Conveyor belts are mechanical equipment designed for continuous movement of heavy materials between different locations in various industries. They aid in bulk handling of items over long distances in an efficient manner with high performance. With growing manufacturing activities across industries, the demand for conveyor belts is rising to transport raw materials and finished goods securely and rapidly within production facilities and warehouses.

The global conveyor belts market is estimated to be valued at US$ 4.61 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

One of the major market opportunities for conveyor belts is in efficient material handling and transportation applications. With increasing globalization and focus on supply chain management across industries, the need for seamless movement of goods from one stage to another within the production cycle and distribution networks is mounting. Conveyor belts help address this need by facilitating bulk transport of items over long distances between manufacturing units, warehouses, packaging centers and shipping docks in a cost-effective manner. Their deployment leads to optimized material flow, reduced labor costs, improved operational efficiency and higher productivity. This is driving several companies to integrate conveyor belt systems for smooth internal logistics, thereby augmenting demand in the coming years.

Porter's Analysis

Threat of new entrants: The conveyor belts market requires substantial investment in machinery, technical knowledge and an established supply chain. This high barrier to entry limits the threat of new companies.

Bargaining power of buyers: Buyers have moderate bargaining power as conveyor belts have no substitutes for moving material in production facilities. However, buyers can negotiate on price if they purchase in large volumes.

Bargaining power of suppliers: A few large companies dominate the supply of raw materials for conveyor belts like rubber and plastics. This gives suppliers significant power to influence prices.

Threat of new substitutes: There exist no viable substitutes for conveyor belts that can efficiently transport materials over long distances in production lines. This reduces the threat of substitutes.

Competitive rivalry: The global market is consolidated with large multinational corporations. Intense competition exists between established players to gain market share through product innovation and expansion into new industries.

SWOT Analysis

Strengths: Established brands and global distribution networks. Significant investments in R&D to develop customized solutions.

Weaknesses: Rising raw material costs. Fluctuations in demand from economic cycles impact different industries.

Opportunities: Adoption in the food industry and airports presents new growth areas. Smart conveyor belts with sensors see increased demand.

Threats: Stiff competition from local Chinese manufacturers. Regulations regarding safety and emissions pose compliance challenges.

Key Takeaways

The Global Conveyor Belts Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is projected to be US$ 4.61 Bn growing at a CAGR of 8.2% through 2031.

Regional analysis shows the Asia Pacific region currently dominates the global market with a large share thanks to a burgeoning manufacturing sector and growing end-use industries in China, India, and other Asian countries. Europe and North America are other major conveyor belts markets driven by well-established automotive and airport industries.

Key players operating in the conveyor belts market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A. These leading companies focus on product innovation and expansion into emerging economies to strengthen their market position.

For more details on the report, Read- https://www.insightprobing.com/conveyor-belts-market-trends-size-and-share-analysis/

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