The Conveyor system market size is expected to reach US$ 11,903.88 million by 2027, registering at a CAGR of 5.5% during the forecast period from 2020 to 2027, according to a new research study conducted by The Insight Partners.

Rising digitization across the world has resulted in increased efficiency of existing machines together with increased safety, and is anticipated to surge the demand for advanced conveyor systems. Manufacturers have implemented automation and analytics to enhance their products & services and to enrich customers' experience. The concept of digital equipment has transformed manufacturers from suppliers with 'hardware only' to suppliers with 'hardware, software, and services,' which has led to the introduction of new business models. Conveyor systems manufacturers use new models to build a loyal customer base and generate a steady stream of revenues. The supply chain industry across the world has been undergoing a constant transformation and considerably impacting the fundamentals of warehousing and distribution. These transformations are related to the growing technologies that fill the gap between supply chain operations and customers.

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Based on the varied consumer demands, the conveyor system providers introduce new products in the market with the help of data collected from equipment through digitization. Thus, growing digitization is one of the significant factors that would accelerate the demand for advanced conveyor systems during the forecast period.

The conveyor system market is segmented into system type, belt type, industry, and geography. Based on system type, the market is further categorized into overhead, floor, roller, belt, and others. The belt segment represented the largest share of the overall market during the forecast period. Based on belt type, the market is further segmented into light, medium, and heavy. In 2019, the medium segment accounted for a substantial share in the global conveyor system market. Based on industry, the market is segmented into food & beverage, automotive, airports, logistics, metals & mining, and others. The others segment represented the largest share of the overall market during the forecast period.

Daifuku Co., Ltd.; Dematic; Emerson Electric Co.; Honeywell Intelligrated; Interroll Holding GmbH; Siemens AG; SSI Schafer; Swisslog Holding AG; TGW Logistics Group; and Vanderlande Industries B.V. are among major companies operating in the conveyor system market.

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