November 2, 2021 07:43 ET | Source: Priority Research Priority Research
London, November 2, 2021 (GLOBE NEWSWIRE) - The global conveyor system market size in 2020 is USD 7.2 billion. Conveyor systems are used to move products, raw materials, and other items from one place to another. The same building or area, and used in various industries, such as airports, pharmaceuticals, retail, and automobiles. The demand for conveyor systems depends on the growth of various end-use industries worldwide. The growing demand for handling large volumes of cargo in industries such as mining, food and beverage, supply chain, and distribution are exponentially contributing to the growth of the global conveyor system market.
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In addition, the rapid growth of e-commerce will play a key role in the next few years. Advances in technology have promoted the development of e-commerce. The e-commerce department widely uses delivery systems in warehouses and distribution centers. Therefore, the increasing popularity of e-commerce in the global population is expected to drive the growth of the global conveyor system market during the forecast period. In addition, due to the development of the North American biopharmaceutical manufacturing industry, the rapid growth of the pharmaceutical industry is significantly driving the growth of the delivery system market. It is expected that the presence of a large number of pharmaceutical manufacturers will increase the demand for conveyor systems in the next few years.
The key factors affecting market growth are:
Scope of the conveyor system market report
Europe is the leading conveyor system market. The early adoption of automation technology in various industries in Europe has greatly contributed to the growth of the market. The fast-growing tourism industry in Europe is driving demand for conveyor systems in the airport sector. During the forecast period, the presence of top automotive companies in the region is expected to drive market growth. The increasing use of smart and innovative technologies in European manufacturing has increased the demand for the latest conveyor systems.
It is estimated that the Asia-Pacific region is the most opportunistic market during the forecast period. The Asia-Pacific region is characterized by rapid industrialization, a huge customer base, increasing consumer disposable income, and increasing popularity of automation in the industry. All these factors encourage participants from different industries to invest in the establishment of manufacturing facilities in the region. Therefore, the industrialization of the Asia-Pacific region is the main factor that is expected to drive market growth.
The main driving force of the conveyor system market is the increasing adoption of automation in various industries, the development of efficient and up-to-date conveyor systems, and the increasing demand for handling large volumes of goods. In addition, the mining industry is significantly driving market growth due to the massive mining of metals and fuels on a global scale.
The installation of conveyor systems in operating facilities requires significant investment. High capital investment may hinder market growth, especially in developing and underdeveloped economies facing financial constraints.
The introduction of the latest technologies such as the Internet of Things, the Internet of Things, sensors and other intelligent functions into the conveyor system can handle a large amount of goods efficiently and safely. It is expected to promote the growth of the conveyor system market in the future.
The increasing use of robots in industry is a major challenge facing conveyor system manufacturers. According to data from the International Federation of Robotics, the factory will use about 2.7 million robots in 2020. This may replace the use of delivery systems.
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