Conveying equipment market is witnessing a high growth potential with increasing installation of conveying systems in automobile, packaging, food & beverages, pharmaceutical.

Sellbyville, DE -- (SBWire) -- 01/21/2019 --Conveying Equipment Market will see gains 2% to exceed USD 39 billion by 2024. Unit handling conveyors was the major product segment which made revenue over USD 17.5 billion in 2015, signifying the growing need of such conveying equipment in numerous industries. These systems are also widely accepted because of its low energy consumption and minimum maintenance cost. Usually, small scale production houses prefer this kind of conveying system in automotive industries and in vehicle shipment.

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Conveying equipment market is witnessing a high growth potential with increasing installation of conveying systems in automobile, packaging, food & beverages, pharmaceutical and other such industries. The automobile industry has seen a major deployment of these systems in their assembly lines and mass production units which has significantly increased the productivity. Conveying equipment market from durable goods applications is expected to generate revenue worth USD 15.3 billion by 2024. The non-durable product application is also estimated to witness gains at over 1.2% over the period of 2016-2024.

The bulk handling conveying equipment industry is also anticipated to observe moderate gains at a rate of 2% over the period of 2016-2024. These type of conveyors finds extensive application in the process of loading & unloading of goods and in mass production units.

Asia Pacific conveying equipment market is experiencing high growth prospects as many automobile manufacturers are planning to invest in the region. Growing construction projects related to building malls and airports in the emerging economies of the region will have a favorable influence on this industry as these systems are used in luggage handling process. India and China conveying equipment market has contributed majorly toward the growth of overall APAC market, anticipated to grow at a CAGR of 2.5% from 2016-2024.

U.S. is a well-known hub for advanced manufacturing, installing and product designing facilities. This region has a major manufacturing base of spare parts which are supplied to automobile and aerospace industries which demands high productivity and efficiency thus pushing conveying equipment industry growth.

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Europe comprise several automotive and mining industries that seeks automation in their manufacturing units. In an attempt to reduce unnecessary human efforts in these units, the regional conveying equipment industry share has shown a significant upsurge over the recent years. Led by countries such as UK, France, Germany, and Italy, the Europe conveying equipment market is set to record a revenue generation of more than USD 13.5 billion by 2024.

Global conveying equipment industry is moderately fragmented with top three players catering to more than 30% of the overall demand. Sandvik is a prominent player providing conveyors to industries including mining, aggregates & cement, and terminal & ports. Dematic Group is another company delivering solutions and intra- logistics to material building industries. Other notable conveying equipment industry participants include Richards Wilcox, Hitachi, Siemens, Rexnord, Webster, FMC Technologies, Nordstrong Equipment, Fritz Schafer, and Daifuku.

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