The Conveyor System Market is primed for substantial growth, driven by several key factors. Firstly, the expanding vehicle manufacturing industry is expected to play a significant role in driving market growth. Conveyor systems are crucial in optimizing assembly processes in automotive manufacturing, making them indispensable in this sector. Additionally, the global increase in mining activities, coupled with the continued growth in airport passenger handling and the expansion of freight transportation networks, is expected to boost the demand for conveyor systems in material handling.
As of 2023, the global conveyor system market is valued at approximately US$ 6.4 billion. Projections from Future Market Insights suggest a promising trajectory, with an expected Compound Annual Growth Rate (CAGR) of 5.45% from 2023 to 2033. By the end of this period, the market is projected to reach an impressive US$ 10.9 billion.
The burgeoning vehicle production sector is poised to be a key driver, serving as a propellant for market expansion. Simultaneously, the upsurge in worldwide mining activities, the consistent augmentation of passenger handling capacities at airports and freight transport facilities, and the burgeoning trends in e-commerce are poised to fuel the demand for conveyor systems. Moreover, an escalating need for processed goods is set to further augment the demand within the food and beverage industry.
The incorporation of advanced technologies into conveyor systems, along with the growing digitalization trends in material handling, is expected to create new opportunities for the conveyor system market during the forecasted period. However, it's important to recognize that market growth may be tempered by factors like high initial investments and growing concerns about the environmental impact of mining activities. Furthermore, the increased adoption of automated guided vehicles and robotics presents both opportunities and challenges in this dynamic landscape.
Sales of global conveyor systems market expanded at a CAGR of 4.2% from 2018 to 2022:
- The North American market for global conveyor systems market is likely to have a market share of 26.9%.
- The United States market for global conveyor systems market is likely to expand at a share of 16.9%.
- Belt type conveyors are expected to generate maximum demand for the global conveyor systems market.
- Global conveyor system market in 2022 was US$ 5.6 billion.
- European market is said to grow at a CAGR of 3.4%.
- Germany is said to lead the market with the valuation of 8.76%.
- China is said to grow at a CAGR of 4.66% in the conveyor systems market.
- Agriculture and related activities in China account for more than 7% of its total GDP according to World Bank in 2020.
- Market value for conveyor system market in India is said to hold a market share of 3.65%.
Some of the important developments of the key players in the market are:
In March 2023, Caterpillar announced the development of the Cat® C13D, a new 13-liter diesel engine platform, which is designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications.
In November 2022, Caterpillar announced the launch of two new hydraulic excavators on Monday, one of just a few major equipment launches ahead of the 2023 CON-EXPO show. New Cat 340 Hydraulic Excavator features a more powerful engine, wider track, and 7.5-ton counterweight to increase productivity by 10% over the 2020 model year Cat 336, according to Caterpillar. New Cat 352 Hydraulic Excavator combines more power and a heavier counterweight to work with larger tools, Caterpillar said in a press release.