With rapid industrialization and growth in technology, the way an industry operates has revolutionized tremendously. Use of automated equipment and upgraded technique of production has become the need of the hour to facilitate timely manufacture of quality goods.
Albany, NY -- (SBWIRE) -- 10/25/2017 -- Driven by widespread introduction of mass production and assembly line methodologies in varying industries, the Global and U.S Conveying Equipment Market, which stood at US$30.76 billion in 2011, is projected to reach US$34.71 billion by the end of 2018. According to the report titled "Global and U.S. Conveying Equipment - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018" the global conveying belt market will grow at a CAGR of 1.8% during the forecast period from 2012 to 2018.
Published by Transparency Market Research, the study observes that the surge in demand for automobiles worldwide coupled with the growing requirement for customized conveying equipment is expected to boost the demand for conveying equipment in the global scenario. However, volatility in demand from the durable goods industry might have a profound impact on the conveying equipment market. The findings of the report indicate that a growing incidence of ecommerce together with a paradigm shift in the distribution networks of products from manufacturers to merchants and from merchants to clients, along with the expansion of the food and beverage industry that follows a linear path for both production and mobility of goods, is anticipated to create fresh opportunities for the market to capitalize on in the next 4-5 years.
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The unit handling equipment segment emerged as the largest segment of the market in 2011, accounting for 44.9% of the market. This equipment found use in both manufacturing and shipping of industrial products, which also made them a primary requirement for several industries. However, over the forecast period, the parts and attachment segment is projected to emerge as the fastest growing segment in the conveying equipment market, registering growth at a projected CAGR of 2.2% between 2012 and 2018. Similarly, the report predicts the global market for bulk handling equipment will surpass US$11 billion by the end of 2018. The global market for conveying equipment was dominated by Europe in 2011. The region accounted for 35.9% of the overall market. The expansion of the market in this region was bolstered by the presence of many leading automobile manufacturers in countries such as Italy, France, and Germany.
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The conveying equipment market in North America alone is expected to be worth US$8,457.8 million by 2018. The U.S. was the largest contributor to the North America conveying equipment market. The country accounted for revenue of about US$6,618.2 million in 2011. However, the analysts foresee tremendous growth for the conveying equipment market in Asia Pacific. The region is expected to emerge as the fastest growing market over the forecast period at an estimated CAGR of 2.3%. The rapid expansion of industries mainly in India and China will drive the demand for conveying equipment in Asia Pacific. The conveying equipment market in the U.S. is dominated by unit handling equipment, which accounted for 33% of the overall market in 2011. It is expected to reach US$3,452.3 million by the end of 2018. The market for parts and attachments in the U.S. will grow at a 2.3% CAGR.
The report also profiled leading market players such as Fenner Dunlop, Rexnord, Dematic, Nordstrong Equipment Ltd., Webster Industries, Intelligrated Inc., and Sandvik AB.
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