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The conveyor belt market size is forecast to increase by USD 1.32 billion, at a CAGR of 4.69% between 2023 and 2028. The market growth analysis depends on several factors such as the increasing demand for automation in material handling, the rising adoption of e-commerce and logistics, and the increasing need for cost reduction during manufacturing operation. Our report examines historic data from 2018-2022, besides analyzing the current and forecasts market scenario.
In addition to the growing demand for conveyor belts in various sectors across APAC due to rapid industrialization and urbanization, two prominent companies are contributing significantly to meet these needs. ACMI SpA: The company offers conveyor belt such as CAN conveyor belts with high efficiency motors and an automatic lubrication system that requires minimal maintenance. Daifuku Co. Ltd: The company offers conveyor belt baggage transport and sorting solutions that include versatile belt conveyors capable of handling baggage of virtually any shape and size.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Conveyor systems are essential for material handling in various industries such as automotive, F&B, and construction and automation technologies are enhancing their capabilities. Automated conveyor systems can feature sorting mechanisms, robotic arms for picking and placing items, sensors for monitoring product flow, and integrated control systems for seamless operation. Automated conveyor systems enable efficient and flexible material handling, streamlining production and distribution processes.
Moreover, automated conveyor systems are integral to modern warehouse operations, where they facilitate tasks such as sorting, picking, packing, and shipping. Conveyor belts enable efficient movement of goods within warehouses, maximizing storage density and minimizing labor requirements. Furthermore, as companies grow or adapt to changing market conditions, conveyor belts can be easily integrated into existing systems or extended to accommodate increased throughput or new process requirements. Thus, such factors may fuel the growth of the global conveyor belt market during the forecast period.
IoT-enabled conveyor belts use predictive maintenance algorithms to anticipate equipment failures before they occur. By analyzing data collected from sensors and historical performance patterns, predictive maintenance systems can detect early signs of wear, misalignment, or other issues that may lead to breakdowns. This proactive approach to maintenance minimizes unplanned downtime, extends equipment lifespan, and reduces maintenance costs, making IoT-enabled conveyor belts an attractive investment for businesses.
Additionally, connected sensors and actuators continuously monitor conveyor operations and respond to safety hazards or abnormal conditions in real-time. These safety enhancements help prevent accidents, protect workers, and ensure compliance with industry regulations and safety standards, driving the adoption of IoT-enabled conveyor belts in safety-critical applications. Thus, the rising demand for IoT-enabled conveyor belts may boost the growth of the market during the forecast period.
Balancing maintenance needs with production demands while minimizing downtime poses a significant challenge for businesses operating conveyor belt systems. Frequent maintenance requirements and unplanned downtime can disrupt production schedules and decrease operational efficiency. Conveyor belt systems are critical components of material handling processes in various industries, and any interruptions in their operation can lead to delays, decreased throughput, and increased costs.
Furthermore, conveyor belt maintenance often involves complex procedures, specialized equipment, and skilled personnel. Implementing effective maintenance programs requires comprehensive training, adherence to safety protocols, and access to appropriate tools and resources. Businesses operating conveyor belt systems may struggle to manage maintenance complexities, leading to inefficiencies, errors, and increased downtime. Thus, maintenance and downtime issues associated with conveyor belts may lead to slow growth of the conveyor belt market during the forecast period.
The retail segment will account for a major share of the market's growth during the forecast period.?Conveyor belts are commonly used at checkout counters to transport items from the shopping cart to the cashier for scanning and bagging. Using conveyor belts speeds up the checkout process, reduces waiting times, and improves customer flow. In some retail clothing stores, conveyor systems are used to transport items customers do not want to purchase from the fitting rooms back to the appropriate sections of the store.
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The retail segment was valued at USD 1.59 billion in 2018. Conveyor belts streamline various processes within retail establishments, such as point-of-sale (POS) checkout and distribution centers. Further, with the growth of online shopping and e-commerce, conveyor belts are essential in distribution centers for sorting, organizing, and transporting packages. This supports quick and accurate order fulfillment, meeting the demands of online consumers. Hence, the demand for conveyor belts is rising in the retail sector, which is expected to boost market growth during the forecast period.
