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Growing trend of automation in industries and Lean manufacturing system drive the growth of the global conveyor systems market.
PORTLAND, Ore. , March 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Conveyor Systems Market by Type (Belt, Roller, Pallet, Overhead, and Others), Industry (Food & Beverages, Pharmaceuticals, Transport & Logistics, Manufacturing, Automotive, and Others), and Load (Bulk and Unit): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global conveyor systems industry generated $9.1 billion in 2020, and is anticipated to generate $15.1 billion by 2030, witnessing a CAGR of 5.1% from 2021 to 2030.
Prime determinants of growth
Growing trend of automation in industries and Lean manufacturing system drive the growth of the global conveyor systems market. However, huge initial investment hinders the market growth. On the other hand, growth in the e-commerce industry presents new opportunities in the coming years. Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/1697
The belt segment to maintain its leadership status throughout the forecast period
Based on type, the belt segment held the highest market share in 2020, accounting for nearly two-fifths of the global conveyor systems market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its easy installation and maintenance in application industry. Moreover, the overhead segment is projected to manifest the highest CAGR of 6.6% from 2021 to 2030, owing to increase in adoption of automation in manufacturing industry.
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The food & beverages segment to maintain its lead position during the forecast period
Based on end use industry, the food & beverages segment accounted for the largest share in 2020, contributing to more than one-fifth of the global conveyor systems market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.3% from 2021 to 2030. This is due to large scale production of packaged food items around the world.
Asia-Pacific , followed by Europe and North America , to maintain its dominance by 2030
Based on region, Asia-Pacific , followed by Europe and North America , held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global conveyor systems market. This is owing to large scale manufacturing industries in China and India as well as production of conveyors in China . Moreover, the LAMEA region is expected to witness the fastest CAGR of 6.4% during the forecast period, owing to rapid industrialization in emerging countries of the region.
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