Understanding Impact of COVID-19 on Conveyor Belt Market Growth – Future Trends, Dynamic Growth & Forecasts to 2026
Apart from the aviation industry, rise in e-commerce is also boosting the demand for conveyor belt. The belt is used in manufacturing units to increase the efficiency of production and to reduce the manpower cost.
Rise in urbanization and industrialization is giving rise to various industries such as manufacturing industries, power, and mining industries. Rise in industries is bolstering the demand for conveyor belt market, as it increases the operational efficiency and reduces the time consumption in transporting a product from one place to another. Further, as a result of intense competition within each industry, conveyor belt is brought into application to enhance the productivity rate.
Conveyor belt market is likely to witness major demand from the mining sector in the coming years owing to increased mining activities. Conveyor belt plays a major role in facilitating easy transport of heavy loads. Construction industry will hold second position as contributor to global conveyor belt market, owing to infrastructural expansion in various developed and developing countries. Logistics sector is another major driver in the expansion of conveyor belt market.
The medium-weight conveyor segment offers high resistant and better quality. Thereby, the segment is anticipated to be high in demand in the course of forecast period. This factor is likely to contribute to the growth of global conveyor belt market.
Meanwhile, initiatives undertaken by government bodies and funding in several sectors is likely to indirectly boost revenue of the conveyor market. Also, food industry is witnessing surge in the demand for conveyor belts to reduce time consumption and labour cost. These factors are aiding to the growth of conveyor belt market.
On the other hand, instalment and maintenance cost of the conveyor belt is considerably high. Besides, strict regulations for safe and clean environment for installation of conveyor belt may interfere with the expansion of conveyor belt market.
Global Conveyor Belt Market: Overview
Booming air travel across the world is pushing the global conveyor belt market to new heights. Conveyor belts are essential for airports predominantly for baggage retrieval. Large airports that handle vast volume of passengers on a daily basis a have large baggage retrieval area with several conveyor belts.
Structurally, conveyor belts comprises two or more pulleys that enables rotation of the belt in incessant circles. The objects to be transported are placed on the belt, which with the rotation of pulleys move on the belt.
The report on the global conveyor belt market is a valuable guide for players in this market. It provides a brilliant analysis of market drivers, restraints, and opportunities that are likely to influence the growth of conveyor belt market over the forecast period.
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Global Conveyor Belt Market: Key Trends
Across the world, the growth of the aviation industry is benefitting several ancillary industry sectors such as the conveyor belt industry. Economic development coupled with rising disposable income has surged air travel in emerging economies. Individuals are increasingly opting to fly to save time and for comfort. Governments in emerging economies are making vast efforts to upgrade airport infrastructure for ease of movement of passengers. This includes installing conveyor belts for faster baggage handling.
On the other hand, well-established airport infrastructure in developed countries is moderately fueling the conveyor belt market in these regions. However, equipment breakdown episodes and need to replace old conveyor belts with new ones is stoking demand for conveyor belts. This, in turn is propelling the conveyor belt market.
Another key factor driving the conveyor belt market is the growth of packaged food sector. The high volume consumption of packaged food is necessitating upgrades of manufacturing facility of packaged foods. Conveyor belts are used to transport material at intermediate and final stages of manufacture and packaging of food. The packaged food industry thus serves to boost the conveyor belt market.
Apart from this, consumer goods and several other industrial sectors are aiding the growth of conveyor belt market.
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Global Conveyor Belt Market: Geographical Analysis
Among the key regions in the global conveyor belt market, Asia Pacific is a key one. Rapid expansion of airport infrastructure in the emerging economies of the region is a key factor fuelling the Asia Pacific conveyor belt market. Economic growth leading to rising global travel is also indirectly benefitting the conveyor belt market in Asia Pacific.
Europe enjoys substantial share in the global conveyor belt market. Several places of Western Europe that are transit for passengers flying from the East to the West handle vast air traffic. Airports at these destinations are equipped with large baggage handling areas with several conveyor belts.
Global Conveyor Belt Market: Competitive Analysis
Key companies operating in the global conveyor belt market include Siemens AG, Daifuku Co. Ltd Emerson Electric Co.,., Vanderlande Industries B.V., Swisslog, TGW Logistics Group, Intelligrated, Interroll Holding GmbH, and Fives. Technical advancements is the focus of key companies in the global conveyor belts market to consolidate their position.
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