Conveying Equipment Market Is Projected To Be Around $42.67 Billion By 2022
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A research study titled, “Conveying Equipment Market by Product and Application - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Conveying Equipment Market is projected to be around $42.67 billion by 2022.
The global Conveying Equipment Market was worth USD 31.39 billion in the year of 2012 and is expected to reach approximately USD 42.67 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 2.80% during the forecast period. Conveying equipment are machines which convey containers, ingredients, products, packs or packaging parts from one place then onto the next. In their most upfront frame conveying equipment are mechanical folds which can be demountable and convenient to move. The most modern frame conveying equipment can be perplexing machines with sensors, drives and controls. In this shape they embrace complex undertakings or those requiring extremely precise distribution, sorting or ordering of the things or items being conveyed. Normal types of belt and support band conveyors are utilized for a wide range of automated or semi-automated packaging and processing operations. They encourage diverse necessities at the time of production, and empower distinctive items and packaging capacities to be taken care of.
The global conveying equipment market has witnessed significant development owing to its vast utilization in application as carrier of goods in many sectors including metal steelworks, ports, mining and coal, airports, cement, power, food and beverages. The key benefit provided by the conveying equipment incorporates reduced time required for delivering in this manner expanding their operational productivity which is one of the key boosting factors of this market. The advancement in manufacturing activities of strong and non-sturdy merchandise in the emerging economies worldwide is foreseen to boost the market growth over the estimate time frame. However, the extremely fluctuating prices of the imperative raw materials; for example, elastic is expected to adversely influence the global conveying equipment market throughout the upcoming years.
On the basis of product the conveying equipment market is segmented into Bulk Handling, Unit Handling and Parts and Attachments. On the basis of application the market is segmented into Manufacturing Goods, Non-Durable Goods and Durable Goods. The major players in the market are Rexnord, Dematic and Sandvik. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the world.
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Key findings of the conveying equipment market
- In 2013 durable goods represented the biggest share of 40 percent. Rising requirement of industrial machinery and computer equipment has resulted in high development of durable goods.
- In 2013 Europe represented more than 60% of the worldwide market. The development in this area is driven by the existence of few leading vehicle makers, for example, Ferrari, Audi and Mercedes. Europe is likewise anticipated to have the most elevated development in the upcoming years.
- Worldwide conveying equipment market is oscillated with few organizations driving the market. The main three members incorporate Sandvik, Dematic and Rexnord and together they represented more than 35 percent of the aggregate market in 2013.