Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global conveyor systems market size is projected to reach USD 7.43 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period. Increasing incorporation of smart technologies in material handling systems in the mining industry will augment the growth of this market, states Fortune Business Insights™ in its new report, titled “Conveyor Systems Market Size, Share & Covid-19 Impact Analysis, By Type (Roller Conveyors, Flat Belt Conveyors, Wheel Conveyors, Vertical Conveyors & Others), By Location (In-floor Conveyors, On-floor Conveyors & Overhead), By Load (Unit Load & Bulk Load), By Application (Food & Beverages, Pharmaceuticals, Supply chain & Logistics, Manufacturing, Mining & Others) and Regional Forecast, 2020-2027”.
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Conveyor systems are crucial component in mining processes, enabling transport of mined materials such as ores from the mine to the plant. Traditional conveyor belts and other equipment are difficult to maintain and consume more energy, resulting in frequent outages and downtime. As a result, the mining industry is increasingly integrating intelligent technologies powered by Artificial Intelligence (AI) and Internet of Things (IoT) to enhance operational efficiency. For example, implementing sensors in conveyors enables miners to monitor temperature, detect material position, and analyze vibrations, thus helping them avoid any system failure. Similarly, utilizing 3D scanners can enable exact location and size of materials being handled and moved. Thus, smart technologies are opening up new growth and expansion avenues for the market.
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According to the report, the market value stood at USD 5.23 billion in 2019. It also shares the following:
- Microscopic study of all the factors driving and restraining the market;
- In-depth analysis of the various market segments;
- Detailed examination of the regional prospects for the market; and
- Thorough research of the competitive landscape of the market.
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Retarding Growth of the Aviation Industry to Dampen Market Spirits
Conveyor systems are extensively deployed at airports for smooth movement of luggage and cargo. However, the COVID-19 pandemic has severely crippled the aviation industry owing to tight restrictions on foreign travel imposed in most countries to curb the spread of the virus. The Airports Council International (ACI) estimates that there is likely to be a 50% drop in passenger traffic in 2020, leading to a loss of more than USD 97 billion in revenues. Compounding this will be the substantial decline in tourism revenue, as predicted by the UN World Tourism Organization (UNWTO). With such massive shortfall of passenger revenue, airport authorities are postponing or even cancelling modernization plans, which are expected to hamper the conveyor systems market growth.
Asia Pacific to Surge at an Impressive CAGR; North America & Europe to Display Healthy Growth
Asia Pacific’s market size stood at USD 1.74 billion in 2019, giving the region indisputable lead in the conveyor systems market share. The main growth drivers for the market in this region include rapid development of various end-use industries in India and China and the presence of strong global players in the automotive industry in China. Technological advancements in South Korea and Japan are expected to further propel the regional market.
In Europe and North America, swift automation of manufacturing units and active adoption of Industry 4.0, both fueled by rising labor costs, are primarily driving the growth of the market. In Latin America and the Middle East & Africa, moderate market growth is anticipated owing to relatively slower adoption of these systems in manufacturing facilities.
Strategic Operational Expansion to be Key Focus Area for Market Players
One of the most prominent strategies being executed by key companies in this market is the expansion of operations in unexplored markets. In pursuit of that end, market players are partnering with regional companies, even acquiring them in some cases, to broaden their sales opportunities.
- June 2020: US-based Bastian Solutions joined forces with the sports brand PUMA to expand its presence in the market in North America. PUMA inaugurated its new fulfillment center in Indiana, where the company will install Bastian’s advanced robotic storage and retrieval system, AutoStore Black Line, for mass production of its signature sportswear.
- September 2019: Japan-based Daifuku Co. announced the setting up of its subsidiary in Vietnam under the name Daifuku Intralogistics Vietnam. The new entity will be responsible for local sales, installation, and aftersales services of conveyor systems for the distribution and manufacturing end-users in the country.
List of Companies Covered in the Conveyor System Market Report:
- Taikisha Ltd. (Japan)
- Toyota Industries Corporation (Japan)
- Dürr AG (Germany)
- Dematic (United States)
- Bastian Solutions, Inc. (United States)
- Daifuku Co., Ltd. (Japan)
- Invata Intralogistics (United States)
- ATS Automation Tooling Systems Inc. (Canada)
- Interroll (Schweiz) AG (Germany)
- Conveyor Systems Ltd (United Kingdom)
- Continental Conveyor (United States)
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Impact of Covid-19: Conveyor Systems Industry Analysis
- Global Conveyor Systems Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Roller Conveyors
- Flat Belt Conveyors
- Wheel Conveyors
- Vertical Conveyors
- Other Conveyors
- Market Sizing Estimations and Forecasts – By Location (Value)
- In-floor Conveyors
- On-floor Conveyors
- Market Sizing Estimations and Forecasts – By Load (Value)
- Unit Load
- Bulk Load
- Market Sizing Estimations and Forecasts – By Application (Value)
- Food & Beverages
- Supply chain & Logistics
- Others (Airports, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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