PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565629
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565629
Conveying Equipment Market size was valued at USD 54,903.43 million in 2023, expanding at a CAGR of 4.10% from 2024 to 2032.
The conveying equipment market encompasses the industry producing and selling systems designed to transport materials and products within facilities. This includes various types of conveyors, such as belts, rollers, and pneumatic systems, used in manufacturing, logistics, and warehousing. The market focuses on improving efficiency and productivity by providing solutions that handle materials smoothly and reliably. It includes manufacturers, suppliers, and service providers catering to diverse industrial needs. The growth of this market is driven by increasing automation and the need for efficient material-handling solutions.
Conveying Equipment Market- Market Dynamics
Customization and Flexibility Drive the Market Demand for Conveying Equipment
. Customization and flexibility are crucial drivers in the conveying equipment market. Modern conveying systems are designed to be adaptable, allowing for tailored solutions that meet specific operational needs across various industries. This flexibility enables businesses to handle diverse materials and products efficiently, accommodating changes in production requirements. Customized systems can integrate seamlessly with existing infrastructure, enhancing overall operational efficiency. As industries face evolving demands and unique challenges, the ability to customize and scale conveying solutions helps companies stay competitive and responsive. The Conveyor Equipment Manufacturers Association, Inc. (CEMA) reports that the demand for conveying equipment has been significantly influenced by the need for customization and flexibility. For January through June 2023, overall industry orders totaled $9.4 billion, representing a 1.0% increase from the same period in 2022
Conveying Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.10% over the forecast period (2024-2032)
Based on Product Type segmentation, Bulk handling equipment was predicted to show maximum market share in the year 2023.
Based on Application segmentation, The Food & Beverage sector was the leading type in 2023.
On the basis of region, North America was the leading revenue generator in 2023.
The Global Conveying Equipment Market is segmented on the basis of Product Type, Application, Component, and Region.
The market is divided into three categories based on Product type: Bulk Handling Equipment, Unit Handling Equipment, and Parts and Attachment. Bulk handling equipment generally leads in market share and demand. This segment, which includes systems for moving large quantities of bulk materials such as grains, minerals, and chemicals, is crucial for mining, agriculture, and manufacturing industries. The need for efficient bulk-handling solutions drives substantial market activity.
The market is divided into five categories based on Application: Durable Manufacturing, Food & Beverage, General Merchandise, Mining & Construction, and Transportation. efficiency. The food and beverage segment often leads the conveying equipment market in terms of demand and market share. This sector's prominence is supported by its need for specialized conveying systems designed to handle a diverse range of food products, from raw ingredients to finished goods. Advanced conveying solutions in this sector incorporate features such as easy-to-clean surfaces, precise control mechanisms, and the ability to handle a variety of product sizes and types. These capabilities are crucial for maintaining the speed and efficiency of food production lines, meeting regulatory requirements, and responding to the growing demand for processed and packaged foods.
Conveying Equipment Market- Geographical Insights
The North American conveying equipment market is experiencing significant growth, driven by advancements in automation and increasing demand across various industries, including manufacturing, logistics, and food processing. Key trends in the region include the adoption of smart technologies and energy-efficient systems that enhance operational efficiency and reduce costs. Moreover, the rise of e-commerce and the need for streamlined supply chain solutions are contributing to the market's expansion. Major players in the market are focusing on innovation and customization to meet specific industry needs, further fueling competition. Overall, the North American conveying equipment market is poised for continued expansion, supported by technological advancements and evolving industry demands.
The conveying equipment market is highly competitive, with leading players such as Dematic, Daifuku Co., Ltd., and Honeywell Intelligrated shaping the industry landscape. Dematic and Daifuku are prominent for their extensive automation solutions, while Honeywell Intelligrated excels in integrating advanced warehouse technologies. Siemens Logistics and Fives Group provide high-performance, customizable systems, and Jungheinrich AG is known for its innovative and sustainable solutions. KUKA AG integrates robotics for complex material handling, and Mitsubishi Electric focuses on energy efficiency. These companies are constantly advancing technology, expanding their global reach, and offering tailored solutions to meet diverse industry needs. In January 2021, MHS Holdings, Inc. intensified the competitive landscape by acquiring TGW Systems, Inc.'s U.S. conveyor business division, enhancing its capabilities in material handling and automation.
In June 2024, TAKRAF South Africa has been awarded a contract to provide a state-of-the-art conveying system for a significant backfill project. This system is crucial for the efficient transportation and placement of backfill material, which is essential for maintaining the stability and integrity of mining operations.
In April 2024, Grote Company announced its acquisition of ProFab, a millwright and manufacturer specializing in conveying equipment for the food industry. This strategic move enhances Grote Company's capabilities and expands its offerings in the food processing sector.