CHICAGO, January 14, 2019 /PRNewswire/ --
According to the new market research report "Conveyor System Market by Industry (Warehouse & Distribution, Food & Beverage - Meat, Poultry & Dairy, Automotive, Electronics, Mining, and Airport), Type (Belt, Roller, Overhead, Floor, Pallet, Crescent, Cable, Bucket) & Region - Global Forecast to 2025", published by MarketsandMarkets, the Conveyor System Market is projected to grow at a CAGR of 4.33% during the forecast period, to reach a market size of USD 9.9 billion by 2025 from an estimated USD 7.4 billion in 2018. The market is primarily driven by the rising necessity to handle larger volumes of materials and increasing requirement of efficiency.
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"Crescent conveyor type to be the fastest growing market for conveyor system"
Crescent conveyor type is expected to grow at the highest CAGR during the forecast period. Crescent type of conveyors are made of one or more layers of material and run in an endless loop. They are easy to maintain and suitable for linear running. Crescent conveyor types are mainly used in warehousing and distribution (retail) and help in better handling of a variety of packages and material types. The growth of e-commerce in developing industries would increase the requirement of warehouses, which in turn would increase the demand for crescent type conveyors.
"Airport to be the fastest growing segment in the Conveyor System Market, by industry"
The airport Conveyor System Market is projected to grow at the highest CAGR during the forecast period. The demand for conveyor system in the airport industry is influenced by an increase in the number of terminal expansions, growing number of airports, rise in passenger traffic, and increasing necessity for efficient transportation of baggage. With the increase in urbanization and disposable income, many people now prefer to travel by airways to save time, thereby increasing passenger traffic in airports. According to IATA, the passenger traffic at airports across developing and developed countries is estimated to increase in the coming years. Increased passenger traffic would increase the demand for baggage handling and checking facilities, which in turn would increase the demand for conveyors at airports. Asia Pacific is expected to hold the largest market share for conveyor system in airports due to the increased passenger traffic in countries such as China, India, and others.
"Asia Pacific to be the largest market for conveyor system during the forecast period"
Asia Pacific is estimated to dominate the Conveyor System Market and is projected to be the largest market during the forecast period. The growth in Asia Pacific can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. Increasing population is also a key factor driving the Conveyor System Market in Asia Pacific. Warehouse & Distribution and Food & Beverage industry are two of the largest markets for conveyor system in the region. In addition, the rapidly growing airport industry is also a key factor driving the growth of the Asia Pacific market.
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The Conveyor System Market is dominated by a few globally established players such as Continental (Germany), Daifuku (Japan), Emerson (US), Fives (France), and Siemens AG (Germany). Daifuku and Emerson are anticipated to be the dominant players in the Conveyor System Market.
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