The global conveyor system industry size is projected to grow from USD 10.4 Billion in 2024 to USD 14.8 Billion by 2030, at a CAGR of 6.0%. The conveyor system market is experiencing robust growth due to the rising growth of automation, and advancement in 5G, IoT and Artificial Intelligence. Additionally, increasing standards for safer conveyor operations with new technological developments from solution providers will boost the revenue growth for conveyor system during the forecast period.
Based on Conveyor Type: The conveyor system market, by belt type, has been segmented into Belt, Roller, Tri-planar, Crescent, Pallet, Overhead, Floor, Bucket, Cable, Other Types. The market represents a transformative frontier in the transportation and logistics industries, promising to revolutionize how goods and people are moved. As advancements in modular design, artificial intelligence, sensor technologies, and connectivity continue to accelerate, the deployment of these mechainsed material handling systems like conveyors systems which is becoming increasingly in demand due to rising needs for handling larger volumes of goods in all sectors like automotive, airport, electronics and mining.
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By Operation : The conveyor system market based on operation has been segmented into Automated, Semi-Automatic and Manual. The categories are defined based on mode of operations of these conveyors. Automated conveyor systems are considered whose operations are controlled by minimal human assistance. Semi-automated systems require some human assistance but can do a lot of tasks automatically. Manual systems don’t have any automation. Automated system are expected to grow at the fastest rate because of growing automation in sectors like Automotive, Electronics, Airport, Retail and Distributions and Mining are increasingly implementing automated system to increase productivity and increasing efficiency, hence are implementing more and more automated conveyor systems in their production
By Mining Industry, by application: the conveyor system market in mining industry has been segmented based on type of mining that is into open pit mining. Conveyor system deployed into above surface mining are termed as surface mining. Underground mining conveyor systems are deployed in underground mines. The underground mining conveyor system market is expected to see the fastest growth.
By Region: Asia Pacific region is segmented into China, India, Japan, and South Korea. In recent years, the region has emerged as a hub for automobile production. Infrastructural developments and industrialization activities in emerging economies have opened new avenues, creating several opportunities for automotive OEMs. Several countries in the Asia Pacific region, including Japan and South Korea, enforce stringent mining safety regulations. China and India is anticipated to increase number of airport in response to factors such as limited infrastructure and the rising number of accidents. These circumstances are likely to increase. For instance, in January 2022, China announced its plans to setup 400 airports 2035. These new airports will increase the demand for conveyor systems in the region.
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