Conveyor Belt Market Trends
Growth Drivers
- Growing Industrialization and Infrastructure Development - In industries such as mining, manufacturing, and construction, where industrialization is still ongoing, particularly in developing economies like China, India, and Brazil, there is a strong demand for belt conveyors. As countries concentrate on infrastructure development projects such as highways, airports, and bridges, the demand for raw materials and their transport efficiency is rising. In these sectors, conveyor belts provide an efficient way to move huge quantities of material over great distances. In addition, the conveyor belt market has grown as a result of e-commerce growth and an expansion of warehouses and distribution centres around the world which are essential to sorting and shipping operations in such facilities.
- Growing Technological Advancement - Smart conveyors that use artificial intelligence, the Internet of Things, and sensors for predictive maintenance, real-time monitoring, and optimum material flow. Consider belts that can withstand high temperatures, streamlined, low friction surfaces, and lightweight modular designs that are suitable for certain applications. This is one of the significant factors boosting the conveyor belt market growth of conveyor belts in the projected period.
Challenges
- High Installation and Production Cost Included - A significant investment is needed to buy and install the latest generation of belt systems. Many SMEs and businesses in developing countries may be unduly burdened with the upfront costs of installing belt conveyor systems. Consequently, some enterprises may be deterred from adopting or updating conveyor belt systems, which operate as a market restraint, due to high initial operating and maintenance costs.
- Lack of Skilled Labor is estimated to hinder market growth in the upcoming period
- Competition from alternatives is set to restrict the conveyor belt market growth in the forecast period.
Conveyor Belt Market: Key Insights
Regionally, the global conveyor belt market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to garner largest share over the forecast period on the back of growing mining and manufacturing activities in the region. According to the World Bank, in 2019, 13.793% of the total GDP of South Asia was contributed by manufacturing sector. Growth of supply chain industry in countries, such as, China, Vietnam, and India, is estimated to drive the market growth in the region.
The market in the Europe region is estimated to grow with the highest CAGR over the forecast period, owing to the increasing mining activities in countries, such as, Russia, with more than 130 coal mines, 70% of the world’s lead reserve, and major mines for copper, gold, iron, nickel, and other metals. Moreover, growth in the construction and aviation industry, especially in the western Europe, is estimated to boost the market growth. According to the data by the Organization for Economic Co-operation and Development (OECD), in 2019, Germany spent USD 1.88 billion for construction of airports, while France spent USD 1.029 billion for the same.
The global conveyor belt market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.9% |
|
Base Year Market Size (2024) |
USD 4.18 billion |
|
Forecast Year Market Size (2037) |
USD 6.87 billion |
|
Regional Scope |
|
