Conveyors Spare Parts Market: Global Industry Analysis and Forecast (2023-2029)

Conveyors Spare Parts Market was valued at US$ 459.3 Bn in 2022. Global Conveyors spare parts Market size is expected to grow at a CAGR of 3.6 % through the forecast period.
Conveyors Spare Parts Market Overview:
The rising demand for automation is expected to propel the conveyor spare parts market forward. Manufacturers are investing to improve production capacity and speed up the manufacturing process. Conveyors' improved handling and transporting capabilities are likely to drive up demand for replacement parts. Conveyors are necessary for companies that transport heavy products or equipment, such as vehicles and electrical apparatus, due to their high load-carrying capability. This is expected to enhance the market for conveyor spare parts by driving various industries. However, due to limited output, small and medium-sized firms generally do not select conveyors, which is likely to hinder the conveyor spare parts market's growth.To know about the Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis, especially with the impact of lockdown by region.

COVID-19 Impact on Conveyors Spars Parts:

The COVID-19 pandemic has disrupted Conveyors Spare Parts markets. Due to lockdown implementations in various parts of the world, the material handling industry is experiencing an uncertain recovery timeline. New orders for conveyor systems have been delayed due to factory and distribution center lockdowns and partial operations. The expanding tendency in e-commerce, on the other hand, is likely to raise demand for conveyor systems. Because of the COVID-19 problem, conveyor system manufacturers have witnessed substantial changes in their business processes. Daifuku Co., Ltd. created a Novel Coronavirus Response Committee on February 25, 2020, in response to the Basic Policies for Novel Coronavirus Disease Control, which were announced on February 25, 2020.
Conveyors Spare Parts Market Dynamics:
Rising demand for handling larger volumes of goods: The mining industry in Latin America, particularly in Chile and Brazil, is expected to see a rush of new investments. Because mining necessitates the handling of bigger amounts of materials, the conveyor system is the most efficient and cost-effective solution for long distances. Consumer purchasing power is increasing, and these regions' economies are growing, which has aided the manufacturing industry's development. Manufacturing, baggage handling, food and beverage, mining, and other industries have all used automation to move closer to the zero-defect goal. These is driving the demand of Conveyors Spare Parts Market.

Increasing usage of automated guided vehicles and robotics: Companies are continuously searching for process optimization in an increasingly competitive market across all industries, which has boosted the need for industrial facility automation. Various ongoing improvements in automation have been observed in the business. These can aid in satisfying material handling capacity needs, resulting in reduced production time, reduced human error, increased safety, greater production volume, and increased precision and repeatability. As a result of these advantages, a rising number of businesses are incorporating such technology into their material handling procedures. The International Federation of Robotics (IFR) estimates that 2.7 million robots will be employed in enterprises around the world by 2022. The widespread use of industrial robots may hamper the conveyor spare parts market.

Market Opportunity:

During the COVID-19 crisis, warehousing and pharmaceutical businesses increased their demand for material handling: During the ongoing COVID-19 crisis, the manufacture and distribution of personal protective equipment (PPE) kits and treatments like hydroxychloroquine (HCQ) pills surged. The pharmaceutical and healthcare industries are likely to be driven by the supply of basics and the manufacture of medical equipment, which will increase demand for material handling. The world's largest producer of HCQ pills is India. In this unusual situation, HCQ tablet manufacture is helping the healthcare industry, particularly in India. The Indian government has just begun exporting HCQ pills to 55 countries. Exports were initially prohibited, but were eventually permitted due to COVID-19's humanitarian elements. Nearly 13 countries have already received the drug which is being supplied through commercial channels and as grants-in-aid as

During the ongoing COVID-19 crisis, the manufacture and distribution of personal protective equipment (PPE) kits and treatments such as hydroxychloroquine (HCQ) pills surged. The pharmaceutical and healthcare industries are likely to be driven by the supply of basics and the manufacture of medical equipment, which will increase the demand for material handling. The world's largest producer of HCQ pills in India. The creation of HCQ tablets is strengthening the healthcare industry, notably in India, under this unusual situation. The Indian government has just begun exporting HCQ pills to 55 countries. Exports were initially prohibited but were eventually permitted due to the humanitarian implications of COVID-19. Around 13 nations have already got the medicine, which is available both commercially and through grants-in-aid.

