DUBLIN–(BUSINESS WIRE)–The “Conveyor belt Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global conveyor belt market size is projected to reach US$4.094 billion by 2026, from an estimated value of US$3.109 billion in 2019, growing at a CAGR of 4.01%. during the forecast period.
The conveyor belt market is estimated to grow in the forecast period. An increase in the industrial activities and rapid urbanization are the major factors leading to growth in the conveyor belt market. The conveyor belts are used across various industries like manufacturing, mining, aviation, food and beverages and various others. The use of conveyors improves operational efficiency and saves time.
Impact of COVID-19 on the market
The market of conveyor belt has been impacted by the COVID-19 pandemic. Due to lockdown restrictions in various countries the various End-user industries of conveyor belts also had to stop their production thereby causing a decline in the demand. With the revival of the economy and increase in the industrial activities there will be an upsurge in the demand for conveyor belts
Coal India announced in December 2020 under “first mile connectivity” project investment worth Rs. 3,400 crores in conveyor belts to transport coal directly from mines without the use of trucks. This will in turn will reduce the number of trucks required, diesel consumption and CO2 emissions. The use of alternative transport method will help reduce traffic, road accidents and adverse effects on the environment. During the first phase 35 projects have been announced
Construction industry will also play a major role driving the demand for conveyor belt as the infrastructure activities increase in the developed and developing countries. An increase in the disposable income of the consumers will lead to growth of the consumer goods sector thereby uplifting the manufacturing activities and growing the demand for conveyor belt. Government initiatives and funding in different industries will boost the demand for conveyor belts in an indirect manner.
There is a growing demand for eco-friendly conveyor belts that consume less energy. The aviation industry is growing around the world, due to increase in the disposable income of the consumers. The government is spending significant amount to upgrade the airport infrastructure to ease the passengers travelling from different regions. This will include the installation of conveyor belts for the easy handing of baggage
Growth in the demand from mining, power and manufacturing industries will foster the demand for conveyor belt market. Due to intense competition among competitors in an industry it will encourage the use of efficient technology to improve their productivity, thereby indirectly increasing the demand for conveyor belts in the…