What Has Been the Progress and Growth of the Conveyor System Market in Recent Years?
The conveyor system market has seen considerable growth due to a variety of factors.
• The market size for conveyor systems has experienced substantial growth in the most recent years. It is projected to escalate from $9.71 billion in 2024 to $10.28 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.9%. The growth has been driven by factors such as the adoption of labor-saving devices, maintenance and after-sales services, improvements in supply chain efficiency, demand in emerging markets, and the implementation of cost-reducing strategies.
What Can Be Expected from the Conveyor System Market By 2029?
The Conveyor System market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the conveyor system is projected to experience significant growth in the coming years. The growth will see the market reach $13.19 billion in 2029, with a compound annual growth rate (CAGR) of 6.4%.
This growth during the forecast period is primarily due to the surge in automation and Industry 4.0 adoption, expansion in the manufacturing sector, warehouse enhancements, retail sector evolutions, sustainability and green logistics. Key trends that will define the forecast period involve the intertwining of robotics, the significance of maintenance and follow-up services, the rising demand in burgeoning economies, labor expenditures and productivity enhancement, and the impact of globalization and commerce.
What Are the Critical Driver Fuelling The Conveyor System Market's Growth?
The expansion of the conveyor system market is anticipated to be fueled by the rapid rise in e-commerce. E-commerce involves the electronic purchase or sale of goods via a digital network, predominantly the internet. Conveyor systems are critical in the e-commerce industry as they enable swift and effective delivery of packages and parcels of various sizes. They offer rapid delivery and are perfect for handling products of specific capacities. For example, Shopify Inc., a multinational e-commerce firm based in Canada, stated in February 2022 that the worldwide e-commerce market had amassed a total of $5.55 trillion in 2022. Furthermore, e-commerce sales in Latin America reached $85 billion in 2021. As a result, escalations in e-commerce are catalyzing the growth of the conveyor system market.
How Is The Conveyor System Market segmented?
The conveyor system market covered in this report is segmented –
1) By Product Type: Belt Conveyor, Roller Conveyor, Pallet Conveyor, Overhead Conveyor, Tri-Planar Conveyor, Crescent Conveyor, Skid Conveyor, Trailer Conveyor, Other Product Types
2) By Component: Aluminum Profile, Driving Unit, Extremity Unit
3) By Operation: Manual, Semi-Automatic, Automatic
4) By End-User Industry: Retail, Food And Beverages, Poultry And Dairy, Automotive, Airport, Other End User Industries
Subsegments:
1) By Belt Conveyor: Flat Belt Conveyor, Modular Belt Conveyor, Wire Mesh Belt Conveyor, Cleated Belt Conveyor
2) By Roller Conveyor: Gravity Roller Conveyor, Powered Roller Conveyor, Accumulation Roller Conveyor
3) By Pallet Conveyor: Chain Driven Pallet Conveyor: Slat Pallet Conveyor, Roller Bed Pallet Conveyor
4) By Overhead Conveyor: Enclosed Track Overhead Conveyor, I-Beam Overhead Conveyor, Power And Free Overhead Conveyor
5) By Tri-Planar Conveyor: Horizontal Tri-Planar Conveyor, Inclined Tri-Planar Conveyor
6) By Crescent Conveyor: Modular Crescent Conveyor, Custom Crescent Conveyor Systems
7) By Skid Conveyor: Fixed Skid Conveyor, Portable Skid Conveyor
8) By Trailer Conveyor: Standard Trailer Conveyor, Custom Trailer Conveyor Systems
9) By Other Product Types: Screw Conveyor, Bucket Conveyor, Magnetic Conveyor, Chain Conveyor
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What New Trends Are Influencing The Conveyor System Market?
The foremost trend taking hold in the conveyor system market is technological evolution. Prominent businesses in the field are implementing fresh innovations like the Internet of Things (IoT), radio-frequency identification (RFIDs), 2D radar technology, ultrasonic technology, and artificial intelligence (AI) to maintain their market standing. For instance, Continental AG, a German conveyor systems firm, unveiled a new 2D radar-based conveyor monitoring system called Conti Load Sense in February 2022. The distinguishing traits of this conveyor system involves 2D radar-based supervision that scrutinizes the material and conveyor belt from different perspectives to ascertain the load's position and the belt, and also employs ultrasonic technologies. This enables accurate calculation of the quantity of products in transit.
Who Are the Key Players In The Conveyor System Market?
Major companies operating in the conveyor system market include:
• Daifuku Co. Ltd.
• Continental AG
• Siemens AG
• Taikisha Ltd.
• Fives Group
• Kion Group AG
• Toyota Industries Corporation
• KUKA AG
• Honeywell International Inc.
• Murata Machinery Ltd.
• Interroll Holding AG
• Beumer Group GmbH & Co. KG
• Viastore Systems GmbH
• SSI Schaefer AG
• Knapp AG
• Mecalux SA
• Witron Logistik + Informatik GmbH
• Kardex Group
• Terex Corporation
• FlexLink AB
• Dorner Mfg Corp.
• Hytrol Conveyor Co. Inc.
• mk Technology Group Inc.
• TGW Logistics Group
• Conveyor Systems Ltd.
• Conveyor Units Ltd.
• ConveyorTek Ltd.
• LAC Conveyors & Automation Ltd.
• Advance Automated Systems Ltd.
What Is The Most Dominant Region In The Conveyor System Market?
Asia-Pacific was the largest region in the conveyor system market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the conveyor system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
