Conveying equipment market size worth over USD 34 billion in 2017, is estimated to record a CAGR of around 2% over the period of 2018-2024, primarily driven by rising demand across automotive, construction, and manufacturing sectors. Increasing infrastructure spending, particularly in Asia Pacific and LATAM will also catalyze the market size over the forecast timeframe. Moreover, growing automation in the manufacturing industries as a result of shifting focus towards mass production to decrease the capital investments will further favor conveying equipment market trends.
Expanding construction industry, which was worth nearly USD 9.5 trillion in 2015, will positively impact conveying equipment demand over the coming timeframe. Surging applications in automotive industry for manufacturing and shipment of vehicles will generate heavy demand for conveyor systems, in turn influencing the market size. In addition to this, rising e-commerce & food & beverages industry which in turn demands for simultaneous production and delivery of goods will also be lucrative sectors contributing towards conveying equipment market share.
Stringent government regulations to ensure employee safety is another vital factor fueling the industry size. For instance, OSHA (Occupational safety and health administration) has restricted human exposure to harmful work environments, which has made it mandate to install these systems across such work spots, thereby boosting the industry growth trends.
However, tight supply of raw materials such as steel, polyester, cotton, rubber, and coated fabrics, over the coming years may inhibit the industry progress.
The market is segmented in terms of products, applications, and regions.
Conveying equipment product segment comprises Bulk Handling, Parts & Attachments, and Unit Handling.
Unit handling conveyor market will witness significant gains owing to huge demand from the automotive, manufacturing, and food & beverages industry. These conveyors have become an essential requirement for the industries owing to their ease of operability as well as reliability. Unit handling conveyor systems minimize the energy consumption and produce optimal output and are used extensively for shipment and manufacturing processes.
Bulk handling conveyors are estimated to register a CAGR of around 2% over 2018-2024. These are mainly used for loading and unloading of goods. Some of the bulk handling products include belts for coal, ash handling systems, coal handling systems, rotary air lock, truck loading machine, rotary air valve, truck loaders, and rotary feeder. Countries such as China and India, where coal is used as a fuel on a large scale will contribute significantly towards bulk handling conveyors market growth.
Conveying equipment application segment includes durable and non-durable goods.
Conveyor system market share for durable goods is projected to surpass USD 15 billion by 2024. The growth can be attributed to the growing industrialization and shifting focus towards bulk production to minimize production time and costs.
Conveying equipment market size for non- durable goods will register a CAGR of around 1% over 2018-2024, driven by increasing demand across food & beverages industry.
Geographically, the market is segmented into North America, Asia Pacific, Latin America, Europe, and MEA.
APAC conveying equipment market size is estimated to grow at a CAGR of around 2.5% over 2018-2024, driven by favorable regulations, increased infrastructure spending and growing industrialization across this region. India and China are estimated to drive the regional growth.
U.S. conveying equipment market will witness a significant growth over the forecast timeframe, catalyzed by the expansion of automotive and aerospace industry across this region.
Europe market is poised to grow noticeably over the projected timeframe, driven by the growing automation in automotive and manufacturing industries. Germany and France will be the major revenue pockets.
Key industry participants are Sandvik, Dematic, Rexnord, Nordstrong Equipment, Intelligrated, Daifuku, Webster, Richards Wilcox, Hitachi, FMC Technologies, and Siemens.
Segments Covered in this Report:
The above information has been provided for the following regions and countries: