Conveyor System Market Size Worth $11,903.88 Million, Globally, by 2027 at 5.5% CAGR
According to the new market research report “Conveyor System Market Forecast to 2027 – COVID-19 Impact and Global Analysis by System Type (Overhead, Floor, Roller, Belt, and Others), Belt Type (Light, Medium, and Heavy), and Industry (Food & Beverages, Automotive, Airports, Logistics, Metals & Mining, and Others)”, published by The Insight Partners, the global conveyor system market was valued at US$ 7,940.38 million in 2019 and is projected to reach US$ 11,903.88 million by 2027; it is expected to grow at a CAGR of 5.5% during the forecast period from 2020 to 2027.
In 2020, Siemens launched a new compact and powerful drive system specifically designed for horizontal conveyor applications. The drive system comprises a motor, frequency converter, and gearbox.
In 2019, Interroll provided a new stacker crane for dynamic storage and a transfer car with a modular pallet conveyor platform (MPP). The new products allow users to implement extremely compact, robust, and efficient pallet handling automation solutions.
A conveyor system is an assembly equipped with various mechanical equipment that help carry materials from one location to another with less effort. There are various types of conveyor systems, such as overhead, floor, roller, and belt, upon which materials are moved. While deploying conveyor systems in any industry, several key factors, such as abrasiveness, corrosiveness, flow ability, size, and moisture content, should be taken into consideration to fulfill the industry needs. The system is usually complex in their design and construction due to their huge scales and integration into different factory processes. However, the modular nature of this system makes it readily attainable. The increasing demand for automation in verticals is one of the significant drivers for the growth of the conveyor systems market. The rising adoption of assembly line systems and mass production, coupled with increase in vehicle manufacturing, contributes to market growth. The soaring foreign direct investment (FDI) investments in the automotive industry, material safety concerns, rising industrialization, requirement of automation to mitigate manufacturing costs, and expansion of the e-commerce sector with the adoption of conveyor systems are the key factors propelling the growth of the global conveyor system market. The leading market players are focusing on broadening their addressable market by diversifying client bases, expanding current product portfolios by developing new products. For instance, in April 2020, Martin Engineering, a US-based company, announced the launch of a conveyor belt monitoring system, which monitors the blade and tracks the remaining service life. The newly launched product reduces the manual inspections by providing accurate data to the technicians and mitigating exposure to moving conveyors. Moreover, the global pandemic has positively impacted the market growth, particularly in the e-commerce and food & beverage industries. Due to mounting sales of the products under these industries, manufacturing facilities have been operating to provide products to their customers, which would not have been possible without the use of conveyor systems.