Market Overview and Dynamics
The conveyor system market in North America is expected to grow from US$ 1963.15 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. Various manufacturing industries are heavily investing on the adoption of automated solutions. Additionally, the adoption of data-driven solutions has gained significant popularity among various leading manufacturers and business owners to mitigate unforeseen errors, faults, and damages. Increasing demand for conveyor systems with integrated technologies across various industrial applications is expected to propel the market growth in the coming years. The mounting implementation of Industry 4.0 has led to an extensive digital overhaul across the manufacturing industry. Digital technologies such as artificial intelligence (AI) and predictive maintenance are used by the conveyor system providers for maintaining visibility across the supply chain with improved operations, transparency, and productivity. Additionally, technologies such as automation, the Internet of Things (IoT), and robotics are also gaining more prominence. Industry 4.0 based applications make it less challenging to coordinate operations across multiple industries than ever.
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A conveyor system is mechanical equipment or assemblies that carry material from one location to another with less effort. There are various types of conveyor systems, such as overhead, floor, roller, and belt, upon which the materials move. These systems come in different varieties to suit the different materials or products required to be transported. While deploying conveyor systems in any industry, several key factors, such as abrasiveness, corrosiveness, flowability, size, and moisture content should be taken into consideration to fulfill the industry needs. The system is usually complex in their design and construction due to their huge scales and integration into different factory processes. However, the modular nature of this system makes it readily attainable. The increasing demand for automation in verticals is one of the significant drivers for the growth of the North America conveyor systems market. The rising adoption of assembly line systems and mass production, coupled with increase in vehicle manufacturing, contributes to market growth.
The soaring foreign direct investment (FDI) investments in the automotive industry, material safety concerns, rising industrialization, requirement of automation to mitigate manufacturing costs, and expansion of the e-commerce sector with the adoption of conveyor systems are the key factors propelling the growth of the North America conveyor system market. The leading market players are focusing on broadening their addressable market by diversifying client bases, expanding current product portfolios by developing new products. Moreover, the pandemic has positively impacted the market growth, particularly in the e-commerce and food & beverage industries. Thus, blooming E-commerce industry to bolster the demand for conveyor systems is expected to create a significant demand for conveyor system in the coming years, which is further anticipated to drive the North America conveyor system market.
Furthermore, 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.
North America Conveyor System Strategic Insights
Strategic insights for the North America Conveyor System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
Daifuku Co., Ltd.
DEMATIC
Emerson Electric Co.
Honeywell Intelligrated
Interroll Holding GmbH
Siemens AG
SSI Schäfer
Swisslog
TGW Logistics Group
Vanderlande Industries B.V.
North America Conveyor System Regional Insights
The geographic scope of the North America Conveyor System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
In terms of system type, the belt segment accounted for the largest share of the North America conveyor system market in 2019. In terms of belt type, the medium segment held a larger market share of the North America conveyor system market in 2019. Further, the Others segment held a substantial share of the North America conveyor system market based on end user industry in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the conveyor system market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Daifuku Co., Ltd., DEMATIC, Emerson Electric Co., Honeywell Intelligrated, Interroll Holding, GmbH, Siemens AG, SSI Schäfer, Swisslog, TGW Logistics Group, Vanderlande Industries B.V.
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