Transparency Market Research (TMR) observes that Daifuku Co. Ltd., Schaefer Systems International Inc., Dematic Group, and Murata Machinery Ltd are the leading players in the global conveyor systems market. Collectively these players held a share of over 50% in the overall market in 2016.
These players are expected to increase their investments in research and development to develop advanced systems. The players are also expected to focus on expanding their product portfolio and geographical reach to overcome competition in the near future.
Europe Slated to Lead with Asia Pacific in Tow
According to the research report, the global conveyor system market is expected to be worth US$6312.5 mn by 2025 from US$4697.1 mn in 2016, surging at a CAGR of 3.5% between the forecast period of 2017 and 2025. Out of all the regions, Europe is projected to lead the global market in the coming years due to industrial evolution in the region.
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Increasing Need for Operational Efficiency Ensures Uptake of Conveyor Systems
The changing attitudes of industries, which is defined by growing demand for operational efficiency has paved the way of automation. The global conveyor systems market has been witnessing steady progress over the years due to growing uptake of conveyor belts in various industrial sectors are they march toward incorporating automated processes. Conveyor systems market is expected to see spike in sales as the need for reducing production time, human errors, and improving safety continues to be on the rise.
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The growing awareness about the environment and sustainable solutions has also prompted several companies to take up conveyor systems. The eco-friendly options in the conveyor systems market are thus gaining traction. Furthermore, technological advancements that have helped companies develop conveyor belts that reduce material and energy consumption have also prompted market growth.
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High Maintenance Cost Makes End Users Think Twice
On the flip side, the market is likely to be challenged by the high establishment cost of conveyor systems. The unaffordable pricing of these systems has significantly restrained the market in recent years. Furthermore, the soaring cost of maintenance with each year is also expected to make end users think twice about investing in conveyor systems.
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