Dec 7, 2020   SOURCE: BusinessWire

Technavio's New Global Conveyor Belt Market Research Report Forecasts $ 1.38 Growth During 2020-2024

The new conveyor belt market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Conveyor Belt Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Conveyor Belt Market 2020-2024 (Graphic: Business Wire)

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"One of the primary growth drivers for this market is the increasing demand for automation in material handling,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the conveyor belt market size to grow by USD 1.38 billion during the period 2020-2024.

Conveyor Belt Market Segment Highlights for 2020

  • The conveyor belt market is expected to post a year-over-year growth rate of 2.34%.
  • Based on the type, the market saw maximum demand for medium-weight conveyor belts in 2019. They are primarily used in the industrial manufacturing sector due to their load-bearing capacity. Besides, factors such as increasing demand for urbanization and the growth in manufacturing activities worldwide are contributing to the growth of the medium-weight conveyor belt segment.
  • The growth of the market in the segment will be significant over the forecast period.

Regional Analysis

  • 54% of the growth will originate from the APAC region.
  • The growth of the market in APAC can be attributed to growing construction, manufacturing, automotive, mining industries, and high investments in the manufacturing industry.
  • Japan and China are the key markets for conveyor belts in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.

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Related Reports on Industrials Include:

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Notes:

  • The conveyor belt market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
  • The conveyor belt market is segmented by Type (Medium-weight, Light-weight, and Heavy-weight) and Geography (APAC, North America, Europe, South America, and MEA).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including Bando Chemical Industries Ltd., Bridgestone Corp., Continental AG, Daifuku Co. Ltd., Emerson Electric Co., FIVES Group, Goodyear Rubber Products Inc., Honeywell International Inc., Kossan Rubber Industries Bhd, Michelin Group, MRF Ltd., Siemens AG, Taikisha Ltd., Vanderlande Industries BV, and Yokohama Rubber Co. Ltd.

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.