Conveyor Belt Market is Expected to Thrive at Impressive CAGR by 2027 End
Conveyor belt market is expected to exceed USD 5.28 billion by 2027, according to a new research report by GMI Inc. Conveyor belt systems are gaining immense momentum in industries like manufacturing in recent years to reduce workload and improve efficiency.
Conveyor belt market is expected to exceed USD 5.28 billion by 2027, according to a new research report by GMI Inc. Conveyor belt systems are gaining immense momentum in industries like manufacturing in recent years to reduce workload and improve efficiency. The installation of these systems can help automate the transportation of goods around the workplace, thus ensuring a high level of productivity, among other benefits.
The acceleration of e-Commerce and the robust demand for warehouses and distribution centers are some of the key factors contributing to the conveyor belt market development. According to CBRE (Coldwell Banker Richard Ellis)’s estimates, there will be a need for an additional 330 million sq. ft. of distribution space in the U.S. and an additional 1.5 billion sq. ft. globally by 2025 in order to accommodate the ever-increasing pressure on the e-commerce industry.
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In addition, there has been an increase in the deployment of belting services for other applications, such as food processing and packaging. Following are 3 major trends contributing to the conveyor belt business landscape:
· Growing consumption of snacks and on-the-go foods
With the growing consumption of snack foods, food processing equipment manufacturers have been developing new conveyor belt machines. For instance, in November 2020, Kanchan Metals Pvt. Ltd. introduced multiple conveyor belts under four major categories, including bakery and confectionery, frozen food, snack food, and packing section, designed to meet the burgeoning demand from the food processing segment.
Furthermore, with the gradual ease of the COVID-19 restrictions, the intake of on-the-go food categories including beverages has increased steadily. The gradual lifting of lockdown measures and mobility restrictions could therefore add impetus to the food conveyor belt market business growth over the years ahead.
· Rapid completion of baggage system projects in airports
The unprecedented impacts of the coronavirus pandemic have been observed in several industry verticals, including aviation. Following a decade of consistent increase in global passenger traffic, the pandemic halted activities at airports in the second quarter of 2020. Despite these disruptions, international airports are speeding up their baggage system projects and completing them ahead of the schedule.
Citing an instance, the renovation of a nearly USD 91 million baggage system beneath the London Stansted Airport’s terminal was driven to the finish line in May 2021. This project involved the replacement of the aging setup of conveyor belts and chutes with 180 automated carts and 2.4 km of track. Situations like these could bolster the overall conveyor belt market expansion, despite the long-lasting effects of the pandemic.
· Rising investment in construction and infrastructure projects in the U.S.
The ongoing spread of the coronavirus and economic disruptions have adversely affected many industrial sectors. Some, however, like construction, are on the path to recovery and are experiencing considerable growth. According to the U.S. Census Bureau, the seasonally adjusted spending on construction surged by 9.3% in the country in November 2021 as compared to a year earlier. The positive growth trajectory of construction activities could stimulate the need for cement and consequently escalate the use of conveyor belts as a bulk-handling solution in the cement industry.
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Likewise, government bodies are also continuing to introduce coronavirus rescue measures with emergency grants and other investments. For example, the American Rescue Plan passed in March 2021 included more than $360 billion for use in projects such as infrastructure improvements. In addition, U.S. President Joe Biden announced a $1 trillion package in November to fund various infrastructure projects nationwide, ultimately creating opportunities for the conveyor belt market to thrive over the years ahead.
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