Market Expansion: Predicting the Evolution of the US$ 10.9 Billion Conveyor System Market

The Conveyor System Market is poised for rapid expansion, driven by several pivotal factors. To begin with, the burgeoning vehicle production industry is expected to serve as a significant catalyst for market growth. Conveyor systems play a pivotal role in streamlining the assembly processes within automotive manufacturing, thus underpinning their indispensable role in this sector. Furthermore, the global upswing in mining activities, coupled with the sustained growth in passenger handling capacities at airports and the continued expansion of freight transportation networks, is anticipated to further elevate the demand for conveyor systems within the realm of materials handling.

As of 2023, the global conveyor system market is valued at approximately US$ 6.4 billion. Projections from Future Market Insights indicate a promising trajectory, with an anticipated Compound Annual Growth Rate (CAGR) of 5.45% from 2023 to 2033. By the conclusion of this period, the market is envisioned to burgeon to an impressive US$ 10.9 billion.

The burgeoning vehicle production sector is poised to be a key driver, serving as a propellant for market expansion. Simultaneously, the upsurge in worldwide mining activities, the consistent augmentation of passenger handling capacities at airports and freight transport facilities, and the burgeoning trends in e-commerce are poised to fuel the demand for conveyor systems. Moreover, an escalating need for processed goods is set to further augment the demand within the food and beverage industry.

The integration of advanced technologies into conveyor systems, coupled with the growing digitization trends in the material handling sector, is set to unlock novel avenues for the conveyor system market during the forecasted period. However, it's imperative to acknowledge that market growth may be tempered by factors such as heightened initial investments and mounting concerns regarding the environmental ramifications of mining activities. Additionally, the increased adoption of automated guided vehicles and robotics presents both opportunities and challenges within this dynamic landscape.

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Key Takeaways:

Sales of global conveyor systems market expanded at a CAGR of 4.2% from 2018 to 2022:

The North American market for global conveyor systems market is likely to have a market share of 26.9%.
The Unites States market for global conveyor systems market is likely to expand at a share of 16.9%.
Belt type conveyors are expected to generate maximum demand for the global conveyor systems market.
Global conveyor system market in 2022 was US$ 5.6 billion.
European market is said to grow at a CAGR of 3.4%.
Germany is said to lead the market with the valuation of 8.76%.
China is said to grow at a CAGR of 4.66% in the conveyor systems market.
Agriculture and related activities in China account for more than 7% of its total GDP according to World Bank in 2020.
Market value for conveyor system market in India is said to hold a market share of 3.65%.
Belt type conveyors are said to hold a market share of 18.2% in the conveyor industry.
Automatic Conveyors are said to Gain in the Market of Conveyors.
Automatic conveyors are said to grow at a CAGR of 4.9% in the conveyor systems market.
Automotive and Transportation Industry is Most Commonly Used in Conveyor systems Market.
Automotive and transportation industry will exhibit a dominant growth rate with a market share of 3.52%.

“Impact of circular economy on conveyor system market is one of the major driver of the global conveyor systems market,”- says an analyst at Future Market Insights (FMI).

Competitive Landscape:

Some of the prominent players in this market are-

Daifuku Co., Ltd.
Fives
Interroll Group
Kardex
Kuka AG
Mahindra Tsubaki Conveyor Systems Pvt. Ltd.
Murata Machinery, Ltd.
Siemens
Taikisha Ltd.
Caterpillar

Some of the important developments of the key players in the market are:

In March 2023, Caterpillar announced the development of the Cat® C13D, a new 13-liter diesel engine platform, which is designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications.
In November 2022, Caterpillar announced the launch of two new hydraulic excavators on Monday, one of just a few major equipment launches ahead of the 2023 CON-EXPO show. New Cat 340 Hydraulic Excavator features a more powerful engine, wider track, and 7.5-ton counterweight to increase productivity by 10% over the 2020 model year Cat 336, according to Caterpillar. New Cat 352 Hydraulic Excavator combines more power and a heavier counterweight to work with larger tools, Caterpillar said in a press release.

Key Segmentation:

By Product Type: