Pune, India, April 11, 2022 (GLOBE NEWSWIRE) — The global conveyor systems market size was USD 5.42 billion in 2021. The market is projected to grow from USD 5.60 billion in 2022 to USD 7.76 billion in 2029 at a CAGR of 4.8% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Conveyor Systems Market, 2022-2029.” Factors such as rising demand for handling a large volume of goods in manufacturing & warehousing operations and increased focus on automated material handling will boost the growth of the market during the forecast period. Additionally, increased attention towards developing smart & innovative technologies will increase the footprint of the market.
The COVID-19 pandemic impacted the market of conveyor systems as imposed lockdowns and shutting down of various manufacturing sectors took its financial impact. Shutting down of manufacturing activities further triggered a dispersed workforce and remaining manufacturers operating at a less-than-optimal capacity.
However, the conveyor systems industry is always on a growth curve. The main reason behind is the constant up-gradation of material handling systems. The need for automation and goods transportation has further balanced the impact and complimented the continuous growth. Manufacturers were positively dealing by introducing new automated systems and partnering with regional companies to expand market presence thus, minimizing the COVID-19 impact on the financial aspects.