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 & L

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 & L

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.
 

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Vertical Reciprocating Conveyor Market Analysis

India vertical reciprocating conveyor market is estimated to expand at 8% growth rate till 2027. The expansion of multi-floor facilities will drive the demand for mechanical vertical reciprocating conveyors to smoothly move materials, ensuring zero damage to products. Retailers are focusing on constructing multi-level warehouses within the country due to the increased adoption of e-commerce, resulting from the ongoing COVID-19 pandemic. The Government of India is also supporting the expansion of warehouse centers under its Warehouse Development and Regulatory Authority (WDRA) norms. Mechanical conveyors are highly suitable for multi-level warehouse centers as they enable configuration between different floor levels and are available in a wide range of platform sizes. These conveyors can travel between multiple levels and require less maintenance compared to a hydraulic lift

The Europe light capacity vertical reciprocating conveyor market is predicted to attain a CAGR of 5% till 2027. The flourishing printing industry across the region is projected to drive the demand for light capacity conveyors. According to the European Commission, printing enterprises generate an annual turnover of around USD 105.9 billion from printing on textiles, paper, or plastics. These conveyors are widely used in printing & publication applications to move paper rolls, die boards, plates, and printed materials between multiple floor levels. Vertical reciprocating conveyors can elevate or lower materials, making them ideal for scrap removal, especially in cutting processes within the binder. Players in the vertical reciprocating conveyor market are focusing on offering high-performance lightweight conveyors for the material transfer needs of printing companies.

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In 2020, the U.S. market size was around USD 150 million. The expansion of the automotive sector has resulted in a rise in the number of dealers across the country. Large automakers are expanding their dealer networks to strengthen their market reach. According to the National Automobile Dealers Association (NADA), dealerships in the U.S. noted over 265 million repair orders with service and parts sales totaling over USD 111 billion. Dealers use heavy-duty vertical conveyors to elevate or lower automobiles to the required heights. As automotive dealers sell new and used vehicles, the safe & reliable uplifting of cars without causing damage is highly crucial.

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The Asia Pacific vertical reciprocating conveyor market captured around 35% of the global shipments in 2020. Ongoing developments in the industrial sector in countries including China, India, and Japan will drive the industry value. Government organizations in these countries are supporting the development of industries with favorable initiatives. The manufacturing sector in China, South Korea, and India will showcase rapid growth over the coming years. The growth will propel the demand for conveyors in efficient storage and fast movement of goods in production facilities. The expanding e-commerce sector will also boost vertical reciprocating conveyor demand from warehouse & distribution centers.

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
  • U.S.
  • Canada
• 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
  • GCC
  • South Africa