Conveyor System market size is projected to grow from USD 10.4 Billion in 2024 to USD 14.8 Billion by 2030, at a CAGR of 6.0%, according to a new report by MarketsandMarkets. The constant need to increase the productivity each year is expected to increase the demand for highly mechanized and automated material handling systems like Conveyor System. Additionally, continuous innovation in advance driving technologies and components will boost the demand for Conveyor System.
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Overhead conveyors will have the largest market share for automotive conveyor systems
The share of overhead conveyors in automotive sector segment is expected to remain the largest because of increased vehicle production particularly in Europe and Asia-Pacific which is causing plant expansions and setup of new plant therefore increasing demand for conveyors. For instance, Vinfast announced they were establishing their EV manufacturing factory in India in January 2024. Likewise, BYD opened its EV production facility in April 2024 in Thailand. This implies that there will be an increased longing for automotive related conveyance systems arising from the growth of automobile manufacturers in Asia-Pacific region.
Overhead conveyors are a key hardware in automotive manufacturing. Hence if automotive manufacturing increases the use overhead conveyor system will increase. In recent years, these industries have witness profound investment for further expansion of the facilities. For instance, with the advent of electrification in the automotive sector, over 250 number plants for EV battery plants by 2033. Considering the integral application of overhead conveyors across these sectors, the segment would maintain its dominance on the market through the forecast period.
Roller conveyor systems to be fastest growing in Electronics industry
As consumer appliances are becoming more common, there is need for increased manufacturing capacity, which has resulted into high demand for mechanised and sophisticated material handling system like the roller conveyors. Roller conveyors are heavily customizable for the heavily automated assembly lines of the electronics manufacturing facility and are not prone to vibrations which may degrade the quality of chips. This makes them a very favoured conveyor type for electronics manufacturing player.
For example, in December 2023, Samsung (South Korea) announced that it would invest USD 231 million in Japan. This is just one of the many investments in the pipeline for Japan. Conveyors with roller-type surfaces are mainly utilized in the electronics industry and are designed to keep electrical products safe while being handled. A roller conveyor is a type of conveyor belt that allows things to skate across its surface using rollers uniformly placed in spinning cylinders. It transports materials from one location to another using gravity or tiny engines.
US to lead the Conveyor System market in North America
The US is expected to have the largest market share in terms of value in the North American Conveyor System market. The steady boom in e-commerce has boosted the demand for conveyors systems. The increasing number of warehouses in the country has boosted the demand for material handling system like conveyor systems. Also, The US market is driven by the rapid adoption of automation and robotics into conveyor systems. Industries such as automotive, electronics, and warehousing will be the major drivers of automation in the conveyor system market in the country. For example, The President of the US announced an investment of USD 5 billion in semiconductor R&D and related facilities across the US in February 2024. In December 2023, DHL signed a deal to construct four more automated warehouses in the US.
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