Conveyor System Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: MC24092501 | Research Suite: Report (PDF) & Market Data (Excel)
The conveyor system is a handling system that is utilized
for the movement or transporting of the material from one place to another
within a facility. It automates the process of material handling and minimizes
human error, lowers workplace risks and reduces labor costs. It enables the
movement of heavy and bulky objects efficiently in diverse industries including
automotive, e-commerce, healthcare, mining, etc.
MARKET
OVERVIEW
The market valuation of the conveyor system market was valued at approximately USD 9.7 billion in 2023 and is projected to reach USD 18.3 billion in 2034 exhibiting a CAGR of 6.1% during the forecast period of 2024-2034. Conveyor systems increase productivity and safety in the industrial operations. The market is aligned with diverse sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The rise in demand for the automation in manufacturing is one of the key drivers of the market where conveyor systems improve the speed and precision in the material handling. Moreover, the International Federation of Robotics highlights that the demand and adoption of automation in industries is growing for operational efficiency, contributing towards market growth. The expansion of e-commerce and warehousing increases the demand of the market for efficient logistics solutions and warehousing where conveyor systems plays a key role in automating the operations, resulting in the increase in productivity and efficient material handling.
The International Trade Administration states that worldwide ecommerce sales for B2B businesses have been rising year over year for the last decade, with the global B2B ecommerce market valued at USD 36 trillion by 2026. The rapid expansion of e-commerce supports the market growth for the optimization of logistics. The increase in investments in airport infrastructure coupled with the rise in travelers significantly drives the market as conveyor system is utilized in several operations including baggage handling. For instance, India plans to expand its airport infrastructure by 2047 aims to increase the number of airports to 300, driven by expectations of a significant surge in passenger traffic, according to a draft plan by the Airports Authority of India (AAI).
This initiative
involves converting existing airstrips into operational airports and
constructing new greenfield airports. The aviation industry is expected to
witness a sustained period of growth over the next 20 years, with global
passenger numbers set to double to 8.2 billion by 2037, according to the
International Air Transport Association. The more the air transport expands
globally, the demand for the market is anticipated to increase. The growing
automotive industry supports the market as conveyor systems are widely used in
this industry for the transportation of parts and components between different
stages of production and assembly. According to Business Standards, the global
auto industry grew by 12% in terms of sales in 2023. Moreover, in 2022, 85.4
million motor vehicles were produced around the world, an increase of 5.7%
compared to 2021. The growth in the automotive industry fuels the market
demand.
MARKET SEGMENTATION:
·
By Conveyor System Type-
overhead, tri-planar, pallet, belt, bucket, flat belt, chain (by movement-
single leg and twin leg and by structure- Z type, C type and others), tollers,
towline, floor, cable and others
·
By Automation Type-
manual, semi-automatic and fully automated
·
By Industry Verticals-
automotive, airport, electronics, food and beverage, mining, manufacturing,
pharmaceutical and others
·
By Region- North America,
Europe, Asia Pacific, Middle & Africa and South America
Conveyor
System Market Segment By Conveyor System Type Review:
The conveyors are mounted above the workspace. They utilize trolleys and tracks in order to transport goods along a predefined path. They are ideal in automotive for saving floor space and handling items over long distance or complex routine. Tri-planar allows movement in three dimensions which makes them versatile in handling various loads and navigating through tight spaces and are generally used in airports. The pallet conveyors are designed to transport pallet loaded with heavy or bulky goods.
The belt conveyors use a continuous loop of belt which carries the load and transports a wide range of materials from lightweight items to heavy loads, they are widely used in packaging mining and food processing. In the bucket conveyors, a bucket is attached to the conveyor belt or chain designed to lift or transport the materials. The roller conveyor uses a series of rollers for the movement of goods where they are powered or uses gravity. The towline conveyor uses a loop movement in the chain system that is embedded in the floor to move the items through a fixed path. The cable conveyors use cable mechanism to transport or move materials that are generally light weight.
