The global conveyor system market was valued at US$ 14.14 billion in 2023 and is expected to reach US$ 20.53 billion by the end of 2033. Between 2033 and 2033, global demand for conveyor systems is expected to grow at a CAGR of 3.8%.
Conveyor systems are critical in commercial and industrial organisations for transporting products from one area to another because they increase productivity and reduce costs. End users' use of industrial automation systems has enabled them to create innovative conveyor system designs that boost productivity.
As per historical trends, the market expanded to be valued over US$ 12.1 Bn in 2020. COVID-19 has majorly pinned down expansion prospects, as supply chains are being disruption amidst the emergence of second and third wave infections. However, these are expected to be offset eventually, sustaining demand.
With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, increase returns on investment and more importantly achieve high-quality manufacturing. This involves streamlining existing conveyor systems to achieve faster and optimal output.
What is the Demand Outlook in the U.S Market?
The demand for conveyor systems in the United States is expected to reach $3.52 billion by 2023.
The United States is a significant market for conveyor systems in the logistics sector. The US government is attracting attention for its increased spending on repairing outdated airports and creating new ones to meet expanding air traffic and air freight.
In April 2021, the United States government announced the American Jobs Plan, a new initiative to promote and build airport infrastructure. Promoting terminal upgrades and multimodal linkages to enable convenient access for travellers and employees will focus on safe and efficient air travel.
How is Rapid Industrialization Impacting the Global Market?
Rapid industrialization is highly involving the use of AI and IoT. With the increased demand for improvements in material movement, Industry 4.0 is taking over. They are integrating machine learning and the industrial internet of things with existing infrastructure to optimize their production and improve efficiency.
Smart machines are connected through the IoT with AI, conveyor systems are able to increase productivity by leaps and bounds. If one avenue of production is down for maintenance, pallet conveyor systems can reroute production in real-time without creating a back-up on the line that progressively affects every stage of production leading to the blockage.
Competitive Landscape
The worldwide conveyor systems market is fiercely competitive in nature. Leading businesses are making smart acquisitions to maintain their market position.
Leading market companies are concentrating their efforts on producing novel goods to strengthen their position in the worldwide market.
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In September 2020, Austrian Post chose Fives to automate its new distribution centre in Vomp. The new system includes Fives' proprietary technologies such as the GENI-Belt cross-belt sorter, GENI-Feed induction lines, and a singulator, which can handle 7,000 parcels per hour.
In February 2021, Daifuku Co. Ltd. signed a project-by-project agreement with Germany-based AFT Industries AG. The collaboration will use AFT's automotive client base and technologies, as well as Daifuku's global network.
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