Description:
Conveyor systems, mechanical handling equipment, have gained significant demand from industrial sector in recent past for process automation. Its ability to carry heavy material finds usage in several industries such as retail, food & beverage and automotive. Moreover, conveyer systems are customized according to the industry needs. Major types of such systems include belt, roller, pallet and overhead. Global conveyor systems market has garnered a value of $ 5,665 million in 2015 and is expected to constitute a revenue of $ 7,573 million by 2022, growing at a CAGR of 4.3 % during the forecast period( 2016-2022).
The need to curb manufacturing costs and reduce waste has led to the adoption of conveyor systems by various industries. The industry players focus on lean manufacturing technique to optimize production process to remain competitive in the market. Emerging markets such as China, India, and Brazil are potential markets. However, high cost of installation could restrain the market growth.
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Growing industrialization across the world have been driving the automation trends in retail, automotive and food & beverage industries. Growth in e-commerce sector has forced the retail industry players to deploy conveyor systems to improve the service levels. Food & beverage industry is one of the major users of conveyor systems to automate the food processing and preparation tasks. Belt conveyor finds multiple applications in food & beverage industry as it’ s easy to install and carry variety of materials. Automotive industry uses different types of conveyor systems to convey equipment and motor vehicle. For instance, the industry use pallet conveyor systems in shipment area while belt conveyor systems in manufacturing area.
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Modernization of existing manufacturing facilities as well as expansions has triggered the demand of conveyor systems. Airport authorities across the world are investing significantly to improvise the baggage handling process at check-in to collection areas. This has increased the demand of belt and tri-planer conveyor systems. Moreover, the expansion of manufacturing in low labor cost countries facilitated the market growth.
Conveyor systems market is segmented based on type, industry vertical and geography. Conveyor systems market is segmented into belt, roller, pallet, overhead, and other conveyor types. Belts and rollers are most economical and popular conveyor types. Overhead conveyor finds application in automotive sector to move the components across the floor.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa( LAMEA). Europe and North America dominates the market
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