Market Challenge: Ensuring Safety and reducing accidents

Conveyors’ Spare parts systems have several moving parts and are, hence, prone to several minor problems that might amplify into major issues leading to complete halting of work. For instance, in the case of seized rollers, the final products may develop some minor defects leading to significant losses to the company. The more complex these systems are, the higher the chances of failure. Also, continuous breakdowns may negatively impact the life of the conveyor system. Such issues lead to a high maintenance cost, which constitutes a substantial part of the cost of ownership of a conveyor system. Several accidents have caused severe losses to companies. For example, in December 2020, a female worker was injured when her arm was caught in a conveyor belt at a plant

Conveyor systems include a lot of moving parts, so they're prone to a lot of little faults that can quickly escalate into big problems that cause production to stop. In the case of seized rollers, for example, the final items may develop minor flaws, resulting in large losses for the company. The more complicated these systems are, the more likely they are to collapse. Continuous breakdowns may also shorten the conveyor system's lifespan. Such concerns result in a high maintenance cost, which accounts for a significant portion of a conveyor system's total cost of ownership. Several incidents have resulted in significant financial losses for businesses. For example, a female worker was hurt in December 2020 when her arm was caught in a conveyor belt at a facility.
Segment Analysis:
Based on Type, the Conveyors Spare Parts Market is segmented into Conveyor roller, Conveyor Idler, Conveyor Pulley, Others. Conveyor roller is expected to grow at a CAGR of 5% through the forecast period. Long connecting trays filled with tubes are comprised in the roller conveyor system to transport objects by placing on them as they rotate through force of gravity. There is no additional power used in their operation which in turn is a green material handling solution as compared to powered conveyor equipment.
Regional Insights:
The Asia Pacific region dominated with highest the market share in 2021. The improved economic conditions in rising markets such as China, India, and Thailand are credited with the increase. The Conveyors Spare Parts Market in APAC is predicted to increase as a result of activities and investments aimed at growing manufacturing in the area.

Conveyors are expected to be in high demand in Europe due to the rising adoption of automation. Germany is predicted to have the largest market share in Europe for conveyor spare parts. Because the conveyor spare parts industry in North America is mature, there is projected to be less demand. Over the forecast period, MEA is expected to grow at a slow pace.

The objective of the report is to present a comprehensive analysis of the Conveyors Spare Parts Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Conveyors Spare Parts Market dynamic, and structure by analyzing the market segments and projecting the Conveyors Spare Parts Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Conveyors Spare Parts Market make the report investor’s guide.
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Conveyors Spare Parts Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 459.3 Bn.


Forecast Period 2023 to 2029 CAGR:
3.6%
Market Size in 2029:
US$ 588.4 Bn.


 Segments Covered:
by Type
Conveyor roller
Conveyor Idler
Conveyor Pulley
Others


by Application
Machinery manufacturing
Bulk material handling
Food and Beverage
Transport
Logistics



Conveyors Spare Parts Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
South America (Brazil, Argetina and Rest of South America)
Conveyors Spare Parts Market Key Players
1. Mechanical Air Systems LLC
2. Interroll
3. Rulmeca
4. LEWCO Inc.
5. Technical Industrial Supply LLC
6. GURTEC GmbH
7. DRC Rollers
8. Rolmot Conveyor
9. Dürr
10. HIP Co., Ltd.
11. Techno Power
12. Luff Industries
13. SunPower Corporation
14. Tata Power
15. FlexiSolar
16. Antai Technology Co. Ltd
17. Schletter
18. Kokko Shisetsu Kogyo Co., Ltd
19. Quest Renewables, Inc.
20. Cenergy Power
21. Xiamen Mibet New Energy Co., Ltd
22. Positive Energy Solar
23. EvoEnergy
24. CHIKOUSA
25. KDC Solar LLC
26.RenEnergy Ltd.
27.Enova

Frequently Asked Questions:

1] What segments are covered in the Global Conveyors Spare Parts Market report?
Ans. The segments covered in the Conveyors Spare Parts Market report are based on Product Type and Application.

2] Which region is expected to hold the highest share in the Global Conveyors Spare Parts Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Conveyors Spare Parts Market.

3] What is the market size of the Global Conveyors Spare Parts Market by 2029?
Ans. The market size of the Conveyors Spare Parts Market by 2029 is expected to reach US$ 588.4 Bn.

4] What is the forecast period for the Global Conveyors Spare Parts Market?
Ans. The forecast period for the Conveyors Spare Parts Market is 2023-2029.

5] What was the market size of the Global Conveyors Spare Parts Market in 2022?
Ans. The market size of the Conveyors Spare Parts Market in 2022 was valued at US$ 459.3 Bn.