Precision Link Conveyor Market Size, Share, Growth, and Industry Analysis, By Type (PLC Pallet Type, PBC Belt Type, Others), By Application (Automotive, Electronic, Medical & Pharmaceutical, Telecommunication, Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Precision Link Conveyor Market Report Overview

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The global precision link conveyor market size was USD 54 million in the year 2022 and is projected to touch USD 110.82 million by 2031, at a CAGR of 8.4% during the forecast period.

The demand for industrial automation has grown as a result of the manufacturing sector's increasing requirement to handle vast quantities of resources and goods efficiently. Every industrial step has a conveyor system, which is a crucial component of the material handling process. Conveyor system market expansion is impacted by elements like industrial development, industry expansion, industry modernization, and conditions unique to products and processes. As high weights are involved, the growing desire for increased productivity and material handling capabilities raises safety problems. If not handled carefully and with prudence, conveyor systems might result in injury.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with the global precision link conveyor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Green conveyors are a three-pronged idea that aim to reduce energy use, reduce the quantity of material used in conveyors, and maximiser the good effects on people that these systems provide, such less noise and improved safety for workers. Green conveyors reduce carbon emissions, aiding manufacturers in cost-cutting and addressing the urgent issue of climate change. Conveyor controls like sleep mode, which turns off the motors to conserve energy while the belt is not in use, or variable speed controls can greatly aid in making existing conveyor systems more environmentally friendly. According to research by the German Federal Environmental Agency, more than 60% of Germany's industrial manufacturing power consumption is used by electric motors. As a result, high-efficiency motors can drastically cut down on electricity usage.

Precision Link Conveyor Market Segmentation

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• By Type

Based on type the global precision link conveyor market is classified as PLC pallet type, PBC belt type, others.

• By Application

Based on application the global precision link conveyor market is classified as automotive. electronic, medical & pharmaceutical, telecommunication, others.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The main driver of the e-commerce industry's growth is the rising popularity of online purchasing. Online customers love e-commerce sites like Flipkart (in India) and Amazon (in the US). As a result, they must store their warehouses with vast quantities of goods. In order to compete, e-commerce businesses must also provide accurate orders, same-day, same-hour delivery, and free returns. As a result, e-commerce businesses are always seeking for practical solutions to shorten delivery times. Automated storage and retrieval systems (ASRS) and automated conveyors are two examples of material handling equipment that have been digitally enhanced.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

It has grown in popularity among e-commerce businesses since it makes order fulfilment processes easier for them to manage. Conveyor system demand in the e-commerce business is anticipated to experience substantial development in the near future as demand for online shopping keeps rising. Robotics in the fulfilment centers of online retailing organizations have undergone a revolution as a result of Amazon's (US) acquisition of Kiva Systems (US), a pioneer in material handling technology. Being one of the most often utilized sortation systems, the conveyor system market is anticipated to rise as the e-commerce sector expands.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

Conveyor systems are the result of a variety of technologies used to provide effective logistical operations. It is a mechanical system that, if neglected, is vulnerable to damage, wear, overload, and mistakes. Periodically, it must have systemic repairs and maintenance performed by qualified personnel. Because most businesses have many manufacturing sites, there aren't as many service or repair facilities as there should be. This presents a challenge for the global conveyor system industry. Conveyor system adoption in small and medium-sized businesses may be hampered by a lack of resources, a lack of knowledge, and the cost of employee training.

Precision Link Conveyor Market Regional Insights

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Food safety is improved by keeping the conveyor system equipment free of bacteria, thus machine designs and cleaning methods are given more consideration. A conveyor system manufacturer, Dorner Mfg. Corp., has a wide range of conveyor systems that are created to comply with the United States Department of Agriculture rules for red meat and poultry. By removing horizontal surfaces, blind spots, and harbour points, these conveyors reduce the chance of food and water accumulating and the development of bacteria. Due to the abundance of food processing facilities in Germany, France, and the UK, Europe is thought to hold the highest proportion (about 47%) of the conveyor system market for the meat and poultry sub-industry.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Motion Index Drivers (US)
• DESTACO (US)
• QC Industries (US)
• Cyclo-Index (US)
• Cam Driven Systems (CDS) (US)
• SANKYO (Japan)
• Arthur G. Russell (US)
• Interfaced Technologies (US)
• Camfield Engineers (US)
• Stelron Component (US)
• Bettinelli (Italy)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.