The Global Conveyor System Market size is projected to reach USD 12.7 billion by 2027, from an estimated value of USD 9.4 billion in 2022, at a CAGR of 6.0%.
Higher adoption of customized automation processes in various end-use industries like airport, mining, retail & distribution, food & beverages, automotive etc., and rising demand for handling larger volumes of goods safely are the primary driving factors that are estimated to boost the demand for conveyor system during the forecast period.
OPPORTUNITY: Green Conveying
Green conveyors are a three-fold concept that involves lower energy consumption, minimizing the amount of material used in conveyors, and maximizing the positive human impact of these systems, such as lower noise and increased safety for employees. Green conveyors help manufacturers save money and address the pressing problem of climate change by lowering carbon emissions. The use of conveyor controls such as the sleep mode, where the motors turn off to save energy when the belt is not in use, or variable speed controls can significantly help transform existing conveyor systems into greener versions. According to a German Federal Environmental Agency study, electric motors account for more than 60% of Germany’s power consumption in industrial manufacturing. Hence, high-efficiency motors can significantly reduce the electricity consumption of conveyor systems, making them green conveying solutions.
Specific regulatory changes are also encouraging manufacturers to consider adopting energy efficiency. In 2020, the European Federation of Materials Handling (FEM) partnered with Karlsruher Institut für Technologie & Institut für Föfdertechnik und Logistik to form a common standard for forecasting the energy consumption of material handling systems, which may lead to certain legislative rating or benchmarks for energy consumption standards in the future. Leadership in Energy and Environmental Design (LEED) provides certification in the US and has become an acceptable nationwide benchmark for green buildings. With regulatory changes, various conveyor system manufacturers are expected to increasingly focus on introducing a high number of green conveyors in their product portfolios, which is expected to drive the sales of conveyor systems.
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The advancements in automatic conveyors, particularly belt and floor types, which are primarily used in the retail & distribution industry, are expected to increase their adoption due to simplified operations. Modern conveyors can position components at remarkable speeds and complexity. The developments in conveyor systems like short direct-drive conveyor segments, omnidirectional conveyors, and automated systems that send individual carts navigating around powered tracks are all opportunities it offers with the growing technology. Conveyors find many applications, from manufacturing to meatpacking, parcel handling to palletizing, creating the potential for new revenue pockets. Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), Fives Group (France) and Metso Outotec (Finland), some of the market leaders, offer automated customized conveyor systems for various end-use industries around the globe. The constant investments in R&D efforts by conveyor system manufacturers to modernize the industry will provide favourable opportunities for manufacturers and push the demand for innovative solutions for conveyor systems.
By operation, demand for the automatic conveyor segment is projected to be the highest by 2027. The automatic conveyor system market is projected to account for the largest share as it is reliable, improves efficiency, and reduces accidents. Europe and North America are estimated to dominate the automatic conveyor system market owing to higher adoption. As a result, the autonomous conveyor system is projected to witness the highest growth during the forecast period.
Europe and North America are mature markets for conveyor systems for the airport, retail & distribution, and food & beverage industries. However, China, India, and Brazil are expected to experience increasing conveyor system sales in the coming years owing to a rise in demand from industries such as airports, mining, and retail & distribution. Greater inclination towards effective material handling with lesser turn-around time is forcing industries to adopt automated conveyor solutions. Also, the availability of conveyor solutions with customization based upon end applications with respect to the capacity, design elements, and load variability is expected to drive the growth of the market for conveyor systems across different regions.
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North America is estimated to be the second-largest growing market due to growth in the US. As most of the cities in North America have airports, aviation is a major market for conveyor systems in the region. The number of air travellers in the US is growing rapidly, which has led to the expansion of terminals. The rising development of domestic and international airports, expanding tourism industry, increasing trade proliferation of low-cost airlines, and growing population are expected to drive the growth of the conveyor system market for the airport industry in the region.
