the development of materials for producing conveyor belts. This material assists in making production more efficient. Owing to the gradually recovering economy during the pandemic recovery period, the production of goods in huge quantity got intensified. This factor has boosted the demand for conveyor systems for ensuring that proper production is going on. Additionally, with the advancements in robotics and computerization, conveyor belts are getting adopted quickly in many industries, including quarrying, mining, and consumer goods.
The conveyor system market players are mainly focusing on developing advanced and efficient products.
- In April 2022, Fairbanks Scales rolled out a new FB9000 Series conveyor belt scale. The new scales are easy-to-install and reliable weighing solutions appropriate for the idler-style in-motion conveying applications. Rail, truck, barge, and ship loadout, track-mounted portable crushers, and asphalt milling machines are some of the key applications of conveyor belt scales.
- In March 2022, Yokohama Rubber Co. Ltd (YRC) increased its conveyor belt production capacity in Hiratsuka City, Kanagawa Prefecture. At Hiratsuka Factory, this expansion is taking place to strengthen the industrial products business. The belts would be ideal for use cases demanding heat resistance, abrasion resistance, flame resistance, oil resistance, and less power consumption.
The conveyor system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America. In 2022, APAC led the market with a substantial revenue share, followed by Europe. APAC is also expected to register the highest CAGR in the conveyor system market from 2022 to 2031.
Daifuku Co. Ltd., Dematic, Emerson Electric Co., Honeywell Intelligrated, Interroll Holding GmbH, Siemens AG, SSI Schafer, Swisslog Holding AG, TGW Logistics Group, and Vanderlande Industries are among the key players operating in the conveyor system market. The market report provides detailed market insights, which help the key conveyor system market players strategize growth in coming years.
REGIONAL FRAMEWORKConveyor System Market Report Analysis
-
CAGR (2023 - 2031)22.50% -
Market Size 2023
US$ 10.85 Billion -
Market Size 2031
US$ 55.04 Billion
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- Daifuku Co., Ltd.
- Dematic
- Emerson Electric Co
- Honeywell Intelligrated
- Interroll Holding GmbH
- Siemens AG
- SSI Schafer
- Swisslog Holding AG
- TGW Logistics Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
By System Type
- Overhead
- Floor
- Roller
- Belt
By Belt Type
- Light
- Medium
- Heavy
Conveyor System Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 10.85 Billion |
| Market Size by 2031 | US$ 55.04 Billion |
| Global CAGR (2023 - 2031) | 22.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By System Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
System Type, Belt Type, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The belt is the leading conveyor system in the market. Belt system type is extensively used for continuous transport of bulk materials. In order to ensure the reliability of the belt system type, maintenance activities are crucial. It has primarily helped to progress the industrial sector swiftly. The process of carrying materials has become easy and rapid due to this efficient mechanical device, which can carry heavy materials seamlessly. It is used to transport materials such as sand, grain, coal, ore, and salt. The system effortlessly transports the huge volume of materials in less time. It can convey the materials both vertically and horizontally. It also helps to load the transported materials at the end of the production line and consumes less power. Its industrial applications include manufacturing, pharmaceutical, food & beverage, packaging, power plants, bakeries and confectioneries, textile, laundries, flour mills, and chemical plants.
APAC led the conveyor system market in 2019. Growing industrialization and availability of low-cost labor is encouraging gigantic multinational companies to move their plant operations in the Asian market, especially in countries such as China and India, which are the manufacturing hubs of APAC. The ongoing growth of manufacturing industries in Asian economies is driving the market for conveyor system.
In vehicle production plants, it is important to have high control and high-quality in all operations carried out in the industry; thus, the automotive industry is highly implementing conveyor systems in their vehicle production plants. The conveyor systems help vehicle production plants to keep control and have free space for new operations. As the conveyor system mitigates the labor work, it reduces the company’s investment on staff training. Thus, the rising vehicle production and growing adoption of conveyor systems in the automotive industry surges the growth of the market.
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The List of Companies - Conveyor System Market
- Daifuku Co., Ltd.
- Dematic
- Emerson Electric Co
- Honeywell Intelligrated
- Interroll Holding GmbH
- Siemens AG
- SSI Schafer
- Swisslog Holding AG
- TGW Logistics Group
- Vanderlande Industries B.V
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