The global conveyor systems market will reach $7.6 billion by 2022, driven by fast growth in emerging markets and the rise of e-commerce retail in Europe, a new report says.
Europe's large installations for handling online fulfillment will be complemented by fast growth in the Asia-Pacific region in response to booming demand from consumers in China and India, according to the report from Allied Market Research, a research firm based in Portland, Ore.
The forecast would mark a steep rise from the sector's 2015 sales of $5.7 billion, based on carrying heavy and bulk materials in the retail, food and beverage, and automotive industries.
As the market expands, belt conveyor will continue to be the most common type of system, ahead of other options such as roller, pallet, and overhead, the report says. But customers' needs continue to change quickly, so vendors are creating innovative designs such as modular conveyors to allow flexible arrangements, cost-effective systems for customers in emerging markets, and environmentally friendly designs.
Led by material handling vendors such as Daifuku Co. Ltd., Dematic Corp., Interroll Group, and Taikisha Ltd., conveyor suppliers must respond to a number of developing market trends. These include growing industrialization, a need for automation to reduce manufacturing costs and waste, and a rising focus on lean manufacturing techniques, Allied Market Research said.