PUBLISHER: Grand View Research | PRODUCT CODE: 1493237
PUBLISHER: Grand View Research | PRODUCT CODE: 1493237
The global conveying equipment market size is anticipated to reach USD 71.57 billion by 2030, registering a CAGR of 3.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The robust growth of e-commerce and the need for a high-quality goods management system to maintain high flexibility in the distribution system are the key drivers for the conveyor equipment market. As more people shop online, companies are setting up modern centers to make shipping faster.
The growing industrial expansion contributes to the expansion of manufacturing activities in energy, mining, food & beverage, and production sectors. These industries heavily rely on conveying equipment for tasks like material handling, and manufacturing process control. As the production volume rises to meet the growing demand, the demand for efficient, reliable, and cost-effective conveying equipment is likely to increase over the forecast period.
Moreover, the surge in technological innovations has been contributing to market expansion. Technologically advanced conveying equipment used in industrial compressors improves the productivity and capabilities of various end-use industries, such as food & beverage, automotive & electronics production. For instance, in February 2024 TSGlobal unveiled a range of conveyor belts that manages the way materials are transported within manufacturing facilities, distribution centers, and warehouses. The conveyor belts now have an advanced automation system that optimizes their operations. This system utilizes sensors, machine learning algorithms, and artificial intelligence to enable real-time adjustments and monitoring.
Manufacturers are adopting several strategies, such as acquisitions, mergers, joint ventures, new product launches, and geographical expansion, to enhance market penetration and cater to changing technological demands from various end-use applications, including food & beverage, warehouse & distribution, automotive, and airport.