Conveyor System Market Share

Europe Market Forecast

The share of conveyor system market in Europe, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2037. The growth of the market can be attributed majorly to the increasing use of technologies such as IOT, and artificial intelligence in the manufacturing units. Furthermore, there is a need to reduce the labor costs, that is further predicted to drive the market’s growth in the region. In addition, the presence of large automotive companies in the region is anticipated to expand the conveyor system market in the region.  Furthermore, there have been strict regulations in relation to the safety of the employees that are working in the manufacturing unit, such as in the automotive industries. According to the European Commission, atleast 2.6 million people work in the direct manufacturing of motor vehicles. Therefore, there is a need for a conveyor system in order to compile different parts of the motor vehicle. Hence, it is anticipated to boost the growth of the market in the European region.

APAC Market Statistics

The Asia Pacific conveyor system market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand from manufacturing industries to automate their processes, and the surging development among various industries such as airports, automobiles, mining industries, and others. In addition, there has been a growing demand for products from consumers, which is putting pressure on the companies to provide their products at the right time with lower cost. Moreover, surging adoption of industry 4.0, and the implementation of automation are further anticipated to boost the growth of the market in the region.

North American Market Forecast

Further, the conveyor system market in the North America amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the surging problem faced by the industries related to the heavy traffic on conveyors. Moreover, the surging industrialization in the region, which requires conveyors in their production processes, is further estimated to rise the growth of the market in the region.