2021-2028 Conveyor Industry Forecast Report: A Look to the Future

Fortune Business Insights’ Conveyor Industry Report

Fortune Business Insights, a global research firm focused on industries, markets, and applications, published a report on the conveyor industry. The report revealed that the global conveyor systems market size was $5.36 billion USD in 2020, and it analyzed the growth that the conveyor market is expected to demonstrate between 2021 and 2028.

According to Fortune Business Insights’ report, the COVID-19 pandemic created a positive demand shock in the conveyor systems market across all regions. The analysis shows that the global market experienced a 2.6% decline in 2020. However, the market, which reached $5.60 billion USD in 2021, is expected to grow at a compound annual growth rate (CAGR) of 4.5% during the 2021-2028 period, reaching $7.62 billion USD. This increase is interpreted as a return to pre-pandemic demand and growth levels as the pandemic subsides.

Growth Factors

1. Industry 4.0 and Automation

• • The rise of Industry 4.0, along with digitalization and automation, is increasing demand for conveyor systems. The widespread adoption of smart factories is driving the need for conveyor systems that make production processes more efficient and flexible.

2. The Rise of E-commerce

• • • The e-commerce sector, which gained significant momentum during the pandemic, has increased the demand for efficient material handling solutions in warehouses and distribution centers. This has led to the wider use of conveyor systems.

3. Construction and Infrastructure Projects

• • The increase in large-scale construction and infrastructure projects worldwide is boosting demand for material handling and loading/unloading needs, thereby driving demand in the conveyor industry.

Expected Trends

1. Modular and Flexible Designs

• • Modular and flexible conveyor systems that can be easily adapted to customer needs will be an important trend in the industry. This will allow companies to respond quickly to changing production and logistics requirements.

2. Energy Efficiency

• • The need for environmental sustainability and reducing energy costs will drive demand for energy-efficient conveyor systems. Systems that consume less energy and are made from eco-friendly materials will come to the forefront.

3. IoT Integration

• • Conveyor systems integrated with the Internet of Things (IoT) will offer real-time monitoring and management capabilities, increasing operational efficiency. IoT sensors will enable predictive maintenance and performance optimization.

Market Dynamics

1. Dominance of Flat Belt Conveyors

• • The global market is segmented into flat belt conveyors, roller conveyors, vertical conveyors, and other segments. Flat belt conveyors, characterized by their continuous motion of products, constitute the largest segment of the market. These conveyors are used for transporting heavy loads and can be made from various materials.

2. Roller Conveyors

• • Roller conveyors also hold a significant market share. They are divided into gravity-controlled rollers and motorized rollers. Gravity-controlled rollers are used for manual transportation of products, while motorized rollers are more commonly used in industrial applications.

3. Bulk Loads

• • The market is classified by load type into unit loads and bulk loads. Bulk loads are primarily used in industries like food and beverage manufacturing and mining, making this segment an important part of the market.

Regional Forecasts

1. Asia Pacific

• • The Asia Pacific region, which generated $1.79 billion USD in revenue in 2020, is expected to show the highest growth rate during the forecast period. India and China will be the leaders in the region’s growth.

2. Europe and North America

• • These regions are expected to grow due to the adoption of automation and the integration of advanced technologies into production processes. Technologies like IoT, RFID, and artificial intelligence will make production processes more efficient.

3. Middle East, Africa, and Latin America

• • These regions are expected to show moderate growth in warehouse and production facility systems due to the increased adoption of conveyor systems.

The 2021-2028 period will be a time of both growth and transformation for the conveyor industry. Factors such as automation, digitalization, and sustainability will shape the sector and present new opportunities. However, along with these opportunities, various challenges will also arise. Companies must be prepared for this period by developing innovative solutions and flexible strategies to gain a competitive advantage. The Fortune Business Insights report provides valuable insights into the dynamic nature of the conveyor systems market and its future potential for industry players.