Europe, driven by UK, France, Germany and Italy, conveying equipment market may register growth of over 1.5% by 2024. Rising automation trend in mining and automotive industry may increase regional product demand. Huge presence of automobile industry in Europe and minimizing human effort in manufacturing units would positively impact market.
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Conveying equipment market may surpass USD 39 billion by 2024 according to this new research report. Positive application trend in automobile industries to minimize manufacturing costs and productivity time may drive conveying equipment market. They provide efficient and cost-effective techniques for fast and easy goods transportation. It has usage as goods carrier in airports, metal mining, foods & beverages, steelworks and power industries. Fast and efficient supply of spare parts in automotive and aerospace industries may stimulate conveying equipment market growth.
Construction of airports and malls in China and India may drive conveying equipment market growth. Rapid industrialization and increase in population with further employment opportunities may fuel product demand in Asia Pacific region. China had spent over USD 1.5 trillion in infrastructure in 2015, accounting for over 50% of the total Asia Pacific’s construction expenditure.
Shift in preference towards e-commerce coupled with modification in distribution channel outline from distributors to consumers may drive conveying equipment market growth. Food & beverages industry needs horizontal manufacturing & supply of goods simultaneously owing to rapid industrialization and growth in population may create opportunities for product demand.
Raw materials including coated fabrics, rubber, steel, cotton and polyester may witness supply deficit and may affect price trend of conveying equipment market. Omnova Solutions and Spradling Brands offer polyester based products made up of TPO, PET, PVC and TPU, used in conveyor belts.
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Unit handling conveying equipment market may surpass USD 17.5 billion by the end of forecast period. These equipment’s maintain sustainability by increasing manufacturing output and minimizing energy consumption. Unit handling equipment has usage in small manufacturing units and has positive application scope in food & beverages, automotive and vehicle shipment industry as it cut downs maintenance costs and requires minimum service.
Bulk handling conveying equipment market may register growth of over 2%, in revenue by 2024. It has usage in process in loading and unloading of goods. Mass handling product range includes coal belts, rotary air valve, rotary air lock, coal handling system, ash handling system, truck loading machines, rotary feeders and truck loaders. Strong application scope of coal in China and India may enhance product demand.
Durable goods manufacturing application may surpass USD 15.5 billion by the end of projected period. Rapid industrialization and increasing production output may stimulate conveying equipment market growth. Introduction of mass production and assembly line methods to minimize manufacturing costs and time in different industries has led to increase in product demand.
Global conveying equipment market share is moderately fragmented with key participants including Dematic, Webster, Richards Wilcox, Nordstrong Equipment, Fenner Dunlop, FMC Technologies, Sandvik, Hitachi, Rexnord and Seimens.
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