The conveyor system market in North America is expected to grow from US$ 1,963. 15 million in 2019 to US$ 2,747. 41 million by 2027; it is estimated to grow at a CAGR of 4. 5% from 2020 to 2027. In the past few years, increase in vehicle production, particularly in North America has driven the conveyor system market.
New York, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Conveyor System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by System Type, Belt Type, and Industry" - https://www.reportlinker.com/p06004204/?utm_source=GNW
The demand for commercial vehicles and passenger cars, primarily in developing countries, is increasing.
The growing investment in the automotive industry has fueled the demand for conveyor systems.In vehicle production plants, it is important to have high control and high quality in all operations carried out in the industry; thus, the automotive industry is highly implementing conveyor systems in their vehicle production plants.
The conveyor systems help vehicle production plants to keep control and have free space for new operations.As the conveyor system mitigates the labor work, it reduces the company’s investment on staff training.
Thus, rising vehicle production and growing adoption of conveyor systems in the automotive industry surge the growth of the market. Also, the recent growth of investments in cybersecurity technology is among the other factors expected to positively influence the demand for conveyor systems.
In terms of system type, the belt segment led the North America conveyor system market in 2019.Belts are extensively used for continuous transport of bulk materials.
In order to ensure the reliability of the belt system type, maintenance activities are crucial.It has primarily helped progress the industrial sector swiftly.
The process of carrying materials has become easy and rapid due to this efficient mechanical device, which can carry heavy materials seamlessly.It is used to transport materials, such as sand, grain, coal, ore, and salt.
The system effortlessly transports the huge volume of materials in less time. It can convey the materials both vertically and horizontally. It also helps load the transported materials at the end of the production line and consumes less power. Its industrial applications include manufacturing, pharmaceutical, food & beverages, packaging, power plants, bakeries and confectioneries, textile, laundries, flour mills, and chemical plants. Apart from these applications, belt conveyors are also used in numerous other industrial applications that make this equipment reliable and useful to carry out many major operations in industries. The manufacturers and suppliers of belt conveyors across North America are making their products more effective to meet the demands of their customers. They are highly inclined toward adopting the advanced technologies and methods that prove to be helpful in their production and delivery process. Hence, all the above factors drive the demand for belt type conveyor systems in numerous industries across North America.
North America is severely affected by the COVID-19 pandemic.North America is one of the significant regions for the adoption and growth of advanced technologies due to favorable government policies to accelerate innovation, a huge industrial base, and high purchasing power, especially in developed countries, such as the US and Canada.
Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively.The US is a prominent market for the conveyor systems, especially in the logistics sector.
The huge increase in number of confirmed cases and rise in reported deaths has affected this industry.The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of the conveyor system market.
COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. Owing to this pandemic, the manufacturing sector is facing dormancy because of the business shutdown. The companies resuming their manufacturing facilities face scaled-down production for conveyor belt systems due to a massively affected supply chain. This would hinder the adoption of conveyor systems in the region. The impact of the coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. However, online retailing and food businesses have boosted sales in the region. Consumers are spending on products that would help them manage the COVID-19 crisis. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The overall North America conveyor system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America conveyor system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America conveyor system market. Daifuku Co., Ltd.; DEMATIC; Emerson Electric Co.; Honeywell Intelligrated; Interroll Holding, GmbH; Siemens AG; SSI Schäfer; Swisslog; TGW Logistics Group; and Vanderlande Industries B.V. are among a few players operating in the North America conveyor system market.
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