Global and U.S. Conveying Equipment Market to See Incredible Growth During 2012 - 2018
With rapid industrialization and growth in technology, the way an industry operates has revolutionized tremendously. Use of automated equipment and upgraded technique of production has become the need of the hour to facilitate timely manufacture of quality goods. This has promoted use of mechanical handling equipment recognized as conveyor systems or conveying equipment which are largely utilized for transportation, shipments and other related manufacturing activities. The key areas of application for conveying equipment are durable goods industry, non durable goods industry and capital intensive industry. In addition, the market for conveying equipment can also be classified as conventional and automated conveyors both of which can be further segmented into bulk handling and unit handling. The parts and attachments required for maintenance of conveyors also comprise of conveying equipment.
Unit handling equipment was the largest product segment and accounted for more than 44% in 2011, signifying the substantial need of such conveying equipment in different industries. The demand for bulk handling equipment varies from one industry to another; however due to its limited application, the global bulk handling market is expected to grow at a CAGR of 1.8% from 2012 and 2018. With increasing industrialization, the market for parts and attachments is slated to remain highly attractive and is expected to exceed USD 8,235 million by 2018.
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Europe dominated the conveyor equipment market with nearly 35.5% of the global market in 2011. The demand for conveyor equipment grew until 2011 owing to the concentration of leading automobile manufacturer including Mercedes, Audi, Ducati and BMW in the region. Germany and France are some of the major markets owing to presence of some of the leading automobile manufacturers in the world. The accelerated demand for conveyor systems particularly in the automobile industry bolstered the conveyor equipment market. With the emerging economies of China and India, Asia Pacific is expected to acquire a market share of approximately 32% by 2018. The U.S. market is expected to reach above USD 7,498 million by 2018.
The U.S. is a hub for various manufacturing activities leading to high demand for conveying equipment. With stabilization of the U.S. economy after recession and industrialization returning to a steady pace, the U.S. conveying equipment market is expected to grow at a marginal rate over the forecast period. The U.S. unit handling conveying equipment market was valued at nearly USD 3,102 million in 2011. The unit handling equipment has been primarily used for handling small batches which are most widely applicable in industries such as food & beverage processing, shipments and manufacturing of automotive industries besides other durable goods industries. Bulk handling equipment market is expected to grow at a CAGR of 1.9% from 2012 to 2018, with slight fluctuations in demand due to limited product differentiation in this equipment market. Parts and attachment segment is expected to show a significant rise as compared to other product segments due to its widespread application as intermediate and final goods.
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The conveying equipment market is highly fragmented as large number of manufacturers account for almost equal market share. Rexnord and Dematic together accounted for nearly 26% of the U.S. market in 2011. Some firms are specialized only in designing and installing, while few others in manufacturing of conveying equipment. In such a situation those firms which are able to achieve forward integration in the value chain get an advantage of low cost production with greater market share. Some of the key participants in the industry include Dematic, Fenner Dunlop, Intelligrated Inc., Nordstrong Equipment Ltd., Rexnord, Sandvik AB and Webster Industries among others.
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