The European market is predicted to develop at a CAGR of 3.4%, with Germany leading the way at an expected CAGR of 8.76%. During the forecast period.
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
“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-
Some of the important developments of the key players in the market are:
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:
By Operation Type:
By Capacity Type:
By Application Type:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 25, 2023