According to a new report by TechNavio, the global conveyor equipment market will grow at a compound annual growth rate (CAGR) of 1.78% over the period 2014 – 2019.
The development of conveyor belt technologies is a major trend in the market. Key vendors are developing low-cost high TS conveyor belts with enhanced durability and load carrying capacity, which helps reduce the overall costs associated with conveyor equipment.
According to the report, increased need for cost saving is a major driver of the market. Conveyor equipment helps in the movement and processing of raw material and finished goods with great accuracy and eliminates various costs of production in the manufacturing plant.
Further, the report states that the high initial investment required for conveyor equipment is hindering the market growth. Also, the total cost of ownership for conveyor equipment is high, mainly because of the design and cost of components.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.worldcoal.com/handling/25022015/global-conveyor-market-1965/