ALBANY, New York, November 1, 2018
ALBANY, New York, November 1, 2018 /PRNewswire/ --
According to a report of Transparency Market Research (TMR), the global conveyor systems market has extremely consolidated vendor landscape owing to a handful of companies are operating in the market. Some of the players such as Schaefer Systems International Inc., Dematic Group, Daifuku Co. Ltd., and Murata Machinery Ltd. have accounted for the 50% of the key players in 2017. These market players are focusing on improvement of products in terms of durability and quality. Furthermore, these players are adopting some strategies such as partnership, mergers, and acquisitions to remain dominant in the market. Additionally, some local and regional players are trying to enter the market with some advanced products which can be posed as a threat to the key players operating in the market.
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According to TMR, the global conveyor systems market was valued at US$4697.1 mn in 2016 and projected to expand with a CAGR of 3.5% over the forecast period from 2017 to 2025 to attain a value of US$6312.5 mn by the end of the year 2025. Based on the region, Europe dominated the global market for conveyor systems and expected to expand with CAGR of 2.7% over the forecast period. Based on the application, the food and beverage segment dominated the market and expected to remain over the forecast period. This growth is attributable to the technological advancements and availability of diverse conveyors systems which are extensive across numerous applications in the food and beverages industry.
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Growing Need for Operational Efficiency to Propel Growth
Some of the material handling equipment including conveyor systems are experiencing the surge in demand owing to the availability and adoption of improved quality. Additionally, the players are increasingly investing in the research and development (R&D) activities for making the production efficiency in terms of cost through automation along with reducing production of waste during production. These factors are leading to boost adoption and likely to propel the growth of the global conveyor systems market.
The need for efficient material handling equipment and enhancing demand for a speedy flow of materials is boosting penetration of the conveyor system which is boosting the growth of the global conveyor systems market. Furthermore, growing modernization and improvement of infrastructure is boosting the adoption of conveyor systems which is likely to propel the growth of the global conveyor systems market. Additionally, the trend of using high energy efficient and gearless conveyors is expected to favor growth of the global conveyor systems market over the forecast period.
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High Costs of Installation Maintenance to Hamper Market Growth
Despite these growth inducing factors, the global conveyor systems market is expected to face some challenges such as the high cost of the conveyor system, installation, repair, and maintenance. Due to the low cost; some of the small and mid-sized manufacturers are not able to afford these conveyors systems. Additionally, the rising cost of raw material such as steel is hampering the growth of the global conveyor's systems market. Nonetheless, smarter conveyors systems which provide the traceability and features in the conveyor's systems are offering lucrative opportunities over the forecast period. In addition, integrated machine vision features are projected to offering lucrative opportunities over the forecast period.
This information is based on the new report by TMR, titled "Conveyor Systems Market (Conveyor Type - Roller Conveyor, Belt Conveyor, Pallet Conveyor, and Over-head Conveyor; End User - Food Processing, Automotive, Retail Sector, Airport, and Healthcare; Distribution Channel - Online Distribution Channel and Direct Distribution Channel) - Global Industry Analysis, Trend, Size, Share and Forecast 2017 - 2025"
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Global Conveyor Systems Market has been segmented as presented:
By Conveyor Type:
By End User:
By Distribution Channel:
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