According to a recent report, the global conveyor market is projected to exceed $20 billion by 2033. From around $12 billion in 2023, the market is expected to grow at an average compound annual growth rate (CAGR) of 6.5% per annum over the next decade.
The main drivers behind this growth are said to be increasing demand for automation, growth in the e-commerce market and increased infrastructure investment in emerging economies.
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Increasing interest in automation in the production and logistics sectors is driving demand for conveyor systems. Conveyors are used to automate the transport of products on production lines and to transport materials faster and more efficiently in logistics centers.
E-Commerce Market Growth
The rapid growth in the e-commerce market brings with it the need for e-commerce companies to optimize their storage and distribution operations. Conveyor systems help e-commerce companies deliver their products to their customers faster and with fewer errors.
Increasing Infrastructure Investments in Developing Economies
Increasing investment in infrastructure in emerging economies is also stimulating the growth of the conveyor market. Demand for conveyor systems in infrastructure projects such as airports, ports and railways is increasing in these countries.
Market Segments
The conveyor market can be segmented into various segments based on criteria such as product type, application and end-user sector. By product type, the conveyor market can be classified into belt conveyors, chain conveyors, roller conveyors and other conveyors. By application, the conveyor market can be segmented into material handling, assembly lines, packaging and other applications. By end-user industry, the conveyor market can be classified into automotive, food & beverage, electronics, aerospace, and other industries.
Regional Analysis
North America and Europe are the regions with the largest share in the conveyor market. Interest in automation and developed infrastructure in these regions are driving the growth of the conveyor market. Asia Pacific is the fastest growing region. Increasing infrastructure investments in emerging economies in this region and growth in the e-commerce market are supporting the growth of the conveyor market.
Leading Players
Leading players in the conveyor market include Siemens AG, ABB Ltd., ThyssenKrupp AG, Festo AG and Rockwell Automation Inc. These companies offer a wide range of conveyors for different product types and applications.
The conveyor market is expected to grow significantly over the next decade. Increasing demand for automation, growth in the e-commerce market and increasing infrastructure investments in emerging economies are the main drivers behind this growth.
