According to the new market research report "Conveyor Monitoring Market by (Technology, Offering, Deployment Type), Conveyor Belt Monitoring, Industry (Mining, Power Generation), and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2024" The conveyor monitoring market is likely to reach USD 215 million by 2024 from USD 254 million in 2019; it is estimated to record a CAGR of 3.5%. The growth of this market can be attributed to the increasing focus of companies on reducing revenue loss due to faults in conveyor belts and motors and the rising adoption of predictive maintenance tools and techniques .
Browse 32 market data Tables and 29 Figures spread through 100 Pages and in-depth TOC on "Conveyor Monitoring Market by (Technology, Offering, Deployment Type), Conveyor Belt Monitoring, Industry (Mining, Power Generation), and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/conveyor-monitoring-market-55899833.html
Conveyor belt monitoring accounts for larger market share in 2018.
Conveyor belts are prone to different damages, such as thinning, edge cutting, belt bruising, belt ripping, corrosion, and the presence of foreign objects. Therefore, these belts need to be monitored regularly for the smooth transportation of bulk materials. Likewise, excess temperature and vibration are the other major causes of conveyor motor failure. The failure of conveyor systems leads to unplanned shutdowns in industrial plants, resulting in financial losses. All these factors make it essential to monitor conveyor systems regularly. The major factors driving the conveyor monitoring market are the rising adoption of predictive maintenance tools and techniques and increasing focus of companies to reduce revenue loss due to faults in conveyor belts.
Mining industries to lead conveyor monitoring market from 2019 to 2024.
In the mining industry, extreme environments can severely damage conveyor belts. Similarly, sharp objects can tear the conveyor belt or cause internal damage to the belt carcass. Due to these reasons, conveyor monitoring solutions are essential in the mining industry. Adopting automation in the mining industry provides better productivity, ensures safety, minimizes wear & tear, enhances reliability, and improves quality. Recently stringent rules and regulations for mine owners to ensure personnel and environmental safety compels manufacturers to adopt conveyor monitoring solutions.
APAC to be the largest market for conveyor monitoring during the forecast period.
APAC is estimated to hold the largest share of the conveyor monitoring market during the forecast period. Conveyor monitoring solutions can predict the failure of conveyors at an early stage. These solutions enable miners to optimize operating costs and achieve high operational efficiency. China, one of the top mining countries, has adopted real-time conveyor monitoring systems to increase operational efficiency and production. Major Australian players such as Fenner Dunlop and Beltscan offer a wide range of products in conveyor monitoring. With Australia being the forerunner in the mining industry, the APAC region holds the largest market share of the conveyor monitoring market.
Beltscan Systems Pty Ltd. (Australia), Yellowtec (Australia), Honeywell International Inc. (US), ContiTech Conveyor Belt Group (Germany), Fenner Dunlop (Australia), PHOENIX CBS GMBH (Germany), Emerson Electric Co. (US), Bruel & Kjaer (Denmark), SKF (Sweden), and Parker Hannifin Corporation (US) are a few major players operating in the conveyor monitoring market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441