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Dublin, Ireland, July 9, 2021(GLOBE NEWSWIRE) -- (GLOBE NEWSWIRE) -- (GLOBE NEWSWIRE) --MarketsandMarkets. com has announced the addition of the Conveyor Systems Market - Forecasts from 2021 to 2026 report to their offering.
The conveyor systems market is expected to grow at a compound annual growth rate of 3.83% over the forecast period, reaching a market size of US$10.069 billion in 2026 from a market size of US$7.741 billion in 2019. The market is expected to reach a market size of US$10.069 billion in 2026 from a market size of US$7.741 billion in 2019.
Mechanic equipment such as conveyor systems can be found in a variety of industries such as the automotive and manufacturing industries as well as retail, food and beverage manufacturing, and transportation. Conveyors are used to reduce the number of errors that occur when materials are handled manually, as well as to save time. Various conveyor systems have been developed to meet the constantly changing needs of the industrial sector in terms of expected efficiency and product characteristics, among other things. Belt conveyors, roller conveyors, overhead conveyors, tri-planar conveyors, crescent conveyors, Conveyor belt pallet and sorter conveyors, and spiral conveyors are some of the most common types of conveyors.
Theintroduction of newer types of conveyor products into the conveyor systems market has assisted in the simplification and improvement of operations across a wide range of industries. As a result of this growing trend, more and more businesses are turning to companies that provide a combination of basic conveyor types that are then assembled into a single conveyor system. This is offered as a kind of customized solution that is tailored to the specific requirements of the customer. Conveyors are being used in a variety of industries today, and quality standards are being established to support their use.
Growth Factors are the factors that cause a person to grow.
The explosive growth of e-commerce and the introduction of Industry 4.0
e-commerce and Industry 4.0 are transforming traditional supply chains, requiring businesses to rethink how they move, track, and store materials through the use of advanced technologies and automated systems. The establishment of fulfillment centers and the utilization of all available warehouse space are being pursued by manufacturers, wholesalers, retailers, and logistics companies. It is the need to automate the entire manufacturing process that is fueling the demand for intelligent mechanical handling equipment.
Furthermore,in order to maximize warehouse space utilization while also remaining profitable, retailers are increasingly implementing automated warehousing and distribution solutions in their operations. These conveyor systems are used in the retail industry for a variety of operations such as distribution and warehousing, sorting, and cross-docking. The increase in the number of people shopping online in the Asia-Pacific and Latin American and Caribbean regions has created a favorable market environment.
The growing popularity of online retailing, combined with shifts in consumer attitudes toward goods purchases, is expected to have a positive impact on the adoption of conveyor and sortation systems. As a result of the increasing demand, many companies that have already invested in the sortation facility are expected to increase their capacity. For example, UPS announced in September 2018 that they would increase their sortation capacity in order to accommodate a 25% increase in cross-border orders by 2022.
Discipline and restraint
The use of automated guided vehicles and robotics are becoming more prevalent.
Companies are constantly looking for ways to improve their processes as a result of an increasingly intensely competitive environment across all industries, which has increased the demand for industrial facility automation. In the past few years, the industry has seen numerous advancements in the field of automation.
These can assist in meeting material handling capacity requirements, resulting in reduced production time, fewer chances of human error, increased safety, a high production volume, and increased accuracy and repeatability, among other benefits. As a result of these advantages, an increasing number of businesses are incorporating such technologies into their material handling processes. Based on estimates from the International Federation of Robotics (IFR), approximately 2.7 million robots will be employed in factories around the world by 2020. An increase in the use of industrial robots on a large scale may have a negative impact on the market for conveyor systems. Although the impact is expected to be limited due to the high cost of automated guided vehicles, the impact is expected to be minimal.
The Consequences of COVID - 19
It has been determined that the COVID-19 pandemic, which has severely affected numerous countries around the world, has also adversely affected the global sensor, control, and automation industry. While capital investments in the automation sector had been sluggish prior to the pandemic, it is expected that they will be put on hold or postponed for at least a year as a result of the epidemic. The recent halt in industrial manufacturing and production, on the other hand, is expected to serve as a wake-up call for the manufacturing sector, which has relied heavily on human labor in recent years.
The benefits of robotics and automation, as a result, are expected to be more widely recognized in the post-pandemic period, thereby increasing their adoption. As the Internet of Things, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, they may eventually turn into an opportunity, particularly in the context of evolving supply chain dynamics. Covid19 will be recognized as a significant contributor to the market in the report.
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