The global conveyor systems market is expected to be driven by technological advancements over the forecast period. Reducing operational costs and production cycle time with respect to material handling has minimized error possibilities. Need for customized conveying equipment has surged the manufacturers to increase their R&D potential. The conveyor system suppliers serve different industry segments including airport-baggage handling, automotive, food & beverage, and retail. Rise in demand for automation in these industry verticals is one of the major drivers for the conveyor systems market. Increased adoption of assembly line methodology and mass production, led by growth in motor vehicle manufacturing, is expected to contribute to market growth. However, a decrease in capital investments due to trade deficits, overdependence on the volatile durable goods market could pose a challenge on market growth.
The conveyor systems market can be segmented on the basis of product type into, tri-planar, crescent, floor, overhead, pallet, roller, and belt conveyors. These conveyor systems are expected to become more efficient, eco-friendly, flexible, and sophisticated through the forecast period. The incremental growth of e-commerce is a major contributing factor for the conveyor modernization. In addition, increasing use of retrieval, automated storage, and crossdocking systems are also expected to shape the next-generation of conveyor technology. Recent development in repair techniques and belt technology has reduced the occurrences of extensive downtime for belt replacement and increased reliability.
Rising industrialization in Asia Pacific region owing to high GDP growth, increasing employment, and high purchasing power is expected to drive the regional market over the forecast period. The Asian manufacturers have been increasing their quality standards in order to compete in the market. However, North America is expected to remain the dominant regional conveyor systems market through the forecast period. Development of advanced & innovative products such as malfunction detector systems, lean manufacturing systems, and growing food & beverage industry are some of the factors, which are expected to contribute to market growth.
Key industry participants include Vanderlande, Taikisha, Swisslog, SSI Schaefer, Shuttleworth, RUD, Redler, Nordstrong, Murata Machinery, Mahindra Conveyor Systems, Interroll, Intelligrated, FMC Technologies, Flexlink, and Allied Conveyor Systems.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.