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 outbreak has shaken up the elevator industry hard in the first half of 2020. Lockdowns around the world forced factories that make both elevators and their parts to shut their doors. Even top elevator companies had to close their factories and stores to keep the virus from spreading. This hit the sales of elevators hard, as you can imagine. But now, with factories starting to reopen and travel restrictions easing up, the elevator industry is expected to slowly bounce back by the end of next year.
Vertical Reciprocating Conveyor Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2020 |
| Vertical Reciprocating Conveyor Market Size in 2020 |
500 Million (USD) |
| Forecast Period |
2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR |
5% |
| 2027 Value Projection |
700 Million (USD) |
| Historical Data for |
2017 to 2020 |
| No. of Pages |
280 |
| Tables, Charts & Figures |
457 |
| Segments covered |
Product, Type, Application, Region |
| Growth Drivers |
- Growing penetration of automation across the industrial sector
- High demand for VRCs from the expanding e-commerce industry in the U.S.
- Development of the manufacturing sector in Europe
- The emerging and modernizing retail industry in Asia Pacific
- High demand for automated machines from the developing construction sector in Latin America
- High demand for VRCs from the robust chemical industry in the Middle East & Africa
|
| Pitfalls & Challenges |
- Affordability issues in developing economies
- Machine downtimes resulting in huge financial losses
|
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Vertical Reciprocating Conveyor Market Analysis
India's vertical conveyor market is expected to see a steady increase of 8% each year until 2027. This is because more and more buildings with multiple floors are being built in India. These buildings need vertical conveyors that can move materials between floors without causing any damage. The rise of e-commerce due to the COVID-19 pandemic has led to a growing demand for multi-level warehouses in India. The government is also encouraging the construction of more warehouses through the Warehouse Development and Regulatory Authority (WDRA). Mechanical vertical conveyors are ideal for multi-level warehouses because they can connect different floors and come in various platform sizes. They can move between multiple levels and need less maintenance than hydraulic lifts.
Hey there, let's talk about the market for light-duty vertical conveyors in Europe. Over the next few years, this market is expected to grow by about 5% each year. Why? Well, the printing industry in Europe is booming, and with it comes a big demand for these conveyors. Printing companies make a lot of money every year printing on things like fabric, paper, and plastic. These conveyors are like elevators for materials. They move things like paper rolls, printing plates, and finished prints between different floors. This makes them perfect for the printing business, where you need to move all sorts of stuff around. What's more, these conveyors are also great for getting rid of scrap or waste materials. For example, in the bookbinding process, you need to get rid of the leftover pieces of paper or cardboard. Vertical reciprocating conveyors make that a breeze. Companies that make these conveyors are working hard to make them even better. They're making them lighter and more efficient to meet the needs of printing companies. So, if you're looking for a way to move stuff around your printing business, keep an eye on these light-duty vertical conveyors.
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In 2020, the U.S. auto market was worth about $150 million. As people drive more, car dealerships have been popping up all over the country. Big car companies are opening up more dealerships to sell even more cars. According to the National Automobile Dealers Association (NADA), there were over 265 million car repairs in the U.S. last year, bringing in over $111 billion in sales. Dealerships use huge vertical conveyors to lift cars up or down to different levels. This is important because they need to move cars safely and without damaging them, especially when they're selling both new and used cars.
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In the world of conveyors, Asia and the Pacific region played a huge role in 2020, accounting for a whopping 35% of all the conveyors shipped globally. Why so many conveyors in Asia? Well, the factories and industries in countries like China, India, and Japan are constantly getting bigger and better. And guess what? They can't do without these trusty conveyors to move their goods. The governments in these countries are like cheerleaders for their industries. They're always coming up with ways to help them grow. And let's not forget about the manufacturing giants in China, South Korea, and India. They're on a roll, making more and more stuff. All this activity means that factories and warehouses need more and more conveyors to keep up with the flow of goods. And guess what else? People are buying more stuff online than ever before, so warehouses and distribution centers are also hungry for conveyors to handle all those packages. So, if you're looking for a sign that the vertical reciprocating conveyor market in Asia Pacific is about to explode, here it is. It's being fueled by all the good things happening in manufacturing and e-commerce.
Vertical Reciprocating Conveyor Market Share
Key companies in the vertical reciprocating conveyor market include
- Advance Lifts, Inc.
- Autoquip Corporation
- Beech Design & Manufacturing
- NERAK Systems Inc.
- PFlow Industries
- Precision Automation Company, Inc.
- Verticon LLC.
- Wildeck Inc.
- Custom Industrial Products
- Damon Australia Pty Ltd.
- Industrial Kinetics
- Liuxi Machinery
- Nido Machineries
- Qimarox
- Amber Industries
- Gebhardt Fördertechnik GmbH
- Rite-Hite (Arbon Equipment Corporation)
- Ningbo YiFan Conveyor Equipment Co., Ltd.
- Southwest Solutions Group
- Hoosier Crane Service Company.
The participants are focusing on strengthening their market reach to cater to the growing demand for advanced solutions across the globe.
The vertical reciprocating conveyor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027 for the following segments
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Market, By Product
- Mechanical VRCs
- Hydraulic VRCs
Market, By Type
- Light capacity
- Heavy capacity
Market, 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
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- Peru
- Chile
- MEA