Based on type, the market has been segmented into unit handling, and bulk handling. The unit handling?segment will account for the largest share of this segment.?The unit-handling conveyor belt system provides conveyor movement for different materials, which are arranged, handled, controlled, and monitored as a single unit. Unit-handling conveyor belts are extensively used in warehouses, distribution centers, and fulfillment facilities for order picking, sorting, packing, and shipping operations. The rapid expansion of e-commerce has driven the demand for unit-handling conveyor belts in fulfillment centers, distribution warehouses, and sorting facilities. Furthermore, as businesses strive to optimize material handling processes, streamline operations, and adapt to evolving market trends, the demand for innovative and reliable unit-handling conveyor solutions continues to grow, which will fuel market growth during the forecast period.
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APAC is estimated to contribute 50% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. APAC is rich in natural resources, including minerals, coal, and ores, which require conveyor belts for bulk material handling in mining and quarrying operations. The conveyor belt market in APAC is growing owing to increasing industrial demand in several countries. It is observed that the food and beverage and mining industry in India is a key component of the growth of the country.
Additionally, automotive companies, such as General Motors Co., are increasingly investing in countries such as Japan and India. Several new investments are also seen from other global manufacturers, such as Foxconn Technology Group, to set up a semiconductor chip manufacturing facility in India, which may require a conveyor belt system for material handling. In February 2022, the company formed a joint venture with Vedanta Ltd. to develop semiconductors in India. Such developments are expected to drive the regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
VIBRA MASCHINENFABRIK SCHULTHEIS GmbH and Co.: The company offers conveyor belts such as Trash belt conveyor, Belt over roller conveyor, and Troughed bed belt conveyor under the brand Bastian Solutions LLC.
The market report also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
, Apollo Group B.V., Beumer Group GmbH and Co. KG, Carolina Material Handling Inc., Eriez Manufacturing Co., FIVES SAS, FLSmidth and Co. AS, Forbo Management SA, Habasit, Heat and Control Inc., Hytrol Conveyor Company Inc., ICONVEY, Indpro Engineering Systems Pvt Ltd., Shriram Beltings., Telschig GmbH, Toyota Industries Corp., Techflow Enterprises Pvt. Ltd., and Vac U Max
Technavio market forecast is an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing rapid growth, driven by the demand for efficient belt conveyor systems across diverse industries like aviation, food & beverages, and poultry & dairy. With the expansion of online retailers' warehouses and distribution facilities, conveyor belts play a crucial role in transporting commodities within the same area or building, ensuring hassle-free transportation and enhancing productivity while reducing manual labor.
Additionally, technological advancements in mechanical handling equipment and material handling systems have led to the development of novel and inventive belt materials that ensure optimal belt material quality and controlled product movement. The market is witnessing key trends towards automated production lines and efficient on-site maintenance, catering to diverse customer bases and installation types, including stationary installation and walking beams. With increasing demand driven by the food & beverage sector and trends like convenience food demand and take-out lifestyle, conveyor belts are becoming integral to enhancing productivity in food and beverage manufacturing facilities, reflecting the global market share continuous evolution to meet industry needs.
Conveyor Belt Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
Market Growth 2024-2028 |
USD 1.32 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.18 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACMI SpA, Apollo Group B.V., Beumer Group GmbH and Co. KG, Carolina Material Handling Inc., Daifuku Co. Ltd, Eriez Manufacturing Co., FIVES SAS, FLSmidth and Co. AS, Forbo Management SA, Habasit, Heat and Control Inc., Hytrol Conveyor Company Inc., ICONVEY, Indpro Engineering Systems Pvt Ltd., Shriram Beltings., Telschig GmbH, Toyota Industries Corp., VIBRA MASCHINENFABRIK SCHULTHEIS GmbH and Co., Techflow Enterprises Pvt. Ltd., and Vac U Max |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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