Conveying Equipment Market size to exceed $39 billion by 2024: Global Market Insights Inc.
Conveying Equipment Market size is expected to reach USD 39.7 billion by 2024; according to a new research report by Global Market Insights, Inc.
Mass production techniques adopted by numerous industries to reduce overall production cost requires high degree of automation, which may stimulate global conveying equipment market size.
Europe, with dominant UK, Italy, France and France conveying equipment market size, may generate over USD 13.5 billion by 2024. Concentration of automobile manufacturing plants in Germany, France and Italy should drive regional industry growth.
Unit handling conveyors market size may achieve 1.5% growth. Unit handling type reduces maintenance cost by using more reliable system that require minimal services. These systems are used for both manufacturing and shipping of materials which makes them one of the fundamental requirements for any industry. The use of unit handling system is primarily used in small batches and is mostly used in shipments, food & beverage processing and automotive industries.
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Conveyor systems market size for durable goods application may generate over USD 15.5 billion by 2024. Growing industrial output rates in BRIC nations should support the product installation for durable goods such as electrical, aircraft and automotive component.
U.S. conveying equipment market is facilitated by Conveyor Equipment Manufacturing Association (CEMA) which assists manufacturers, designers and installers. Growing efficiency and fast supply of spare parts in automotive and aerospace industries may favor industry growth.
Positive indictors on infrastructure spending which includes airports and malls particularly in BRICS nations should influence conveying equipment market size. Conveying systems have been an integral part of mining and growing automation in manufacturing industries has increased their dependency. Regulations mandated by OSHA confined human exposure to certain harmful materials. As a result, installation of these systems mining has become inevitable.
Major industries provide solutions ranging from industry specific design to maintenance & installing and are expanding their product portfolio. Major manufacturers obtain raw materials from textile, chemical and iron industries. Raw materials are then processed according to the defined design and assembled to be manufactured and supplied to the pertinent industry.
Polyester materials, rubber, cotton, coated fabrics and steel, are key materials used in these systems, tight supply situations may impact conveying equipment market price trend.
Browse key industry insights spread across 95 pages with 91 market data tables & 17 figures& charts from the report, “Conveying Equipment Market By Product (Bulk Handling, Unit Handling, Parts & Attachments), By Application (Durable, Non-Durable Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Thailand, Brazil, Saudi Arabia, UAE), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Asia Pacific, driven by India and China, conveying equipment market in unit handling was valued at over USD 4.6 billion in 2015. Favorable regulatory scenario along with positive industrial production index should favor regional industry growth.
- Parts & attachments systems in Europe generated over 2.6 billion in 2015. It is widely used in light weighted machines. They are used as both end as well as intermediate products and have increasing application scope in food & beverages industry.
- LATAM, with dominant Brazil conveying equipment market size, for nondurable goods manufacturing for was valued at over USD 243 million in 2015.
- MEA, with strong construction spending indicators in Saudi Arabia, Qatar and UAE, may grow at 2.2% CAGR for bulk handling systems. It is widely used in mining and construction industries.
- Relaxed government norms along with booming infrastructural developments should favor LATAM regional industry growth.
Global conveying equipment market share is fragmented. Dematic, Sandvik and Rexnord are among key industry participants. Other notable companies include Siemens, Intelligrated, Fritz Schafer, Nordstrong Equipment, FMC Technologies, Webster, Daifuku, Richards Wilcox and Hitachi.