Vertical Reciprocating Conveyor Market worth $700Mn by 2027
Published Date: April 30, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Vertical Reciprocating Conveyor Market size is likely to exceed USD 700 million by 2027, according to a new research report by Global Market Insights, Inc.
The increasing adoption of high-end technologies in the manufacturing sector to maximize productivity will propel the vertical reciprocating conveyor industry growth. The automotive manufacturing sector employs high-performance machinery to ensure zero damage to parts during the material handling process. As manual techniques are prone to errors, vertical conveyors are used to raise or lower products appropriately to desired heights. The manufacturing sector must comply with stringent government regulations to ensure the safety of automobile operators. Manufacturers must ensure that no damage is caused to components, parts, or final assembled products due to mishandling. This will encourage them to adopt vertical reciprocating lifts to ensure safe and reliable movement of heavy and critical parts & components.
The flourishing retail sector in several economies will provide vertical reciprocating conveyor market growth opportunities. For instance, in 2019, China accounted for around 21% of the global retail market, the second-largest market share after the U.S. Online retailers are focusing on modernizing their warehouses to maximize productivity by employing advanced material handling solutions such as conveyors and robots. The implementation of robotics and automated solutions will encourage warehouse operators to implement vertical conveyor lifts that work in conjunction with other material handling equipment.
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The ongoing coronavirus (COVID-19) pandemic has negatively impacted the vertical reciprocating conveyor market owing to the imposition of travel bans and lockdown measures in several countries globally. The temporary closure of manufacturing facilities to prevent virus transmission has hampered the market expansion in 2020. The shortage of raw materials and components has resulted in declined production and sales of vertical reciprocating conveyors in the market. With the gradual reopening of factories and improvement in supply chain operations, the market will gain traction.
Growing demand for affordable vertical reciprocating conveyors among SMEs will drive the market growth
Hydraulic vertical reciprocating conveyor market are expected to witness significant growth through 2027. These equipment are preferred by small and medium-scale industries propelled by space and budget constraints. These lifts provide cost-effective alternatives to elevators and mechanical lifts. Market players are offering affordable lifts to attract SMEs and increase their customer base. For instance, Wildeck Inc. offers modular hydraulic lifts that provide extensive lifting capacity at a competitive price for a single-level material movement at medium cycle rates. The straddle hydraulic lift configuration permits "C" or "Z" loading/unloading patterns that provide more flexibility to maneuver loads in the desired direction.
Browse key industry insights spread across 280 pages with 423 market data tables and 34 figures & charts from the report, “Vertical Reciprocating Conveyor Market Size By Product (Mechanical VRCs, Hydraulic VRCs), By Type (Light Capacity, Heavy Capacity), By Application (Warehouse & Distribution, Manufacturing Facility, Military & Government Facility, Oil Rigs & Refineries, Pharmaceutical/Chemical Plants, Food & Beverage Processing & Packaging, Publishing/Paper, Printing & Publication, Automotive Dealership, Hotels & Lodging, Retail & Department Stores, Mining & Construction), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Development of vertical reciprocating lifts for heavy-duty lifting requirements will drive the market demand
The heavy capacity conveyors are projected to showcase significant growth in the vertical reciprocation conveyor market from 2021 to 2027. These equipment are widely employed in automotive facilities, manufacturing facilities, oil rigs & refineries, construction sites, and chemical plants due to their rugged, durable, and sturdy properties. The equipment also ensures a safe & reliable way for transferring high-capacity freight between mezzanine levels. Players in the market are offering high-quality conveyors for heavy-duty lifting requirements in response to the growing end-user demands. For instance, Nandan GSE Pvt. Ltd. offers vertical reciprocating conveyors with a height of 25 m and a capacity of up to 10 tons for warehouses, industrial plants, and factories.
The demand for fast & efficient operations is driving the adoption of advanced equipment in the military & government sector
The demand for vertical reciprocating conveyors from military & government facility applications is projected to showcase exponential growth until 2027. The military sector deals with several heavy machinery and requires high-level security for access into its facilities. As military facilities focus on employing machines to move heavy equipment and artillery, there will be an increasing demand for vertical reciprocating conveyors. Similarly, government facilities are increasingly adopting modern machinery to ensure fast & efficient operations and improve services to the public. The ability to remotely control vertical reciprocating conveyors allows authorities to store documents on shelves without concerns associated with mishandling of documents during storage.
The rising adoption of advanced technologies and expansion of the automotive industry in North America
North America vertical reciprocating conveyor market to expand at more than 3% CAGR through 2027. The presence of a large number of small & medium-scale industries in the region has led to a rise in the demand for improved material movement solutions to reduce unnecessary time consumption caused by human involvement. Developments in fields including robotics, electronics, and IoT in the region are further supporting the implementation of vertical reciprocating lifts in industrial facilities. The strong U.S. automotive industry will also boost the demand for advanced conveyors from dealers and distributors for the fast and reliable movement of automobiles.
Technological innovations and product launches remain key growth strategies among market players
Key vertical reciprocating conveyor market players include Ningbo YiFan Conveyor Equipment Co., Ltd, NERAK Systems Inc., Hoosier Crane Service Company, Verticon LLC, Precision Automation Company, Inc., Custom Industrial Products, PFlow Industries, Beech Design & Manufacturing, Wildeck Inc., Damon Australia Pty Ltd., Autoquip Corporation, Industrial Kinetics, Nido Machineries, Amber Industries, Gebhardt Fördertechnik GmbH, Advance Lifts, Inc., Liuxi Machinery, Qimarox, Rite-Hite (Arbon Equipment Corporation), and Southwest Solutions Group.
The vertical reciprocating conveyor industry is highly competitive impelled by the presence of several large and small players. The high rivalry among existing competitors is encouraging players to introduce innovative products for a wide range of industrial applications.