Conveyor System Market to Surpass US$ 12.9 Bn by 2030, Finds Fact.MR
Major players in the conveyor system market are interested in product differentiation initiatives and design changes to comply with social distancing standards to sustain growth through the crisis period.
"The rising applications in the e-commerce sector is likely to impact the conveyor systems market positively. As businesses in multiple verticals invest in sortation facilities, expansion of operational capacities will contribute to rising demand, for the foreseeable future" says the FACT.MR study.
Conveyor System Market- Key Takeaways
• On floor conveyor systems are highly popular in manufacturing and warehousing facilities owing to high levels of customizability.
• Bulk load conveyor systems are finding widespread acceptance owing to applications in mass production facilities across varied industries.
• Asia Pacific is a key market for conveyor systems, supported by the rapid growth of mining and FMCG production industries.
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Conveyor System Market- Driving Factors
• The requirement for highly efficient logistics capabilities in the massive e-commerce market is a major driver behind the adoption of conveyor systems.
• Increasing incorporation of Industry 4.0 practices, with intelligent equipment will aid the sales of automated conveyor systems.
Conveyor System Market- Major Restraints
• Trade deficits and shortage of capital are key challenges for conveyor system manufacturers.
• Volatility of demand for durable goods can potentially limit the growth of the conveyor system market.
COVID-19 Impact on Conveyor System Market
The coronavirus pandemic is having a short-term negative impact on the conveyor system market, as non-essential industrial verticals have been forced to shut down operations to comply with lockdown restrictions during the outbreak. Health concerns for workers in logistics and warehousing facilities is reducing the use of conveyor systems. Consequently, automation and hygiene innovations such as UV disinfection components, will pick up traction and create lucrative opportunities for manufacturers.
Murata Machinery, Daifuku Co. Ltd., Fives, Interroll Holding AG, Dematic Company, Beumer Group, Siemens AG, and Honeywell International Inc. are some of the prominent conveyor system market players.
PR Source- https://www.factmr.com/