The global conveying equipment market is forecast to reach USD 60.22 billion by 2027, according to a new report by Reports and Data. Conveying equipment, mechanical handling equipment has gained significant popularity from the industrial sector for process automation in the last few years. Its ability to carry bulky and heavy material helps it to finds utilization in several industries such as automotive, retail, and food & beverage. Moreover, conveying equipment are customized according to their usage.
Factors such as the need for automation to reduce manufacturing costs and waste, growing industrialization, and improve production efficiency are driving growth. The market players focus on lean manufacturing techniques to better the manufacturing process. Emerging nations like Brazil, India, and China are potential markets. However, high installation costs could hinder the growth of the industry. However, the development of cost-effective and eco-friendly conveying equipment would create more opportunities for the equipment.
Manufacturers have developed different types of conveying equipment to meet specific demands from the consumers. Some of the popular belt conveying equipment includes elevator belt conveyors, flatbed belt conveyors, variable speed conveyors, packing belt conveyors, among others. Belt conveyors find the extensive demand in the market due to their advantages in conveying a variety of goods of light or heavyweight, large or small, regular or irregular shaped products. Industry players have focused on developing cost-effective, tough, and reliable systems in this category. The industry players invest heavily in R&D to design and manufacture the emerging needs of the consumers. The players have designed modular conveying equipment to meet the demand for flexibility of the consumers.
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Key participants include Emerson, Siemens, Continental, Daifuku, Fives, Taikisha, Honeywell Intelligrated, Dematic, SSI Schaefer, and Invata, among others.
Further key findings from the report suggest
- The manufacturing of tailored conveying equipment is made possible by the development of the technologies coupled with growth in industrial output.
- The crescent type of conveyors is easy to clean, easy to customize, and easy to handle. The food & beverage industry has also started the extensive usage of the crescent type of conveying equipment.
- Among the application, manufacturing goods are presently leading with 42.6% of the global market revenue, and it will continue to dominate the market with an estimate to register the highest CAGR of 3.5% over the forecasted period.
- Among the end-user, the food & beverage sector is leading with 23.8% of the global market revenue, and it will continue to dominate with an estimate to register a significant growth rate over the forecasted period.
- The rising population in countries like India and China has boosted the demand for industries such as e-commerce, automotive, and food & beverage, thus fueling the demand for conveying equipment in these industries.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Conveying Equipment market.
For the purpose of this report, Reports and Data have segmented into the conveying equipment market on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Bulk Handling
- Unit Handling
- Parts and Attachment
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Warehouse & Distribution
- Food & Beverage
Application Outlook (Revenue, USD Billion; 2017-2027)
- Durable goods
- Non-durable goods
- Manufacturing goods
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Objectives of the Conveying Equipment Market Report:
- Thorough research on growth patterns, sizes, leading players, and key segments of the global Conveying Equipment market
- Key business priorities to provide insights to companies to formulate new business strategies
- The key highlights and recommendations provide comprehensive information about progressive industry trends to help companies plan their long term goals
- Detailed information on market trends, driving factors, restraining factors, product segmentation, and industry chain analysis, aiding the decision-making process
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