Construction and Manufacturing - Pallet Conveyor Market

Market Overview:

The global pallet conveyor market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are rapid industrialization and automation of manufacturing lines. Pallet conveyor systems have been shown to minimize expenses with proper configuration,  while saving time by enhancing efficiency and lowering downtime and resources.

Pallet conveyors move pallets from one location to another, usually with no variation in how each item is handled. Streamlining and standardizing material transportation eliminates inefficiencies. It reduces needless delays in production. In the end, a consistent material handling routine reduces work in process and increases throughput. These are some factors that are anticipated to drive growth of the pallet conveyor market in the near future.

Major Factors Driving Growth Of The Global Pallet Conveyor Market:

Mining activities necessitate the handling of bigger amounts of materials. The conveyor system makes it easier as it is the most efficient and cost-effective solution for long distances. Various economies are growing worldwide with an increase in consumer purchasing power, which has aided rapid development of the manufacturing industry. Manufacturing, baggage handling, food and beverage, mining, and other industries have started using automation to move closer to the zero-defect goal. Thus, these factors would increase demand for conveyor systems and drive growth of the pallet conveyor market over the forthcoming years.

Factors Restraining Growth Of The Global Pallet Conveyor Market:

The global pallet conveyor market growth is substantially hampered by many unfavorable factors such as high initial cost and fewer investments in research & development activities. Also, robotics and automated guided cars are recently becoming very popular. Technology is moving forward at a fast pace with the advent of robotics and automated guided cars, which may limit the use of pallet conveyors. Thus, these factors can hinder growth of the pallet conveyor market in the near future.

Opportunities For Players Operating In The Global Pallet Conveyor Market:

Factors such as rapid industrialization and the need for automation to minimize manufacturing costs and waste, while increasing production efficiency are driving companies to use pallet conveyor systems. These are some factors that are expected to continue to open up lucrative business opportunities for key players and new entrants in the market. Growing focus on the development of environmentally friendly and cost-effective conveyor systems is another factor that is expected to continue to propel growth of the pallet conveyor market going ahead.

Global Pallet Conveyor Market Leading Application Segment:

Based on application, retail and logistics segment is expected to reach the highest revenue share over the forecast period. Retail is one of the most important businesses in which conveyors and sortation are essential. It is especially beneficial to online sellers for sorting goods and improving delivery efficiency. In addition, merchants are progressively investing in warehouse expansion. Conveyor and sortation system adoption is projected to benefit from the increased use of online retailing, as well as changing customer preference toward goods purchasing. Furthermore, due to increased demand, many organizations that have already invested in sortation facilities are projected to expand their capacities. These are some vital factors that are expected to drive growth of this segment in the pallet conveyor market.

North America Accounts For Largest Revenue Share In Global Pallet Conveyor Market:

North America emerged as the dominant market for pallet conveyors with the largest revenue share in 2020. Revenue growth in North America is mainly attributed to the expansion of retail and distribution industries. Pallet conveyors are useful for situations where the space is limited. Pallet conveyors are commonly used in small and medium-sized distribution centres in North America to manage exceptionally high loads and inventory, which, in turn, would drive growth of the market in this region.

Asia Pacific Continues To Lead In Terms Of Revenue CAGR In Global Pallet Conveyor Market:

The Asia Pacific pallet conveyor market is expected to register the fastest revenue CAGR over the forecast period. Expansion of the manufacturing industry in developing countries of this region is anticipated to bolster demand for pallet conveyors in the near future. China is considered a global manufacturing powerhouse. The manufacturing industry has been driven by availability of lower-wage employees in the country, minimal taxes and levies, and competitive currency practices. While fast-growing economies in the region such as India, have plenty of resources, policies, and labour in place, the market is expected to accelerate in this country.

Major Companies Profiled In The Report:

• Daifuku Co. Ltd
• Siemens AG
• Five Group
• Emerson Electric
• Allied Conveyor Systems
• Caterpillar
• Dorner Conveyors
• Dynamic Conveyors
• FMC technologies
• Interroll and Intelligrated
• Krones
• Damon
• Witron
• Knapp
• Okura
• Bastian Solutions
• KG Logistics
• Omini
• Jiangsu Huazh
• Pro Tech

Strategies And Objectives Of Major Companies:

• In February 2021, Daifuku Co., Ltd. and AFT Industries AG, based in Germany, signed a commercial collaboration agreement to combine their material handling capabilities in the automobile industry. This partnership will allow Daifuku and AFT to create new channels, cater to increased demand, and achieve more investments from automobile manufacturers for material handling solutions.
• In January 2021, Material Handling Systems Inc. declared that it will buy portions of TGW Logistics Group's US conveyor assets in Norton Shores, Michigan (MHS). The two corporations have signed a contract, and this acquisition is anticipated to go into effect in February 2021. TGW was assisted through the entire M&A process by Lincoln International. TGW changes its strategic portfolio as a result of the sale, focusing on the growing integration business in North America.

What Our Report Provides And Why Our Offering Is Better:

This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.

Detailed Segmentation In Our Report:

For the purpose of this report, global pallet conveyor market is segmented on the basis of type, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

• Gravity Roller Pallet Conveyor
• Chain Driven Live Roller Pallet Conveyor
• Drag Chain Pallet Conveyor
• Belt Driven Live Roller Pallet Conveyor
• Heavy Duty Slat Conveyor
• Others

Application Outlook (Revenue, USD Billion; 2018-2028)

• Retail and Logistics
• Industrial
• Food and Beverages
• Others

Region Outlook (Revenue, USD Billion; 2018-2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Benelux
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of Middle East & Africa

Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.