Conveyor
System Market Segment By Automation Type Review:
The manual conveyor systems require human intervention for
efficient operation like rollers or gravity and this segment consists of
simple machines with simple mechanisms including rollers, mostly deployed in
small scale operations. The semi-automatic combines manual labor with automatic
technology like sensors and motors for the transportation of goods, mostly
utilized in mid-sized facilities. The fully automatic segment requires very
minimal or no human intervention as they are integrated with automated
solutions.
Conveyor
System Market Segment By Industrial Vertical Review:
The automotive extensively uses conveyor system in the production and assembly process where they safely handle and transport heavy components including engines, doors, etc. The airports use conveyor systems for efficient baggage handling and transporting of goods and cargo. The electronic industry relies on these systems for movement of precise and delicate electronic components.
The food and beverage is one of the significant users
for the transportation of raw materials or finished goods in the packaging,
assembling and processing. The mining industry relies on the conveyor system
for the transportation of ore, minerals, coals and other aggregates, generally
they cover long distance. The manufacturing segment is one of the key users of
the market for the transportation of raw material components and finished
goods. The conveyor systems in the healthcare sector is utilized for the
transportation of medical products and ensures hygiene handling.
Conveyor
System Market Segment By Regional Review:
North America is a significant market driven by the rapid expansion of e-commerce coupled with robust industrial presence drives the market demand in this region. Europe is a valuable market driven by the Industry 4.0 initiatives for smart manufacturing and automation. Moreover, the region is known for its robust and well-established automotive manufacturing hub which is a key end user of the market. Asia Pacific is a rapidly growing market driven by rapid industrialization and urbanization coupled with booming e-commerce market. The Middle East and Africa market is expected to grow driven by the expansion of the mining sector. South America is another growing market driven by the presence of a well-established food processing industry and robust mining sector.
Key
Challenges:
The conveyor systems are incident to significant investment
where the additional cost includes installation, integration and upgradation in
large scale operations like automotive, e-commerce, warehouse and airports.
This huge upfront investment is a significant challenge for the adoption of the
market as small and medium enterprise may struggle to purchase due to limited
financial budget, limiting the market adoption and it may slowdown the market
expansion.
Competitive
Landscape:
In the highly competitive conveyor system market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. The key recent news and developments include- In November 2023, ProStack expanded its stacker portfolio with the introduction of the Ranger 6-24TR Tracked Radial Conveyor. This model is designed for effective and adaptable stockpiling in quarrying and mining. In April 2023, Interroll launched the new High-Performance Conveyor Platform (HPP).
In February 2023, Murata Machinery
USA. In February 2023, launched its latest addition to Muratec’s range of
automated material handling solutions for small product storage and
retrieval–the new Ledger A3 mini-load is a four-tote carriage automated
storage, retrieval system (AS/RS) and high-density. In April 2024, Walmart (US)
collaborated with Swisslog Holding AG (Switzerland) to implement Swisslog's
storage automation technology at a facility in Texas alongside a
state-of-the-art conveyor system. In March 2024, Siemens AG (Germany) acquired
the industrial drive technology business of ebm-papst (Germany).
Global
Key Players:
·
Siemens
·
Continental
·
Daifuku
·
Fives Group
·
Honeywell International
·
Interroll Group
·
Toyota Industries
·
Emerson
·
Dematic
·
SSI Schaefer
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Conveyor System Type |
overhead, tri-planar, pallet, belt,
bucket, flat belt, chain (by movement- single leg and twin leg and by
structure- Z type, C type and others), tollers, towline, floor, cable and
others |
By Automation Type |
manual, semi-automatic
and fully automated |
By Industry Verticals |
automotive, airport,
electronics, food and beverage, mining, manufacturing, pharmaceutical and
others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Siemens, Continental, Daifuku,
Fives Group, Honeywell International, Interroll Group, Toyota Industries, Emerson,
Dematic, SSI Schaefer, Other Players |
Edition |
1st edition |
Publication |
September
2024 |