Conveyor System Market Poised for Robust Growth with Impressive 5.45% CAGR from 2023 to 2033 | Get Insights FMI

The global conveyor system market is anticipated to be valued US$ 6.4 billion in 2023. The market is expected to grow at a 5.45% CAGR from 2023 to 2033, with a market value of US$ 10.9 billion by the end of 2033, according to Future Market Insights.

Vehicle production growth is likely to accelerate market growth. Furthermore, an increase in mining activities around the world, as well as an expansion in passenger handling capabilities of airports and freight, as well as expanding e-commerce trends, would drive demand for conveyor systems. A surge in demand for processed foods will enhance demand in the food and beverage industry.

Upliftment of advanced technologies in conveyor systems, with growth in digitization in the material handling industry, and increase in advanced conveyor systems will further create new opportunities for the conveyor system market in the forecasted time period. Rise in initial investments, with rising concerns over the environmental impact of mining activities and an increase in the usage of automated guided vehicles & robotics are the major factors among others restraining the market growth.

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Key Takeaways from the Market Study

• The global conveyor systems market expanded at a CAGR of 4.2% from 2018 to 2022
• The North American market for global conveyor systems market is likely to have a market share of 26.9%
• The Unites States market for global Conveyor systems market is likely to expand at a share of 16.9%.
• Belt type conveyors are expected to generate maximum demand
• Global Conveyor system market in 2022 was US$ 5.6 billion
• European market is said to grow at a CAGR of 3.4%
• Germany is said to lead the market with a valuation of 8.76%
• China is said to grow at a CAGR of 4.66% in the Conveyor systems market.
• Agriculture and related activities in China account for more than 7% of its total GDP according to World Bank in 2020
• Market value for conveyor system market in India is said to hold a market share of 3.65%
• Belt type conveyors are said to hold a market share of 18.2%
• Automatic Conveyors are said to grow at a CAGR of 4.9%
• Automotive and transportation industry is most commonly used in conveyor systems market
• Automotive and transportation industry will exhibit a dominant growth rate with a market share of 3.52%.

“Impact of circular economy on conveyor system market is one of the major driver of the global Conveyor systems market”, comments a Future Market Insights analyst.

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Competitive Landscape

Some of the prominent players in the global market are-

• Daifuku Co., Ltd.
• Fives
• Interroll Group
• Kardex
• Kuka AG
• Mahindra Tsubaki Conveyor Systems Pvt. Ltd.
• Murata Machinery, Ltd.
• Siemens
• Taikisha Ltd.
• Caterpillar

Some of the important developments of the key players in the market are:

• In March 2023, Caterpillar announced the development of the Cat® C13D, a new 13-liter diesel engine platform, which is designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications.
• In November 2022, Caterpillar announced the launch of two new hydraulic excavators on Monday, one of just a few major equipment launches ahead of the 2023 CON-EXPO show. New Cat 340 Hydraulic Excavator features a more powerful engine, wider track, and 7.5-ton counterweight to increase productivity by 10% over the 2020 model year Cat 336, according to Caterpillar. New Cat 352 Hydraulic Excavator combines more power and a heavier counterweight to work with larger tools, Caterpillar said in a press release.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global Conveyor systems market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the Conveyor systems market is segmented based on major By Product Type: (Belt Conveyor, Roller Conveyor, Pallet Conveyor, Overhead Conveyor, Tri-Planar Conveyor, Crescent Conveyor, Skid Conveyor, Trailer Conveyor, Others), By Operation Type: (Manual, Semi-Automatic, Automatic), By Capacity Type: (Unit Handling, Bulk Handling), By Application Type: (Packaging & Warehouse Distribution, Textile & Paper, Construction & Mining, Automotive & Transportation, Consumer Electronics, Food & Beverage, Chemical & Pharmaceutical), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)

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Conveyor System Market Key Segments

By Product Type:

• Belt Conveyor
• Roller Conveyor
• Pallet Conveyor
• Overhead Conveyor
• Tri-Planar Conveyor
• Crescent Conveyor
• Skid Conveyor
• Trailer Conveyor
• Others

By Operation Type:

• Manual
• Semi-Automatic
• Automatic

By Capacity Type:

• Unit Handling
• Bulk Handling

By Application Type:

• Packaging & Warehouse Distribution
• Textile & Paper
• Construction & Mining
• Automotive & Transportation
• Consumer Electronics
• Food & Beverage
• Chemical & Pharmaceutical

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa