Major drivers for conveyor system market are rising demand for handling larger volumes of goods and improving process efficiency, increasing FDI investments in automotive, food & beverage, retail and airport sectors, and material safety concerns among others. This growth has enhanced market for conveyors in Asia Pacific region. RoW is expected to be fastest growing market for conveyor system due to ongoing as well as upcoming projects & increasing investments in mining and automotive industry.
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The conveyor system market is projected to grow at a CAGR of 4.33% during the forecast period, to reach a market size of USD 9.9 billion by 2025 from an estimated USD 7.4 billion in 2018. The study considers retail warehouse & distribution centers. Growing demand for e-commerce industry (with increases in online retail sales) is one of the major drivers for the growth of conveyor system market for warehouse & distribution industry.
Asia Pacific region projected to be largest market for conveyor system market to 2025. The growth can be attributed to improving economic conditions in emerging economies such as China, India, and Thailand. For instance, Beijing Daxing International Airport (China) is currently under construction and is expected to functional by 2019. New airport plans to have a total of 7 runways in the future to accommodate 620,000 flights and 100 million passengers each year.
The stats of conveyor system market report considers the increasing passenger traffic at airports has accentuated the need for expansion, modernization, and development of new airports. Asia has 20-23 airports planned to be completed by 2020. The rapidly growing population in countries such as China and India has boosted the demand for industries such as food & beverage, e-commerce, and automotive, thus fueling the demand for conveyor systems in these industries.
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The report provides country-wise industry level market for conveyor system. Countries considered are Asia Pacific (China, India, Japan, & Rest of Asia Pacific), Europe (France, Germany, UK, & Rest of Europe), North America (US, Canada, and Mexico), and the Rest of the World (Brazil, South Africa,& RoW others).
The study contains insights provided by various industry experts, ranging from conveyor system suppliers to retail, food & beverage, airport, and automotive industries. The break-up of the primaries is as follows:
- By Company Type – Tier-1 – 45 %, Tier-2 – 35%, and Others – 20%
- By Designation – C level – 45%, D level – 34%, others – 21%
- By Region – North America – 30%, Europe – 25%, Asia Pacific – 25%, RoW – 20%
Report provides a picture of conveyor system market across different verticals and regions. It aims at estimating the market size and future growth potential of conveyor systems across different industries, conveyor types, and regions. The study considers retail warehouse & distribution centers. Growing demand for e-commerce industry (with increases in online retail sales) is one of the major drivers for the growth of conveyor system market for warehouse & distribution industry.
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The increasing passenger traffic at airports has accentuated the need for expansion, modernization, and development of new airports. Belt conveyor is expected to hold the largest market share during the forecast period as it is used in several industries such as airport, warehouse & distribution, food & beverages, electronics, and mining.
The food & beverage industry has also started to use a crescent type of conveyor system. As these industries continue to witness growth, the belt conveyor is expected to see increased demand. The crescent type of conveyor is estimated to be the fastest growing market during the forecast period.
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