ASEAN conveyor system market at US$ 1.7 Bn in 2021 and has estimated the market to grow at a CAGR of 7.1% to reach a valuation of US$ 3.7 Bn by 2032.
The ASEAN conveyor system market at US$ 1.7 Bn in 2021 and has estimated the market to grow at a CAGR of 7.1% to reach a valuation of US$ 3.7 Bn by 2032. Roller Conveyor systems to account for more than 22% of the total ASEAN conveyor system deployment by the end of the forecast period.
The Conveyor System Market is expected to expand as warehousing demand rises. As various industries develop, a significant portion of new business ventures will necessitate significant warehousing services and goods, driving demand for the warehousing and intralogistics industries. The ASEAN countries’ growing ecommerce sector is boosting the warehousing market, which in turn is boosting the conveyor system market.
The Indonesia market is expected to dominate the ASEAN Conveyor System Market in terms of revenue in 2022 and to grow throughout the forecast period. Indonesia will account for nearly 30% of the ASEAN market. The ASEAN conveyor system market accounts for ten to twelve percent of the global conveyor system market.
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Conveyor systems are in high demand as the automotive industry strives to maintain agility in the assembly process. A well-functioning conveyor system is essential during production because there are numerous parts that must be moved around. Conveyor systems provide many benefits to automakers, including the ability to move parts quickly and efficiently along the production line. Conveyor systems can also help reduce labour costs by automating some of the tasks associated with moving parts from one station to the next.
Conveyor systems will continue to play an important role in assembly line operations as the automotive industry strives to maintain a competitive edge.
Demand for Energy efficient Conveyor System
Industries are increasingly focusing on lowering energy costs by using efficient processes and products. A material handling facility uses a lot of energy. Lighting, heating, cooling, machinery operations, and peak-time operations are the areas in which more energy is necessary and is generally more utilized. This presents challenges and prospects with regards to energy sustainability, as facilities may use old, inefficient motors. In tune with this requirement, manufacturers of conveyor systems are presenting conveyor with energy-efficient systems for various applications. For instance, manufacturers are evolving conveyor systems with better visco-elastic properties, which can reduce energy consumption by up to 20%.
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Which Industry has more Demand for Conveyor System in ASEAN Market:
According to research, the automotive industry is the most popular, followed by intralogistics and warehousing. The automotive industry is expected to maintain its dominance throughout the forecast period.
The ASEAN region offers numerous opportunities for automotive and vehicle component manufacturers. Vehicle demand rises as the region’s economy strengthens and the number of middle-class households with high net disposable income rises. Growth in production and sales figures is expected to continue as demand for cars and other motor vehicles rises. The ASEAN region’s growing automotive industry is expected to drive up demand for conveyor systems.
The Automotive industry is set to grow with a CAGR of 7.6% and is estimated to create an absolute dollar opportunity worth US$ 256.7 Mn during the forecast period.
ASEAN Conveyor System Market Key Segments
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ASEAN Conveyor System Market , ASEAN Conveyor System Market Share , ASEAN Conveyor System Market Size
Jan 05, 2023
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