February 04, 2022 08:33 ET | Source: Research and Markets Research and Markets
Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The "Conveyor Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Conveyor Systems Market to Reach US$65.1 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Conveyor Systems estimated at US$50.6 Billion in the year 2020, is projected to reach a revised size of US$65.1 Billion by 2027, growing at a CAGR of 4.3% over the analysis period.
Conveyor systems are widely used in manufacturing and distribution facilities for the movement of products ranging from bolts to pallets. The pace of industrialization and the growing need to automate processes in various industries continue to drive growth in the conveyor systems market. The growing move towards assembly line process in various industry verticals for mass production purposes favors market growth.
Growth in the market is also supported by the rising need to modernize older conveyor systems-related infrastructure. There is especially an increase in adoption of gearless and energy efficient conveyor system designs, on account of the growing regulatory pressures facing end-use customers to improve energy efficiency of conveyor systems. Demand is also rising for smart conveyor systems such as those capable of offering product traceability features. Long-term growth potential also exists in conveyor systems providing integrated machine vision features. Belt, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$17.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Roller segment is readjusted to a revised 5.4% CAGR for the next 7-year period.
This segment currently accounts for a 19.7% share of the global Conveyor Systems market. Extensive use of belt conveyor systems in various end-use sectors contributes to the segment's large share. Demand for the systems continues to grow from diverse industry verticals due to their advantage in conveying a wide variety of goods regardless of shape, size and weight. The Roller segment growth will be fueled by the rapid growth of e-commerce industry, which will increase need for warehouses and thus drive demand for roller conveyor systems. Pallet Segment to Reach $10.3 Billion by 2026
Pallet conveyors, also known as unit load conveyor or pallet handling conveyor, are commonly used for transporting, accumulating, and sorting large unit loads and discrete products. Pallet-based conveyors can be configured to meet an array of environmental requirements including ESD-compatible, dry room, cleanroom, and washdown applications. In the global Pallet segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$6.2 Billion in the year 2020 will reach a projected size of US$7.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 4.5% CAGR through the analysis period. Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 143 Featured)
4. GLOBAL MARKET PERSPECTIVE III. REGIONAL MARKET ANALYSIS IV. COMPETITION
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