Conveyor System Market to Reach $8.8 Billion by 2021 - Rising Demand for Handling Larger Volumes of Goods
DUBLIN, July 28, 2017 /PRNewswire/ --
The "Conveyor System Market by Industry, Type, Belt Type, and Region - Global Forecast to 2021" report has been added to Research and Markets' offering.
The conveyor system market is projected to grow at a CAGR of 9.04% from 2016 to 2021, to reach a market size of USD 8.87 Billion by 2021. The major drivers of this market are rising demand for handling larger volumes of goods, improving process efficiency, increasing FDI investments in the automotive, food and beverage, retail and airport sectors, and material safety concerns, among other factors.
The retail industry is the largest segment of the conveyor system market, in terms of value. Supermarkets, warehouses, and distribution centers cover a major portion of the retail conveyor system market. Belt, roller, and pallet type conveyors are majorly used in the retail industry and the pallet type segment is estimated to grow at the fastest CAGR, during the forecast period. Europe and the Americas account for the largest share of the conveyor system market, owing to the presence of major conveyor system manufacturers.
The dairy subsegment of the food and beverage industry conveyor system market is estimated to grow at the fastest CAGR during the forecast period. According to the European Food & Drink industry statistics, the dairy industry accounted for 14% of the total revenue of the food and beverage segment which include meat products, drinks, bakery products and others. Dairy products include cheese, butter, milk, curd, and others which need conveyor systems to maintain proper hygiene. Currently, the dairy industry prefers steel belts over traditional plastic and PU conveyor systems.
The medium-weight conveyor belt segment is the largest segment of the global conveyor system market, during the forecast period. Medium- weight conveyor belts have a tensile strength ranging from 500 N/mm to 2,500 N/mm, and are suitable for handling rough and heavy material such as in the automotive sector. A boost in the manufacturing sector has led to increased demand for medium-weight conveyor belts.
A key factor restraining the growth of the conveyor system market is high initial investment. Along with this high initial investment cost comes the additional operational costs such as electricity and pneumatics. The increasing cost of conveyor systems is due to the additional features that these modern systems possess. The conveyor system market is dominated by a few global players, and comprises several regional players.
Companies Mentioned
- Daifuku Co. Ltd.
- Dematic
- Emerson Electric Co.
- Fives
- Intelligrated
- Interroll Holding GmbH
- Siemens AG
- SSI Schäfer
- Swisslog
- Taikisha Ltd.
- TGW Logistics Group
- Vanderlande Industries B.V.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Conveyor System Market for Retail Industry, By Region and Conveyor Type
7 Conveyor System Market for Food & Beverage Industry, By Region, Conveyor Type and Sub-Industry
8 Conveyor System Market for Automotive Industry, By Region and Conveyor Type
9 Conveyor System Market for Airport, By Region and Conveyor Type
10 Global Conveyor System Market, By Belt Type
11 Competitive Landscape
12 Company Profiles
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/research/w3vhv3/conveyor_system
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