New Product Development and Research, Expansions, Partnerships, Agreements, and Acquisitions to Increase their Share and Diversify and Strengthen their Business Networks tn the Conveyor System Market
The global conveyor system market size is projected to reach USD 12.7 billion by 2027, from an estimated value of USD 9.4 billion in 2022, at a CAGR of 6.0%. Higher adoption of automation processes in various end-use industries and rising demand for handling larger volumes of goods are the driving factors that are expected to boost the conveyor system market during the forecast period.
Daifuku Co., Ltd. (Japan), Continental AG (Germany), Siemens AG (Germany), Metso Outotec (Finland) and Fives Group (France) are expected to be the market leaders. These players have adopted strategies such as innovation in supply orders, new product development and research, expansions, partnerships, agreements, and acquisitions to increase their share and diversify and strengthen their business networks in the conveyor system market.
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Daifuku Co., Ltd. (Japan) is the leading player in the market primarily because of its investments in new product development and larger consumer outreach of all market players. It focuses on organic as well as inorganic growth strategies. Daifuku has a diverse product portfolio catering to various industries and a strong global presence with operations in more than 20 countries. Its manufacturing and distribution systems portfolio includes more than ten product offerings for an extensive range of industries such as pharmaceutical, food & beverage, electronics, and machinery, automotive, airport, and distribution. This gives the company a strong hold over the market and keeps the revenue stream strong. Daifuku has acquired Scarabee Aviation Group BV, which provides a range of airport solutions to many global leading airports and airlines. The company also acquired Intersystems (Asia Pacific) Pty Limited, which provides airport information management systems, and Vega Conveyors & Automation Private Limited (India), involved in the consulting, design, and manufacture of conveyors for the Indian market. These acquisitions helped the company strengthen its position in the European and Asian markets, respectively.
Continental AG is another leading player because of its geographical presence and competitive business strategy. It provides its conveyor systems to nearly all industries such as aerospace, automobile, agriculture, commercial vehicle, construction, mining, and manufacturing. The conveyors contribute an approximately 10-15% share to its ContiTech division revenue, and continuous growth within the division is expected to help the company expand its business. Similarly in June 2021, it launched varioBelt tilterPlus belt conveyor which has a tilting device for effective baggage movement at airports. This invention contains a very functional system that can transport baggage forward to the left and the right. Because a baggage handling system can serve three directions with just one sorting unit, it requires far fewer devices, resulting in a smaller footprint. Individual arrangement variations are available with VarioBelt TilterPlus.
Related Reports:
Conveyor System Market by Industry (Retail & Distribution, Food & Beverage, Automotive, Electronic, Mining, & Airport), Type (Belt, Roller, Overhead, Floor, Pallet, Crescent, Cable, Bucket) Component, Operation & Region - Global Forecast to 2027
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