Conveyor Belts is Expected to Surpass a Valuation of US$ 12.9 Bn by 2031 End
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The report offers actionable and valuable market insights of Conveyor Belts. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Conveyor Belts Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Conveyor Belts, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Conveyor Belts Market.
The global conveyor system market was valued at ~US$ 12.1 Bn in 2019 and is anticipated to surpass US$ 12.9 Bn during the forecast period 2020-2030. The market is slated on a course of sluggish growth at 2.9%. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors.
With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, reduce ROI (return on investment), and more importantly achieve high quality manufacturing.
The COVID-19 crisis has caused unprecedented uncertainty, leading to a major slowdown. The manufacturing of automobiles, industrial equipment and food & beverages has come to a standstill due to stringent lockdowns imposed by governments. Despite this panic buying by consumers is coaxing manufacturers to increase their warehouse space, which is expected to accelerate demand for conveyor systems.