According to a report by Global Market Insights, Inc., the global conveying equipment market is forecast to register more than 3.5% CAGR during 2019-2025.
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Escalating demand for advanced material handling systems by large retail manufacturers has spiked growth prospects of conveying equipment market. Conveying systems have helped e-commerce industry to enhance their business driving capacity. Investments and expansion strategies have further stimulated conveying equipment Industry growth.
According to GMI, the conveying equipment market is estimated to surpass USD 60 billion by 2025. Asia Pacific market has seen tremendous growth on account of the robust manufacturing sector, especially in nations like India, China, Indonesia, South Korea, Thailand and Malaysia. Various large manufacturers and SMEs are now turned towards advanced conveying technologies to fulfill their customer’s requirement.
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Citing an instance, in 2019, Alibaba Group Holding Limited revealed its expansion plan to extend its commercial platform to small American businesses, offering them to sell their products using its platform. Moreover,
Manufacturing industries are also actively adopting industrial automation at their facilities, a trend majorly witnessed across developing countries like India and China. Indeed, with rapid implementation of conveying systems, companies can easily handle large quantities of materials and considerably reduce processing time and cost.
This is especially witnessed across food & beverage industries were conveyor belts as used in the packaging process. Additionally, the increasing cost of labor in places like Brazil, Canada and Australia is forcing industries to implement automated equipment to fast-track their production processes, which would in turn compliment the market outlook in the coming years.
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Based on application, durable manufacturing is projected to hold major industry share in the forthcoming years. This growth can be credited to rising demand for computer equipment and industrial machinery. Apparently, conveying appliances provide efficient wholesale, manufacturing and retail distribution of durable products such as heating & cooling appliances, outdoor equipment, power tools, compressors or generators and motors. Also, these equipment are durable and resistant, which makes transporting and handling of products simpler irrespective of harsh weather conditions.
Additionally, governments across the region have started shifting their focus towards developing small and medium scale industries to boost economic growth. For instance, the Government of India has launched a new initiative dubbed ‘Make in India’ that encourages companies and helps people to build their own business in India.
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Meanwhile, China has established itself as the leading player in the manufacturing sector and is still growing its dominance by innovating and adopting new automation systems to further deliver quality products in huge quantities. Thus, these factors implicate to numerous growth opportunities for market players in the region, which will thereby augment the APAC market size.
Moreover, it is safe to say that the conveying equipment market is poised to witness lucrative growth by 2025.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights
Phone: 1-888-689-0688
Website: https://www.gminsights.com/industry-analysis/conveying-equipment-market
Source: MarketersMedia
Release ID: 88932642
