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The conveyor system market saw steady growth in 2021 with worldwide revenues up 3.5% year over year. FMI has forecasted the conveyor system market to reach US$13.7 billion in 2021 at a CAGR of 4.5%, backed by increasing mergers & acquisitions by Tier-1 companies and the integration of machine learning and the internet of things in material handling solutions.
The mining industry’s demand for conveyor systems is skyrocketing. Mining necessitates the transportation and handling of large amounts of heavy goods and debris. Conveyor systems are an excellent choice for long-distance transportation due to their low cost and low maintenance.
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The manufacturing industry is being driven by rising per capita income and rapid economic growth in developing countries such as India and Brazil. This, combined with automation in the fast-moving consumer goods (FMCG), baggage handling, and manufacturing industries, will have a positive impact on market growth over the forecast period.
Conveyor systems that are automated eliminate human error, improve safety, and increase production volume with high repeatability. Because of these advantages, businesses are implementing modern conveyor systems for material handling processes.
The rise in online retailing activity, combined with rising demand for high-quality goods, will drive the retail industry’s adoption of conveyor and sortation systems. Conveyor systems are being installed by businesses to optimise warehouse spacing, sorting and cross-docking products, and automating the distribution process. Increased online shopping in India, China, Brazil, and Chile will boost the market growth in the coming years.
Key Takeaways from FMI’s Conveyor system Market Study
The North American conveyor system market is forecast to expand at a 3.5% CAGR due to rapid growth in the online retail sector.
Growing adoption of automation in the automotive and manufacturing industry, surging mining and construction activities along with growing e-commerce industry in the U.K. and Germany are the key factors driving the market in Europe.
Population surge, increase in demand for processed food, and the presence of e-commerce giants like Alibaba group will drive the demand for conveyor systems in FMCG and packaging industries in China.
India is expected to offer lucrative opportunities as home to one of the leading retail sectors after the U.S. and China. Steady consumer demand and rising investment toward the expansion of retail infrastructure will boost the demand for advanced material handling systems, such as conveyor systems.
“Increasing penetration of automation in material handling and distribution system and increase in several supermarkets and distribution centres will boost the demand for conveyor system in upcoming years,” says the FMI analyst.
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In response to the pandemic, Multi-Conveyor collaborated with East Coast representatives to develop a hand-pack conveyor system to effectively follow social distancing in the workplace and launched “Barrier Spaced Conveyor” in July 2020.
Dürr Group introduced an automated guided vehicle designed for paint shops as a part of its intelligent production initiative in May 2019.
Prominent players operating in the conveyor system market are:-
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Overhead Conveyor System Industry is expected to grow at a 3.5 percent CAGR during the forecast period: FMI appeared first on Future Market Insights.
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