Conveyor Monitoring market size Witness a Pronounce Growth during 2026
Conveyor Monitoring market size Witness a Pronounce Growth during 2026
BriefingWire.com, 4/12/2021 -
According to Stratistics MRC, the Global Conveyor Monitoring market accounted for $ 193.16 million in 2017 and is expected to reach $ 312.75 million by 2026 growing at a CAGR of 5.5% during the forecast period. Some of the key factors such rising focus of companies on reducing revenue loss due to faults in conveyor belts and motors and increasing adoption of analytical tools and techniques are boosting the market growth. However, the limited in-house skillset to manage solutions and analyze data is the restraining factors for the market growth. Moreover, the rising demand for safety compliance automation solutions coupled with growing digitization in material handling industry and growth of industrial IOT will provide ample opportunities for the growth of the market.