indexmarketsresearchFebruary 12, 2021 5
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According to this report the global conveyor system market was valued at US$ 7,940.38 million in 2019 and is projected to reach US$ 11,903.88 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.
Rising digitization across the world has resulted in increased efficiency of existing machines together with increased safety, and is anticipated to surge the demand for advanced conveyor systems. Manufacturers have implemented automation and analytics to enhance their products & services and to enrich customers experience. The concept of digital equipment has transformed manufacturers from suppliers with hardware only to suppliers with hardware, software, and services, which has led to the introduction of new business models. Conveyor systems manufacturers use new models to build a loyal customer base and generate a steady stream of revenues. The supply chain industry across the world h