Vertical Reciprocating Conveyor Market Size

Vertical Reciprocating Conveyor Market Size

Vertical Reciprocating Conveyor Market size exceeded over USD 500 million in 2020 and is poised to grow at a CAGR of 5% from 2021 to 2027. The global industry shipments are anticipated to cross 90 thousand units by 2027. The market growth is attributed to the increasing demand for efficient machines that replace traditional manual lifting techniques.

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Vertical reciprocating conveyors provide a safe & reliable method to raise and lower materials in factories, warehouses & distribution centers, industrial plants, or any facilities that require moving products or supplies from one level to another. These conveyors can be installed as interior or exterior structure in multiple-story buildings.

Growing government initiatives for the penetration of automation across the industrial sector are driving the vertical reciprocating conveyor market expansion. For instance, in December 2020, the South Korean government invested USD 414.4 million in R&D projects, encouraging SMEs to upscale and develop automated technologies. The industries are also adopting the latest automated technologies to ensure the overall economic development through reduced human labor. This has encouraged market players to develop automated vertical conveyors for various industry verticals including food & beverage, retail, and packaging.

Rising labor costs in developed economies will boost the demand for vertical reciprocating conveyor market. High literacy rates in these countries discourage personnel from undertaking material movement tasks in industrial facilities. These conveyors enable authorities to move heavy materials efficiently and quickly. Difficulties in labor acquisition and retention have encouraged authorities to employ machines that perform material lifting tasks with minimal human intervention. The availability of high-performance vertical reciprocating conveyors to lift a wide variety of loads will support the industry growth.
 

The coronavirus (COVID-19) pandemic has severely impacted the vertical reciprocating conveyor market in the first and second quarters of 2020. Stringent lockdowns imposed in several countries have caused the temporary closure of manufacturing plants of OEMs and component suppliers. Several leading market leaders have shut down their manufacturing plants and closed retail stores to prevent the spread of the virus. This has significantly affected the sales and production of vertical reciprocating conveyors in the market. With the resumption of manufacturing activities and the lifting of the travel ban, the market is expected to witness a gradual recovery by the end of 2021.