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Kalkine Media ASX Share Market News & Research

Conveyor Systems Market to Reach $15,183.1 mn by 2030 | Fueled by Top Players Caterpillar, Daifuku Co., Fives, Interroll

January 24, 2024 04:58 PM CET | By EIN Presswire
Conveyor Systems Market to Reach $15,183.1 mn by 2030 | Fueled by Top Players Caterpillar, Daifuku Co., Fives, Interroll
Image source: EIN Presswire

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Rise of e-commerce business has led to increase in packaging requirements as well as its extensive use in warehouse boost conveyor systems growth.

WILMINGTON, DELAWARE, January 24, 2024 /EINPresswire.com/ -- A conveyor system is an essential component of a production line, responsible for transporting unfinished products from one stage of the process to another. The conveyor system helps in transportation of the goods from one destination to other.

It consists of pulleys and belts, and the belts are connected between two pulleys that help in rotating the pulleys for providing the efficient movement of the goods between two points. It is used in airports for transportation of luggage. Similarly, it is used in airports for the transportation of heavier passenger luggage from one destination to another.

The global conveyor systems market size was valued at $9.1 billion in 2020, and is expected to reach $15.2 billion by 2030, with a CAGR of 5.1% from 2021 to 2030. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 37.0% share of the global market.

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Market Dynamics:
The major driving factors of the conveyor systems market is the growing adoption of the lean manufacturing system by companies. The lean manufacturing system helps in decreasing the time, cost, and efforts by increasing the productivity.

Conveyor systems provides the lean manufacturing system application by reducing time, cost, and labor errors by increasing productivity and handling more volume of goods, which is leading to more adoption of conveyor systems.

In addition, to compensate with labor shortages, companies are adopting the automation system that helps in saving other cost. Hence, conveyor systems are used as the automated systems for the above applications, which is leading to the adoption of the conveyor systems and hence driving the market.

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Competition Analysis

The major players profiled in the conveyor systems market include Caterpillar, Daifuku Co., Fives, Interroll Group, Kardex, Kuka AG (Swisslog Holding AG), Mahindra Tsubaki Conveyor Systems Pvt. Ltd., Murata Machinery, Ltd., Siemens, Taikisha Ltd.

Segmentation Based On:

By Type -
Belt
Roller
Pallet
Overhead
Others

By Industry -
Food & beverages
Pharmaceuticals
Transport & logistics
Manufacturing
Automotive
Others

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David Correa
Allied Analytics LLP
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