As per Market Research Future (MRFR), The global overhead conveyor systems market is expected to reach USD 812.2 million metric tons with a CAGR of 5.18% from 2022–2030 (forecast period). The report shows the market opportunities and the market ramifications that emerged as a result of the COVID-19 pandemic.
Overhead Conveyor Systems Market , a mechanical handling equipment, have recently gained substantial demand from the industrial sector for process automation. Its ability to carry heavy and bulk materials is used in various sectors, such as retail, food & beverage, and automotive. In addition, conveyor systems are customized according to the industry needs.
Market Dynamics
The growth of the market for overhead conveyor systems is driven by numerous factors, such as the growing adoption of automated systems in manufacturing and the high productivity and system efficiency of overhead conveyor systems. Nevertheless, market growth is expected to be hampered due to high initial and maintenance costs.
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Market Segmentation
The global market for overhead conveyor systems has been segmented based on function, technology, weight, capacity, sales channel, automation, and application.
By function, the global overhead conveyor systems market has been segmented into process link, process decoupling, buffering/storage, sorting, and sequencing.
By technology, the global overhead conveyor systems market has been segmented into pouch sorter and power & free system.
By weight, the global overhead conveyor systems market has been segmented into p0–3 kg, 3–5 kg, 5–10 g, 10–20 kg, and 20–50 kg.
By capacity, the global overhead conveyor systems market has been segmented into upto 1000 items/h, 1000–10,000 items/h, and >10,000 items/h.
By the sales channel, the global overhead conveyor systems market has been segmented into direct and via main contractors. the main contractor segment dominated the market with a share of 65.72%, accounting for USD 377.6 million in 2018; it is expected to rise at the highest CAGR of 5.89% during the forecast period. Main contractors are engaged in the independent delivery and marketing of the components and equipment produced by the manufacturers. Contractors procure and install overhead conveyor systems and offer after-sales services to end-use industries. Overhead conveyor systems contractors consider the specifications according to the application of overhead conveyor systems and offer standard or customized conveyor systems to customers. These factors are predicted to propel the growth of this segment in the global market during the forecast period.
By automation, the global overhead conveyor systems market has been segmented into manual, semi-automatic, and automatic.
By application, the global overhead conveyor systems market has been segmented into e-commerce/retail, logistics, and production processes.
Regional Analysis
Region-wise, the global Overhead Conveyor Systems Market Size has been segmented into Europe, North America, Asia Pacific, and the Rest of the World.
In 2018, the market was led by Europe, with a 35.45% share, followed by the Asia Pacific and North America with shares of 31.01% and 25.00%, respectively.
Europe is dominating the market growth with the presence of countries such as Italy, the UK, and others.
In the United Kingdom, the need to reduce manufacturing costs, increased adoption of SCADA-based automation, adoption of smart manufacturing methods, and increase demand for higher productivity with energy-efficient technologies is anticipated to push market demand. Various manufacturers of conveyor systems and integration systems start-ups are on the rise in the region, fueling the overhead conveyor systems industry's growth. These start-ups represent sectors such as the automotive, healthcare, and electronics industries.
In Italy, the high demand for manufacturing process automation, the growing adoption of automatic conveyor systems, and the increasing demand for security and productivity in industrial processes are expected to boost the market's growth for overhead conveyor systems. The country is expected to see a rise in sales of conveyor systems in the retail, rubber, plastic, food & beverage, and automotive industries.
In France, the demand for energy-efficient production technologies, the high demand for embedded systems in manufacturing plants, the growing acceptance of conveyor systems, and the increasing demand for the high-quality manufacturing process further fuel the industry's growth. Other countries are Spain, NORDIC, RUSSIA, BENELUX, Austria, Poland, Sweden, Belgium and the rest of Europe. These countries are projected to have a large share of the overhead conveyor systems market due to government initiatives to improve production activities, rising production in the automotive, retail, food, and pharmaceutical sectors, developments in cloud computing, mechatronics, automotive and smart devices.
The Asia Pacific region is expected to record the highest CAGR during the forecast period.
Japan, China, and India drive the growth of the region. In Japan, the country's developing automation industry, increasing exports of automated products, increasing adoption of automatic conveyor systems in manufacturing plants, labor shortages across a variety of sectors, and rising demand for automation by Japanese automotive manufacturers to increase productivity are factors that are expected to drive market development.
In India, the emphasis on reducing production costs, implementing automation in the manufacturing sector to remain competitive in the market, rising foreign direct investment in the manufacturing sector, growing government initiatives for smart factories and industrial automation, and the rapidly expanding end-use industries are projected to boost the market of the overhead conveyor systems market.
Key Players
Notable players in the global overhead conveyor systems market are SSI SCHAEFER AG, Dematic, TGW LOGISTICS GROUP, Vanderlande Industries, Jiangsu Huazhang Logistics Technology Co., Ltd, Dürkopp Fördertechnik GmbH, Daifuku Co., Ltd, Ferag AG, psb intralogistics GmbH, PACLINE OVERHEAD CONVEYORS, Allied Conveyor Systems, Rapid Industries, Inc., Bastian Solutions, Inc., Schönenberger Systeme GmbH, Herbert Kannegiesser GmbH, CALDAN Conveyor A/S, OCS Overhead Conveyor System Ltd, KEWESTA GmbH, and JENSEN-GROUP.
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