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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.

The market
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.

The key
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

The
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

Advancements
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.

  • For
    instance, the electronic industry demands more precision, flexibility,
    and speed from a system. Assembly applications in this industry, when
    carried out with conveyor systems, can save operations cost, throughput
    time, and offer maximum accuracy.
  • Conveyor systems serve food
    and agriculture, plastics and polymers, pharmaceutical and chemistry,
    furniture and equipment, as well as science and research fields.
    Advancements in technology and trending automation in these industries
    are pivotal factors for the growth of the material handling equipment
    market, in turn, driving the demand for conveyor systems.

Conveyor System Market: Vendor Insights

The
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.

  • In
    May 2019, Dürr Group launched its first AGV specifically designed for
    paint shops as a new solution for more intelligent production.
  • In April 2018, BEUMER Group launched new generation of high-performance sorting: BG Sorter.

Press Release Sourcehttps://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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Future
Market Insights (FMI) is a leading market intelligence and consulting
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and consulting services which are personalized in nature. FMI delivers a
complete packaged solution, which combines current market intelligence,
statistical anecdotes, technology inputs, valuable growth insights and
an aerial view of the competitive framework and future market trends.

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