Market Size of Conveyor Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Conveyor Monitoring Market Analysis
The conveyor monitoring market was valued at USD 206.77 million in 2020 and expected to reach USD 264.67 million by 2026 and grow at a CAGR of 4.2% over the forecast period (2021-2026). The rising focus of companies towards the reduction of revenue loss owing to faults in conveyor systems coupled with the growing awareness of predictive maintenance tools and techniques. In addition to this, the conveyor monitoring system also helps in eliminating wastage, cut maintenance costs and increase the credibility of the customers.
- According to World Multidisciplinary Earth Sciences Symposium, the financial losses that American underground hard coal mines incur due to downtime caused by belt failures are estimated at USD 240 000, i.e. approx. USD 1 000 per minute, as mean repair time was 4 hours. Losses of this scale, which occurred due to emergency downtimes in the period of increased coal demand, were the reason behind developing a machine vision system which monitors splice and belt condition and which prevents failure.
- The demand for conveyor monitoring market is quickening owing to the improved awareness for machine condition monitoring and the requirement of mitigating damages occurring due to human error during industrial processes. Furthermore, increased recognition for predictive maintenance techniques and tools, eliminate wastages fuelling the growth of the market has augmented the market.
- Companies in the conveyor monitoring market such as Vayeron and Sandpit are focusing to improve safety needs by incorporating advanced technology such as automation and monitoring technology. This is expected to revolutionize the demand for an advanced conveyor with increased safety in the next few years. Thus offering a significant boost to the conveyor monitoring market in the coming few years.
Conveyor Monitoring Industry Segmentation
Conveyor monitoring is considered as the process of determining the condition of the conveyor systems such as the belt and the motor while it is in operation. It assists in detecting any potential failure propability in advance, thereby supporting to cut the cost of maintenance, help reduce downtime of conveyors, and increase and maintain the efficienct running of conveyors and production in the industry.
| By Type | |
| Hardware | |
| Software |
| By Type of Monitoring | |
| Conveyor Belt Monitoring | |
| Conveyor Motor Monitoring |
| By End-user Industry | |
| Automotive | |
| Consumer Goods Packaging | |
| Mining | |
| Other End-user Industries |
| Geography | ||||||
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Conveyor Monitoring Market Size Summary
The conveyor monitoring market is experiencing growth driven by the increasing emphasis on reducing revenue losses due to conveyor system faults and the rising awareness of predictive maintenance tools. These systems are crucial in minimizing wastage, lowering maintenance costs, and enhancing customer trust. The demand for conveyor monitoring solutions is accelerating as industries recognize the importance of machine condition monitoring and the need to mitigate damages from human errors. Companies like Vayeron and Sandpit are integrating advanced technologies such as automation and monitoring to improve safety, which is expected to significantly boost the market in the coming years.
Regionally, the Asia-Pacific (APAC) market is anticipated to grow at the highest rate, fueled by technological innovations and the adoption of automation in various industries. Factors such as rapid urbanization, technological advancements, favorable government policies, and healthy foreign direct investment inflows are contributing to the demand for conveyor monitoring solutions in this region. Countries like China and Australia are leading the adoption of real-time monitoring systems to enhance operational efficiency in their robust mining sectors. The competitive landscape of the conveyor monitoring market is moderately fragmented, with major players focusing on product innovation and strategic mergers and acquisitions to strengthen their market presence.
Conveyor Monitoring Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Adoption of Predictive Maintenance Tools and Techniques
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1.3 Market Restraints
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1.3.1 Limited In-House Skillset to Manage Monitoring Solutions and Analyze Data
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1.3.2 High Costs of Installation and Maintenance
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Hardware
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2.1.2 Software
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2.2 By Type of Monitoring
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2.2.1 Conveyor Belt Monitoring
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2.2.2 Conveyor Motor Monitoring
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2.3 By End-user Industry
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2.3.1 Automotive
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2.3.2 Consumer Goods Packaging
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2.3.3 Mining
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2.3.4 Other End-user Industries
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2.4 Geography
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2.4.1 North America
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2.4.1.1 US
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 UK
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2.4.2.3 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Mexico
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2.4.4.2 Brazil
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2.4.4.3 Argentina
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2.4.4.4 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 South Africa
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2.4.5.2 Egypt
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2.4.5.3 Rest of Middle East and Africa
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Conveyor Monitoring Market Size FAQs
What is the current Conveyor Monitoring Market size?
The Conveyor Monitoring Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Conveyor Monitoring Market?
ContiTech AG, Emerson Electric Co, Honeywell International Inc., Fenner Dunlop Inc. and Yellow Technical Services (Pty) Ltd. are the major companies operating in the Conveyor Monitoring Market.
