Conveyor Belt Market Poised for Growth in 2019
Conveyor belt systems are an unsung but vital tool in modern industrial facilities. Crucial in process automation, these material handling devices transport bulk materials across a manufacturing or distribution facility, removing the need for a lift truck or other form of manual movement and increasing production speed, efficiency, and output.
Used to perform several functions in industrial applications, including finishing, material handling and fabrication, assembly, distribution, and order fulfillment, conveyor systems are also used for harvesting, seed coating, grain processing, and storage in agriculture.
Projected Growth
The global conveyor belt market is set to reach an estimated value of U.S. $6.3 billion by the year 2023 at a CAGR of 3%. This growth can be attributed to the following industries:
