According to Global Market Insights, the Conveyor Belt
Market size is estimated to exhibit a CAGR of more than 5.8 percent growth till 2026. One of the significant factors contributing to the industry’s growth is the increasing demand from the power generation, mining, and manufacturing industries. As this product reduces material handling problems and can be easily transferred to the desired location without any loss of material, its demand has been increasing subsequently in recent years. Also, the demand for conveyor belts in most industrial scenarios has surged dramatically due to the increasing industrialization and urbanization in developing economies, especially India.
Major Drivers for the market’s growth bandwagon
In the coming years, the growth in GDP and factors such as developments of commercial places will be the predominant parameters that will potentially raise the demand for conveyor belts. Furthermore, rising demand for handling larger volumes of goods has been the major driver for the conveyor belt manufacturing market. While bringing the various industries closer to the zero-defect target, automation in manufacturing, baggage handling, food and beverage, mining, among others has also been the major driver.