North America market is set to expand at 3.5% CAGR over the course of the assessment period. The growth can be attributed thriving e-commerce industry and expansion of packaging centers in the U.S. and Canada.
The conveyor system market saw steady growth in 2021 with worldwide revenues up 3.5% year over year. Future Market Insights (FMI) has forecasted the conveyor system market to reach US$13.7 billion in 2021 at a CAGR of 4.5%, backed by increasing mergers & acquisitions by Tier-1 companies and integration of machine learning and internet of things in material handling solutions.
The manufacturing industry is being driven by rising per capita income and rapid economic growth in developing countries such as India and Brazil. This, combined with automation in the fast-moving consumer goods (FMCG), baggage handling, and manufacturing industries, will have a positive impact on market growth over the forecast period.
Conveyor systems that are automated eliminate human error, improve safety, and increase production volume with high repeatability. Because of these advantages, businesses are implementing modern conveyor systems for material handling processes.
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Key Takeaways from FMI’s Conveyor system Market Study
“Increasing penetration of automation in material handling and distribution system and increase in number of supermarkets and distribution centers will boost the demand for conveyor system in upcoming years,” says the FMI analyst.
In response to pandemic, Multi-Conveyor collaborated with East Coast representatives to develop a hand-pack conveyor system to effectively follow social distancing in work place and launched “Barrier Spaced Conveyor” in July 2020. Dürr Group introduced automated guided vehicle designed for paint shops as a part of its intelligent production initiative in May 2019.
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Prominent players operating in the conveyor system market are:-
Surge in online retailing activities along with increasing demand for high quality goods will drive the adoption of conveyor and sortation systems in the retail industry. Companies are installing conveyor system to optimize warehouse spacing, sorting and cross-docking products, and automating their distribution process. Increase in online shopping in India, China, Brazil, and Chile will positively influence the market growth in upcoming years.
Future Market Insights (ESOMAR certified 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.
Aug 28, 2022