LONDON--(BUSINESS WIRE)--The conveyor sorting systems market is expected to grow by USD 947.47 million, progressing at a CAGR of over 5% during 2020-2024. Research from Technavio indicates neutral and inferior growth in the short term as the business impact of COVID-19 spreads. The imposition of lockdowns led to a partial or complete shutdown of operations by industrial operators, which reduced the market demand for the short-term. However, the market growth is expected to gain traction with increasing investments toward factory modernization and the incorporation of modern technologies by companies worldwide.
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"One of the primary growth drivers for this market is the advantages of conveyor sorting systems”, says a senior analyst for the Industrials industry at Technavio. Conveyor systems offer flexibility in terms of item mixes and volumes they can handle. They also ensure the safety of workers by moving products along a fixed path and avoiding collisions. Moreover, conveyor systems are capable of handling both slow and peak demands efficiently and facilitate movement throughout the facility with minimal human intervention. Many such benefits are increasing the adoption of conveyor systems among end-users, which is driving the growth of the market.
Conveyor Sorting Systems Market Segment Highlights for 2020
- The conveyor sorting systems market is expected to post a year-over-year growth rate of 3.52%.
- Based on the end-user, the market saw maximum growth in the logistics and transportation industry segment in 2019. The growth of the segment is driven by the surge in the number of products offered by companies worldwide. This has necessitated the need for conveyor sorting systems to sort air freight pallets and unit load devices.
- The growth of the market in the segment will be significant during the forecast period.
- 41% of the growth will originate from the APAC region.
- APAC is expected to offer significant growth opportunities for market vendors during the forecast period. The growth of the market in APAC is led by factors such as rapid urbanization, rising consumption levels, increasing disposable income, and economic growth.
- China and Japan are the key markets for conveyor sorting systems in APAC. However, market growth in this region will be slower than the growth of the market in other regions.
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- The conveyor sorting systems market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The conveyor sorting systems market is segmented End-user (Logistics and transportation industry, Food and beverage industry, Pharmaceutical industry, and Others), Geography (APAC, Europe, North America, South America, and MEA), and Solution (Hardware, Services, and Software).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including BEUMER Group GmbH & Co. KG, Continental AG, Daifuku Co. Ltd., Eisenmann SE, FIVES Group, Honeywell International Inc., Interroll Holding AG, KION GROUP AG, Siemens AG, and Toyota Industries Corp.
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