Market Size of Conveyor Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Conveyor Monitoring Market Analysis
The conveyor monitoring market was valued at USD 206.77 million in 2020 and expected to reach USD 264.67 million by 2026 and grow at a CAGR of 4.2% over the forecast period (2021-2026). The rising focus of companies towards the reduction of revenue loss owing to faults in conveyor systems coupled with the growing awareness of predictive maintenance tools and techniques. In addition to this, the conveyor monitoring system also helps in eliminating wastage, cut maintenance costs and increase the credibility of the customers.
- According to World Multidisciplinary Earth Sciences Symposium, the financial losses that American underground hard coal mines incur due to downtime caused by belt failures are estimated at USD 240 000, i.e. approx. USD 1 000 per minute, as mean repair time was 4 hours. Losses of this scale, which occurred due to emergency downtimes in the period of increased coal demand, were the reason behind developing a machine vision system which monitors splice and belt condition and which prevents failure.
- The demand for conveyor monitoring market is quickening owing to the improved awareness for machine condition monitoring and the requirement of mitigating damages occurring due to human error during industrial processes. Furthermore, increased recognition for predictive maintenance techniques and tools, eliminate wastages fuelling the growth of the market has augmented the market.
- Companies in the conveyor monitoring market such as Vayeron and Sandpit are focusing to improve safety needs by incorporating advanced technology such as automation and monitoring technology. This is expected to revolutionize the demand for an advanced conveyor with increased safety in the next few years. Thus offering a significant boost to the conveyor monitoring market in the coming few years.
