LONDON–(BUSINESS WIRE)–The global conveyor sorting systems market was valued at USD 3.3 billion and is expected to reach over USD 4.2 billion by 2024, growing at a CAGR of over 5%.
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Global Conveyor Sorting Systems Market: Overview
The festive season is just around the corner, and companies are finding ways to manage their supply chain in order to meet demand during peak periods. This is increasing the need for conveyor sorting systems at warehouses to ensure smooth and efficient operations. Moreover, the growth of the F&B industry and the rising demand for healthcare supplies led by the COVID-19 pandemic is further contributing to the growth of the conveyor sorting systems market.
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Global Conveyor Sorting Systems Market Growth Across Regions
APAC is the largest market for conveyor sorting systems. In 2019, the region was valued at USD 1.45 billion and is expected to generate about USD 392 million in revenue during the analysis period. The market growth will also be significant in Europe and North America during the forecast period. While Europe will contribute USD 291 million in revenue to the market, North America will account for USD 188 million incremental growth during the forecast period. South America and MEA will register incremental growth of USD 39.53 million and USD 36.77 million, respectively, during the forecast period.
Global Conveyor Sorting Systems Market: End-User Analysis
The market is observing maximum growth opportunities in the logistics and transportation segment. During the forecast period, the segment is expected to contribute over USD 350 million to the global market while occupying a 33% market share. It is followed by the food and beverage and pharmaceutical segments, respectively. The food and beverage segment is growing at a much faster rate compared to the logistics and transportation segment. By 2024, the market value in the segment will reach about USD 1.26 billion. Similarly, the market value in the pharmaceutical segment is expected to reach about USD 845.58 million by the end of the analysis period.
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Table of Contents:
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Logistics and transportation industry – Market size and forecast 2019-2024
- Food and beverage industry – Market size and forecast…