Market Size of Conveyors Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Conveyor Market Analysis
The Conveyors Market is expected to grow at a CAGR of 4.5% over the forecast period. The world of intralogistics is undergoing a major transformation. With the globalization of the economy, shorter product cycles, and the advancements in e-commerce, the international flow of goods is increasing and accelerating, driving the market studied.
- With the rapidly increasing growth in Stock-Keeping Units (SKUs), wholesalers and distributors need help to make informed decisions about their operations, which drives the need for the more innovative use of labor, equipment, and technology. The main factors driving the need for these automated material handling systems are cost savings, labor efficiency, and space constraints.
- Various factors, such as industrial growth, expansions, modernization of industries, and product and process-specific conditions, influence the conveyor systems market. Conveyor systems help simplify the task of handling bulky materials. It plays a vital role in operations by reducing and minimizing production cycle time and errors.
- Supply chains and business processes are becoming increasingly complex, and customers are demanding more. At the same time, competitive pressure is also growing among national economies and individual market players. Therefore, outsourcing models and automation are gaining demand.
- It has also been observed that there is an increasing need for delivering various products in small time frames that require efficient inventory management and reverse logistic systems. The developing automotive, retail, and food and beverage industries are also likely to fuel the growth of the market studied.
- The spread of COVID-19 has positively affected the market studied, especially in the food & beverage and pharmaceutical sectors, which have been deemed under essential services. Due to increased sales of the products under these segments, manufacturing facilities have been working round the clock to deliver the end products, which was only possible with the usage of conveyor belts, among other machines.
Conveyor Industry Segmentation
Conveyor systems are mechanical devices or assemblies used to transport various materials with little effort. There are different conveyor systems, usually consisting of a frame that supports either wheels, rollers, or a belt, upon which the materials move from one place to another.
The Conveyors Market is segmented by Product (Belt, Roller, Pallet, Overhead), End-user Vertical (Airport, Retail, Automotive, Manufacturing, Food & Beverage, Pharmaceuticals, Mining), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Product Type | |
Belt | |
Roller | |
Pallet | |
Overhead |
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Conveyors Market Size Summary
The conveyor industry is experiencing significant growth, driven by the transformation in intralogistics due to globalization, shorter product cycles, and advancements in e-commerce. The increasing complexity of supply chains and the demand for efficient inventory management are pushing businesses towards automated material handling systems. These systems are essential for cost savings, labor efficiency, and addressing space constraints. The market is influenced by industrial growth, modernization, and the need for quick product delivery, particularly in sectors like automotive, retail, and food and beverage. The COVID-19 pandemic has further accelerated the adoption of conveyor systems, especially in essential services like food and pharmaceuticals, where continuous production was necessary.
In the retail sector, automation and IT-based solutions are reshaping operations, with conveyors playing a crucial role in distribution, warehousing, and sorting. The rise of online shopping, particularly in the Asia-Pacific and LAMEA regions, is fostering a favorable market environment for conveyor systems. The expansion of distribution centers and warehouses, driven by increased consumer purchasing power and relaxed government regulations, is also contributing to market growth. The APAC region, with its cheaper production costs and growing manufacturing activities, is seeing a surge in conveyor system adoption. The market is competitive, with major players focusing on product innovation and strategic collaborations to enhance efficiency and expand their offerings.
Conveyors 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 Increasing Demand for Handling Larger Volumes of Goods and Improving Productivity
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1.2.2 Rapid Growth of E-commerce
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1.3 Market Restraints
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1.3.1 High Initial Investments
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Assessment of COVID-19 Impact on the Industry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Belt
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2.1.2 Roller
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2.1.3 Pallet
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2.1.4 Overhead
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2.2 Geography
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2.2.1 North America
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2.2.1.1 By End User
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2.2.1.1.1 Airport
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2.2.1.1.2 Retail
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2.2.1.1.3 Automotive
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2.2.1.1.4 Manufacturing
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2.2.1.1.5 Food and Beverage
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2.2.1.1.6 Pharmaceuticals
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2.2.1.1.7 Mining *(Kindly note that similar end-user segment coverage is provided for all other regions in the scope)
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2.2.1.2 By Country
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2.2.1.2.1 United States
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2.2.1.2.2 Canada
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2.2.2 Europe
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2.2.2.1 By End User
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2.2.2.2 By Country
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2.2.2.2.1 France
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2.2.2.2.2 Germany
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2.2.2.2.3 Italy
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2.2.2.2.4 Netherlands
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2.2.2.2.5 Rest of Europe
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2.2.3 Asia Pacific
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2.2.3.1 By End User
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2.2.3.2 By Country
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2.2.3.2.1 Australia
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2.2.3.2.2 China
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2.2.3.2.3 India
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2.2.3.2.4 Japan
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2.2.3.2.5 South Korea
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2.2.3.2.6 Rest of APAC
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2.2.4 Latin America
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2.2.4.1 By End User
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2.2.4.2 By Country
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2.2.4.2.1 Argentina
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2.2.4.2.2 Brazil
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2.2.4.2.3 Mexico
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2.2.4.2.4 Rest of Latin America
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2.2.5 Middle East & Africa
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2.2.5.1 By End User
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2.2.5.2 By Country
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2.2.5.2.1 United Arab Emirates
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2.2.5.2.2 Saudi Arabia
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2.2.5.2.3 South Africa
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2.2.5.2.4 Rest of Middle East and Africa
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Conveyors Market Size FAQs
What is the current Conveyors Market size?
The Conveyors Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Conveyors Market?
Daifuku Co. Ltd, SSI Schaefer AG, Murata Machinery Ltd, BEUMER Group GmbH & Co. KG and Honeywell Intelligrated Inc. are the major companies operating in the Conveyors Market.