Conveying equipment market worth over USD 34bn

Conveying equipment market worth over USD 34bn

According to a new research report by the market research and strategy consulting firm Graphical Research, Conveying Equipment Market size was valued USD 34 billion in 2017.

The expanding construction industry, which itself was worth nearly USD 9.5 trillion in 2015, will positively impact conveying equipment demand over the coming timeframe. Surging applications in the automotive industry for manufacturing and shipment of vehicles will generate heavy demand for conveyor systems, in turn influencing the market size. In addition to this, rising e-commerce and the food & beverages industry, which in turn demands simultaneous production and delivery of goods, will also be lucrative sectors contributing towards conveying equipment market growth.

Stringent government regulations to ensure employee safety is another vital factor fuelling the industry size. For instance, OSHA (occupational safety and health administration) has restricted human exposure to harmful work environments, which has made it mandatory to install these systems across such work spots, thereby boosting the industry’s growth trends.

However, tight supply of raw materials such as steel, polyester, cotton, rubber and coated fabrics over the coming years may inhibit industry progress.

Bulk handling conveyors are estimated to register a CAGR of around 2% over 2018-2024. These are mainly used for loading and unloading of goods. Some of the bulk handling products include belts for coal, ash handling systems, coal handling systems, rotary air lock, truck loading machine, rotary air valve, truck loaders, and rotary feeder. Countries such as China and India, where coal is used as a fuel on a large scale, will contribute significantly towards bulk handling conveyors’ market growth.

Conveyor system market share for durable goods is projected to surpass USD 15 billion by 2024. The growth can be attributed to the growing industrialisation and shifting focus towards bulk production to minimise production time and costs.

Conveying equipment market size for non- durable goods will register a CAGR of around 1% over 2018-2024, driven by increasing demand across food & beverages industry.

Geographically, the market is segmented into North America, Asia Pacific, Latin America, Europe, and MEA.

APAC conveying equipment market size is estimated to grow at a CAGR of around 2.5% over 2018-2024, driven by favourable regulations, increased infrastructure spending and growing industrialisation across this region. India and China are estimated to drive the region’s growth.

US conveying equipment market will witness a significant growth over the forecast timeframe, catalysed by the expansion of the automotive and aerospace industries across this region.

The European market is poised to grow noticeably over the projected timeframe, driven by the growing automation in automotive and manufacturing industries. Germany and France will be the major revenue pockets.

Key industry participants are Sandvik, Dematic, Rexnord, Nordstrong Equipment, Intelligrated, Daifuku, Webster, Richards Wilcox, Hitachi, FMC Technologies, and Siemens.

The report can be viewed here.

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