Conveying equipment market is likely to witness a steady CAGR of 3.7% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the 'pause button' for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Conveying equipment market
Conveying equipment market is likely to witness a steady CAGR of 3.7% during the forecast period. The prime factor that is contributing to the demand for conveying equipment is the growing adoption of automation in various industries across the globe.
Asia-Pacific is estimated to contribute for the largest market share during the forecast period. The Asia-Pacific's market is expected to grow with a lucrative CAGR due to the rapid industrialization especially in food & beverages, e-commerce, and automotive sectors in countries such as India, China, Indonesia, South Korea, Thailand, and Malaysia. North America and Europe are also expected to offer sizeable market opportunities during the forecast period.
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Report Scope & Market Segmentation
Conveying Equipment Market Share: By Product Type
Based on the product type, the market is segmented as bulk handling equipment, unit handling equipment, and parts & attachments. The bulk handling equipment segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period, owing to the utility in conveying materials such as cement, coal, chemicals, and others.
Conveying Equipment Market Share: By Application Type
Based on the application type, the market is segmented as durable manufacturing, food & beverage, general merchandise, mining & construction, transportation, and warehouse & distribution. The durable manufacturing segment accounted for the largest share by application in 2019, and is expected maintain its dominance over the forecast period triggered by the faster and efficient solution offered by such equipment thereby, improving productivity.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research's reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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