According to the research report titled ‘Global Conveying equipment Market By Type (Belt, Roller, Pallet, Overhead, Chain), By Product (Unit Handling, Bulk Handling), By End Use (Airport, Automotive, Warehouse & Distributive, Mining), and Regional Forecasts 2021-2027’, available with Market Study Report, global conveying equipment market was worth USD 62.67 billion in 2020 and is expected to register 2.9% CAGR with a valuation of USD 76.55 billion over 2021- 2027.
 

Application across numerous industries, expansion of retail players as well as surging prevalence of digital technologies in transport & logistics, and soaring online shopping trend are catalyzing the growth of global conveying equipment market.
 

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Daifuku Co. Ltd., for instance, offers web type chain conveyers that are specially designed for automobile assembly lines, which reduces production time and operational cost. Hence, demand for customized equipment, and amplifying automotive sector are impelling the growth graph.
 

For the unversed, conveying equipment helps in transporting material from one place to the other. The transportation is done over a stationary structure, wherein the materials are carried through an endless belt or chain in a continuous stream in an inclined, horizontal, or vertical path.
 

Elaborating on the negatives, shutdown of business operations due to the lockdown measures of the COVID-19 pandemic has restrained the industry growth to extent in the recent times.
 

In terms of type, worldwide conveying equipment industry is fragmented into roller, overhead, belt, pallet, and chain, whereas based on product gamut, the market space is classified into bulk handling, and unit handling. Speaking of end-user terrain, the market sphere is divided into automotive, mining, airport, and warehouse & distributive.
 

From regional point of view, North America, Latin America, Asia-Pacific, and Europe are key growth avenues for the market partakers. The document claims that Europe held 30.5% industry share in the recent past. Parallelly, Asia Pacific market is anticipated to record a significant annual growth rate through 2027, creditable to transportation boom in countries like India, China, South Korea, Vietnam, and Malaysia.
 

The competitive hierarchy of global conveying equipment industry is defined by companies such as Daifuku Co. Ltd., Fives Group, Honeywell Intelligrated, Kardex, Murata Machinery Ltd., The Beumer Group GmbH & Co. KG, FlexLink, Jungheinrich AG, Kion Group AG, and Fenner PLC among others.