ASEAN Conveyor System Market Predicted to Grow at 7.1% CAGR by 2032...

ASEAN Conveyor System Market Predicted to Grow at 7.1% CAGR by 2032

Posted 2024-08-27 16:57:47

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Future Market Insights (FMI) has conducted an analysis on the ASEAN conveyor system market, revealing a valuation of US$ 1.7 billion in 2021. Projections indicate a robust growth trajectory, with the market poised to expand at a notable CAGR of 7.1%, reaching a valuation of US$ 3.7 billion by 2032. Among the various types of conveyor systems, roller conveyor systems are anticipated to hold a significant share, accounting for over 22% of total deployment in the ASEAN region by the end of the forecast period.

The burgeoning demand for warehousing facilities is expected to be a key driver propelling the growth of the conveyor system market in the ASEAN region. With the rapid development of various industries, there is a growing need for extensive warehousing services to accommodate goods and products. This surge in warehousing demand, coupled with the expansion of the e-commerce sector across ASEAN countries, is driving growth in the conveyor system market.

Indonesia is forecasted to emerge as a dominant force in the ASEAN conveyor system market, particularly in terms of revenue generation in 2022. The Indonesian market is poised for continuous growth throughout the forecast period, with projections indicating that it will capture nearly 30% of the ASEAN market share.

Growth Factors

The Indonesian intralogistics landscape is experiencing a significant shift driven by various factors. With the international trade of goods witnessing a surge propelled by shorter product lifecycles and advancements in multiple end-use industries, there has been a notable expansion of warehouses and logistics facilities. Countries like Malaysia, Thailand, and particularly Indonesia are bolstering their bulk handling ports and recycling operations to meet the escalating consumer demand.

In the realm of e-commerce, conveyor systems play a pivotal role in optimizing process flow and enhancing productivity at crucial junctures. The heightened demand for warehousing and logistics services in the ASEAN region is poised to fuel the conveyor systems market, particularly in the context of warehousing and logistics operations, driving growth across the ASEAN landscape.

Various factors are expected to exert influence on each segment of the ASEAN conveyor system market. For instance, Indonesia is anticipated to gain a notable increase in market share by 200 to 250 basis points, whereas the logistics and warehousing sectors in Indonesia are forecasted to experience a moderate decline of 10 to 50 basis points over the next decade.

Key Companies