The new conveyor systems market in Europe research report from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Conveyor systems market in Europe 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the warehouse space expansion in Europe,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the conveyor systems market in Europe size to grow by USD 450.85 million during the period 2020-2024.
Conveyor Systems Market in Europe Segment Highlights for 2020
- The conveyor systems market in Europe is expected to post a year-over-year growth rate of 2.18%.
- Based on the end-user, e-commerce and 3PL segment saw the maximum growth in 2019. Factors such as warehouse space expansion in Europe will offer immense growth opportunities.
- The market growth of this segment will be significant during the forecast period.
Regional Analysis
- Western Europe is the dominating region in the conveyor systems market in Europe with Germany being one of the leading manufacturers of packaging machinery in Europe.
- The growth in the manufacture of packaging machinery is expected to increase the demand for conveyor systems for transporting the machinery parts within the manufacturing plant.
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Notes:
- The conveyor systems market in Europe size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The conveyor systems market in Europe is segmented by end-user (E-commerce and 3PL, Automotive, Food and Beverage, Retail, and Others), type (Unit handling and Bulk handling), and geography (Western Europe and Eastern Europe).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BEUMER Group GmbH & Co. KG, Daifuku Co. Ltd., Eisenmann SE, FIVES Group, Interroll Holding AG, KION GROUP AG, Mitsubishi Electric Corp., SSI SCHAEFER Group, Taikisha Ltd., and Vanderlande Industries BV.
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