According to the recent study by Research Nester, the Conveyor Belt Market size is expected to Grow with a CAGR of ~4.68% between 2024 and 2036 and is predicted to record a revenue of USD 11.10 Billion by 2036 due to the growing urbanization and infrastructural development across the globe.
Increasing Integration of IoT Purpose to Drive Growth of the Global Conveyor Belt Market
The growth of this market can be attributed to the back of increasing integration of IoT in the belts. The adoption of Industry 4.0 principles and the need for more automation in different industry sectors are driving the market for belt conveyors. Manufacturers in sectors like automotive, food and beverage, pharmaceuticals, and others are rapidly using control systems to increase their efficiency, consistency, and precision.
Some of the major growth factors and challenges that are associated with the growth of the global conveyor belt market are:
Growth Drivers:
• Surge in Technological Advancement
• Rising Urbanization and Infrastructural Development
Challenges:
• Operational bottlenecks are caused by a shortage of skilled workers and an aging infrastructure. Manufacturers need to prioritize cost-effective innovation, sustainable practice, and strategic collaboration to deal with this maze of challenges. The key to success is adapting to changing demand and exploring alternative techniques for handling materials.
Growing Support by Government to Promote Global Market Share of Conveyor Belt
The global conveyor belt industry is estimated to grow majorly on account of the increased support by the government on the integration of conveyor belts and now authorities at various levels are labeling awareness about the benefits of conveyor belts. The importance of recognizing and assessing conveyor belt hazards such as pinch points, falling objects, or entanglement risks is highlighted by the International Labor Organization Code. As a means of reducing waste and promoting the circular economy, initiatives for recycling conveyor belts are becoming increasingly popular.
Regional Overview: Conveyor Belt Market
The growth of this market is anticipated to be hampered by the strict environmental regulations set by government authorities of several regions.
By belt type, the APAC conveyor belt market is segmented into lightweight, heavy-weight, and medium-weight. The medium-weight segment is predicted to develop at a CAGR of 5.18% over the given time frame. For a wide range of applications, where low strength and flexibility are required, heavy-weight belting is appropriate. In industries such as manufacturing, packaging, and logistics for the transport of goods, parts, or materials in a facility or across various processing stages they are frequently employed. These belts are flexible enough to be used in a variety of industrial applications, balancing strength with flexibility.
By region, the Asia Pacific Conveyor Belt industry is expected to grow at a CAGR of 5.36% over the forecast period. The Asia Pacific market is predicted to be valued at USD 6.28 billion by the end of 2036, up from USD 3.21 billion in 2023. Real-time monitoring and predictive maintenance are enabled by AI and the Internet of Things embedded in smart belts, enabling a market transformation. In addition, the presence of small and medium-sized enterprises in China and India is giving new impetus to established players that will define the future of the Asia Pacific conveyor belt industry.
Top players present in the global conveyor belt market are ASGCO, Daifuku Co. Ltd., Vanderlande Industries B.V., Taikisha Ltd., Dunlop Conveyor Belting, Luna Innovations Incorporated, and others
Source - https://www.researchnester.com/reports/conveyor-belt-market/3185
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