Conveyor Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Highlights

• 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.

Key Market Trends

Conveyor Belt Monitoring To Hold Major Share

• When a conveyor system goes down, it adds to the cost in terms of both time and money. For example, when a large open-pit mine plans to replace a drive train component on a conveyor, it can result in an as long as eight-hour outage and USD 2.5 million in lost production. Often, the impact of such disruptions does not stop at just production delays but instead has a far-reaching ripple effect.
• Conveyor belts often suffer from faults such a longitudinal crack, damages to belt edges, belt wear and tear, and belt overlapping on pulleys. This hampers the productivity of the production units, in order to avoid a large number of industry players are adopting a conveyor monitoring system.
• US Mine Safety and Health Administration (MSHA) has investigated multiple coal mine fires and determined the possible causes of fires in coal mines. The report includes 62 coal fires caused by conveyor belts, which accounted for around 20% in total of the coal fires reported to the MSHA by US coal mine operators. The major ignition source is frictional heat which can then be divided into friction at the driver unit, friction along the belt (attributed to friction between the rubber belt, wooden posts, coal dust, and spillage) and friction between the idler bearings and the races or the belt or support structure. This has increased the focus on the monitoring of conveyor belts.

Asia-Pacific To Witness Major Growth

• Among grographic region segment, the market in APAC is expected to grow at the highest rate from 2020 to 2025. The growth of the market in this region is mainly attributed to the technological innovation and the increasing adoption of the automation technologies in various end-user industries. Rapid rate of urbanization, complementing technological advancements, favorable government policies, and healthy FDI inflows in the region are among few of the other critical factors driving the conveyor monitoring demand in the region.
• The APAC region is witnessing a wave in the deployment of conveyor monitoring solutions to help improve operational effeciency. China and Australia, being the top mining countries in the region, have been adopting real-time conveyor monitoring systems to improve the operational efficiency and production in the country.
• Moreover, Australia is likely to hold a high potential for the market growth owing to the presence of the vast reserves of oil and minerals. These have also helped in the establishment of a robust mining sector in the country. Additionally, favorable government policies, coupled with the adoption of the latest technologies in condition monitoring, is expected to augment the market growth in the country over the forecast period. The growing demand for predictive maintenance techniques and tools, along with the rising availability of remote conveyor monitoring and fault diagnosis systems, has resulted in fierce competition among manufacturers.
• Major Australian market players such as Fenner Dunlop and Beltscan offer a broad range of products in the market for conveyor monitoring. With Australia being one of the forerunner in the mining industry, the region holds the largest market share of the conveyor monitoring market.

Competitive Landscape

The conveyor monitoring market is highly competitive owing to the presence of various prominent players supplying their product in domestic as well as in the international markets. The market appears to be moderately fragmented with the major players adopting strategies like product innovation and mergers and acquisitions.

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