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Conveying Equipment Market report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
NEW YORK, NY, UNITED STATES, November 29, 2022 /EINPresswire.com/ — The global conveying equipment market is forecast to reach USD 60.22 billion by 2027, according to a new report by Reports and Data. Conveying equipment, mechanical handling equipment has gained significant popularity from the industrial sector for process automation in the last few years. Its ability to carry bulky and heavy material helps it to finds utilization in several industries such as automotive, retail, and food & beverage. Moreover, conveying equipment are customized according to their usage.
Factors such as the need for automation to reduce manufacturing costs and waste, growing industrialization, and improve production efficiency are driving growth. The market players focus on lean manufacturing techniques to better the manufacturing process. Emerging nations like Brazil, India, and China are potential markets. However, high installation costs could hinder the growth of the industry. However, the development of cost-effective and eco-friendly conveying equipment would create more opportunities for the equipment.
Manufacturers have developed different types of conveying equipment to meet specific demands from the consumers. Some of the popular belt conveying equipment includes elevator belt conveyors, flatbed belt conveyors, variable speed conveyors, packing belt conveyors, among others. Belt conveyors find the extensive demand in the market due to their advantages in conveying a variety of goods of light or heavyweight, large or small, regular or irregular shaped products. Industry players have focused on developing cost-effective, tough, and reliable systems in this category. The industry players invest heavily in R&D to design and manufacture the emerging needs of the consumers. The players have designed modular conveying equipment to meet the demand for flexibility of the consumers.
The COVID-19 impact:
COVID-19 outbreak has adverse effects on most of the businesses across the globe, including the conveying equipment market. Closed foundries and canceled events in the conveying equipment industry are not spared by the rising Coronavirus infection from China. With international trade fairs being canceled, the infectious disease also has a global impact. The lockdown in several regions has severely impacted the conveying equipment industry around the world. Moreover, major players like the Siemens sending its workers to quarantine (those who require) and working with reduced workforce strength will negatively impact the flourishing conveying equipment market.
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Key participants include Emerson, Siemens, Continental, Daifuku, Fives, Taikisha, Honeywell Intelligrated, Dematic, SSI Schaefer, and Invata, among others.
Further key findings from the report suggest
• The manufacturing of tailored conveying equipment is made possible by the development of the technologies coupled with growth in industrial output.
• The crescent type of conveyors is easy to clean, easy to customize, and easy to handle. The food & beverage industry has also started the extensive usage of the crescent type of conveying equipment.
• Among the application, manufacturing goods are presently leading with 42.6% of the global market revenue, and it will continue to dominate the market with an estimate to register the highest CAGR of 3.5% over the forecasted period.
• Among the end-user, the food & beverage sector is leading with 23.8% of the global market revenue, and it will continue to dominate with an estimate to register a significant growth rate over the forecasted period.
• The rising population in countries like India and China has boosted the demand for industries such as e-commerce, automotive, and food & beverage, thus fueling the demand for conveying equipment in these industries.
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For the purpose of this report, Reports and Data have segmented into the conveying equipment market on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
• Bulk Handling
• Unit Handling
• Parts and Attachment
End-User Outlook (Revenue, USD Billion; 2017-2027)
• Warehouse & Distribution
• Food & Beverage
Application Outlook (Revenue, USD Billion; 2017-2027)
• Durable goods
• Non-durable goods
• Manufacturing goods
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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The report offers a comprehensive overview of the competitive landscape of the market to provide an advantage to the reader. This segment focuses on the initiatives and innovations adopted by the key players to gain a strong foothold in the market. The report also sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others, to offer a better understanding of the market. The report also offers insights into revenue, gross profit margin, financial standing, market position, product portfolio, and other vital aspects of each player. The report also includes a thorough SWOT analysis and Porter’s Five Forces analysis.
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