Global Conveyor System Market is Projected to Create an Absolute $ Opportunity of US$ 3.1 Bn by 2031 The global conveyor system market was valued at ~US$ 12.1 Bn in 2019 and is anticipated to surpass US$ 12.9 Bn during the forecast period 2020-2030. The market is slated on a course of sluggish growth at 2.9%. The manufacturing sector has witnessed a paradigm shift with the implementation of Industry 4.0 technologies across various industrial sectors. With the growing trend of automation, manufacturing units have implemented Industry 4.0 standards to reduce machine downtime, reduce labor inefficiencies, enhance production, reduce ROI (return on investment), and more importantly achieve high quality manufacturing. For detailed insights on enhancing your product footprint, request for a sample here - https://www.factmr.com/connectus/sample?flag=S&rep_id=4779 The COVID-19 crisis has caused unprecedented uncertainty, leading to a major slowdown. The manufacturing of automobiles, industrial equipment and food & beverages has come to a standstill due to stringent lockdowns imposed by governments. Despite this panic buying by consumers is coaxing manufacturers to increase their warehouse space, which is expected to accelerate demand for conveyor systems. Key Takeaways of Conveyor System Market Study:
The global conveyor system market is projected to create an absolute $ opportunity of more than ~US$ 3.1 Bn and is anticipated to grow at a value CAGR of 2.9% during the forecast period. By product, conveyor belts are projected to grow at a value CAGR of 2.7%, and will be valued 1.6X more than roller conveyors by the end of 2020.
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East Asia is expected to emerge as the fastest growing conveyor system market and is projected to surpass a market valuation of ~US$ 2.6 Bn by the end of 2030. Packaging & Warehouse Distribution is projected to grow at a value CAGR of ~3.5% and is expected to create an absolute value opportunity of US$ 973.2 million.
“The demand for conveyor systems is likely to be impacted in the first three quarters of 2020, owing to slowdown of manufacturing and production amid the COVID-19 pandemic. The demand for conveyor system is currently resting on the growth of the e-commerce industry and consequent expansion of warehousing which is anticipated to boost growth of the market during forecast period” says the Fact.MR analyst. Strategic Acquisition to Expand Profit Pools of Key Players Key players in the conveyor system market are Beumer Group, Schaefer Systems International Inc., Daifuku Co., Ltd, Interroll Holding AG, Mesto Corporation, Fives Group, Murata Machinery Ltd, Dematic Company, Durr Group, Allied Conveyor System, among others. Prominent manufacturers are focusing on acquiring companies to uphold their market share. For in-depth competitive analysis, buy now - https://www.factmr.com/checkout/4779 In October 2018, Honeywell international inc. acquired a privately held warehouse automation business transform group GmBH, a provider of engineered conveyor solutions, for approximately $ 466.8 million. In June 2017, Dorner Holding acquired SAUTEM, a supplier and designer of conveyor and labeling equipment based in Mexico.