Conveyor System Market is Estimated to Exhibit CAGR of 5% by 2029 | Future Market Insights (FMI)
The conveyor system report offers key insights into the market and
projects growth for the period of 2019-2029. The global conveyor system
market was valued at ~US$ 12 Bn in 2018 and is forecasted to amplify at a
CAGR of ~5% during the stipulated period of 2019-2029.
research report, published by Future Market Insights (FMI), on the
global conveyor system market analyzes the industry trends. The global
market research study on conveyor system projects that the belt conveyor
systems will remain prominent in terms of market value shares through
2029, whereas in terms of growth rate, the roller conveyor systems are
likely to lead the way in global conveyor system market.
conclusion after the assessment of the global conveyor system market is
that the market is estimated to foresee steady growth in coming years
owing to the positive outlook for packaging industry and optimistic
warehouse & distribution sector growth, and the best strategy to
adopt is to concentrate resources in targeting turnkey projects. The
report has covered deep-dive insights on how the flourishing retail
sector has been assisting the sales of conveyor systems, and thereby,
pushing the global market growth.
Retail Sector to Create Sizable Opportunities
retail sector has been the most attractive segment and investment
destination for multinational and private equites, with emerging
countries estimated to be the most lucrative markets. Favorable
demographics, expanding factory automation, rising disposable incomes,
industrialization, extensive presence of players, and the entry of new
companies are the major factors influencing the growth of the market.
India is expected to be the 3rd most attractive market in the retail
sector. Driven by buoyant consumer demand and development plans of
organized retail companies, the sector grew by 23% in FY2014-FY2015.
Consequently, fueling the demand for material handling systems, such as
conveyor systems, throughout the forecast period.
End-use Industries Setting Momentum for Conveyor System Market Growth
in technologies have led end-use industries to include automation. Use
of automatic conveyor systems to test applications resulted in reduced
ergonomic issues created due to humans performing repetitive jobs. In
several end-use industries, end users often work with large heavy parts,
which can be easily handled by conveyor systems.
Conveyor System Market: Vendor Insights
global conveyor system market is estimated to be fragmented with Tier-1
players accounting for about one-fourth of the global market share.
Manufacturers who can offer exceptionally reliable and efficient
conveyor systems in a short time can gain clear competitive edge in the
global conveyor system market. Investment in research and development
could also create opportunities for conveyor system manufacturers as
chemical, pharmaceutical, automotive, and transportation end-use
industries invest significantly in procuring material handling equipment
that are technologically advanced, as factory automation is not a
benefit in these industries, instead, it has become a need.
Press Release Source: https://www.globenewswire.com/news-release/2019/10/10/1928050/0/en/Conveyor-System-Market-is-anticipated-to-grow-at-a-CAGR-of-5-over-the-forecast-period-of-2019-to-2029-Future-Market-Insights.html
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