DELRAY BEACH, Fla., Sept. 4, 2024 /PRNewswire/ -- Conveyor System market size is projected to grow from USD 10.4 Billion in 2024 to USD 14.8 Billion by 2030, at a CAGR of 6.0%, according to a new report by MarketsandMarkets. The constant need to increase the productivity each year is expected to increase the demand for highly mechanized and automated material handling systems like Conveyor System. Additionally, continuous innovation in advance driving technologies and components will boost the demand for Conveyor System.
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405 - Tables
88 - Figures
355 - Pages
Conveyor System Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 10.4 Billion |
Estimated Value by 2030 | USD 14.8 Billion |
Growth Rate | Poised to grow at a CAGR of 6.0% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Industry (Retail & Distribution, Food & Beverage, Automotive, Electronic, Mining, & Airport), Type (Belt, Roller, Overhead, Floor, Pallet, Crescent, Cable, Bucket) Component, Operation & Region |
Geographies Covered | Asia Pacific, Europe, North America, and Rest of The World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Green Conveying |
Key Market Drivers | Rapid growth in e-commerce |
Overhead conveyors will have the largest market share for automotive conveyor systems
The share of overhead conveyors in automotive sector segment is expected to remain the largest because of increased vehicle production particularly in Europe and Asia-Pacific which is causing plant expansions and setup of new plant therefore increasing demand for conveyors. For instance, Vinfast announced they were establishing their EV manufacturing factory in India in January 2024. Likewise, BYD opened its EV production facility in April 2024 in Thailand. This implies that there will be an increased longing for automotive related conveyance systems arising from the growth of automobile manufacturers in Asia-Pacific region.
Overhead conveyors are a key hardware in automotive manufacturing. Hence if automotive manufacturing increases the use overhead conveyor system will increase. In recent years, these industries have witness profound investment for further expansion of the facilities. For instance, with the advent of electrification in the automotive sector, over 250 number plants for EV battery plants by 2033. Considering the integral application of overhead conveyors across these sectors, the segment would maintain its dominance on the market through the forecast period.
Roller conveyor systems to be fastest growing in Electronics industry
As consumer appliances are becoming more common, there is need for increased manufacturing capacity, which has resulted into high demand for mechanised and sophisticated material handling system like the roller conveyors. Roller conveyors are heavily customizable for the heavily automated assembly lines of the electronics manufacturing facility and are not prone to vibrations which may degrade the quality of chips. This makes them a very favoured conveyor type for electronics manufacturing player.
For example, in December 2023, Samsung (South Korea) announced that it would invest USD 231 million in Japan. This is just one of the many investments in the pipeline for Japan. Conveyors with roller-type surfaces are mainly utilized in the electronics industry and are designed to keep electrical products safe while being handled. A roller conveyor is a type of conveyor belt that allows things to skate across its surface using rollers uniformly placed in spinning cylinders. It transports materials from one location to another using gravity or tiny engines.
US to lead the Conveyor System market in North America
The US is expected to have the largest market share in terms of value in the North American Conveyor System market. The steady boom in e-commerce has boosted the demand for conveyors systems. The increasing number of warehouses in the country has boosted the demand for material handling system like conveyor systems. Also, The US market is driven by the rapid adoption of automation and robotics into conveyor systems. Industries such as automotive, electronics, and warehousing will be the major drivers of automation in the conveyor system market in the country. For example, The President of the US announced an investment of USD 5 billion in semiconductor R&D and related facilities across the US in February 2024. In December 2023, DHL signed a deal to construct four more automated warehouses in the US.
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Conveyor System Market Dynamics:
Drivers:
1. Rapid growth in e-commerce
Restraints:
1. Requirement of skilled workforce for repair and maintenance of sales
Opportunities:
1. Green Conveying
Challenge:
1. Ensuring safety and reducing accidents
Key Market Players Conveyor System Industry:
Prominent players in the Conveyor System Market include as Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), and Fives Group (France)
The break-down of primary participants is as mentioned below:
- By Company Type: OEMs - 32%, Tier 1 -37% and Tier 2 & 3 - 28%,
- By Designation: CXO - 33%, Managers - 52%, and Executives - 15%
- By Region: North America - 26%, Europe - 35%, Asia Pacific - 30%, and ROW-9%
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Conveyor System Industry Recent Developments:
- In April 2024, Walmart collaborated with Swisslog Holding to implement Swisslog's storage automation technology at a facility in Texas alongside a state-of-the-art conveyor system. This collaboration aims to enhance operational efficiency and streamline logistics processes within the facility.
- In January 2024, HAI Robotics integrated its automated storage and retrieval systems with Honeywell International's enterprise software, enhancing warehouse efficiency and automation. This collaboration leverages Honeywell's robust software capabilities to optimize HAI's intelligent robotic solutions, streamlining operations and reducing manual labor. The integration also includes advanced conveyor systems, ensuring seamless material handling and faster processing times.
- In March 2024, Siemens acquired the industrial drive technology business of ebm-papst to strengthen its position in the industrial automation market. The acquisition includes a range of drive systems and components that complement Siemens' existing portfolio, particularly enhancing its offerings in the field of efficient and innovative conveyor system solutions.
Conveyor System Market Size - Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Conveyor System Market and the subsegments.
- The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Growing adoption of automation, Extensive use of conveyor systems for mass production, Surge in mining of rare earth metals, High demand for conveyor systems from e-commerce industry), restraints (High installation and maintenance costs, Non-feasibility of automation in niche warehousing, automotive, and electronics applications), opportunities ( Integration of lean logistics principles, Innovations in conveyor systems, Rapid deployment of green conveyors to reduce emissions), and challenges ( Significant presence of local players in emerging markets , Rising safety concerns due to system failures) influencing the growth of the Conveyor system market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Conveyor system market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the Conveyor system market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Conveyor system market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens AG (Germany), Continental AG (Germany), Daifuku Co., Ltd. (Japan), Fives Group (Paris), and Taikisha Ltd (Japan) among others in the Conveyor system s market.
- Strategies: The report also helps stakeholders understand the pulse of the Conveyor system s market and provides them information on key market drivers, restraints, challenges, and opportunities
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