In a new market report, Fact.MR says the growing need for automated systems in most sectors of the industry has increased the demand for parcel sorting systems.
ROCKVILLE, Jan. 30, 2023 (GLOBE NEWSWIRE) — The global parcel sorting systems market is projected to reach US$2.7 billion by 2032, Progress at 6.7% compound annual growth rate from 2022 to 2032according to new industry analysis by Fact.MR, a market research firm and competitive intelligence provider.
A parcel sorting system is a network of conveyor belts that sorts packages according to their destination. It typically consists of one or more input terminals, sorting and routing units, distribution lines (outgoing parcels to carriers), and a number of output terminals.
Parcel sorting systems are widely used in a variety of industries, including food and beverage, automotive, electronics, logistics, retail, pharmaceuticals, and more. Corporate spending is increasing due to rising labor costs. As a result, companies are using automated solutions that will help reduce labor costs while still providing high process accuracy. The increasing need for automated systems across various industries is expected to drive the demand for parcel sorting systems.
Moreover, the rapid increase in the use of IoT technology has created lucrative potential for makers of parcel sorting systems. Integrating IoT into parcel sorting systems improves product location visibility. Moreover, the demand for parcel sorting systems is expected to grow rapidly as more consumers use e-commerce platforms.
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With Internet penetration rates increasing in developing countries, particularly in Asia Pacific and Latin America, online retail adoption is rapidly increasing. With the increasing penetration of the Internet in developing countries, the demand for parcel sorting systems will rise significantly during the forecast period.
Key takeaways from the market study
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The global parcel sorting systems market is estimated to be valued at USD 1.4 billion in 2022.
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The market is expected to generate $2.7 billion in revenue by 2032.
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Global demand for parcel sorting systems is expected to grow at a compound annual growth rate of 6.7% during the forecast period.
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The European market is expected to expand at a CAGR of 5.4% from 2022 to 2032.
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The US market reached US$ 322.1 million in 2022
“The fast-growing e-commerce industry is on the rise the work Costs, industrial automation, and advances in technologies such as artificial intelligence and robotics for sorting activities are the primary factors driving the growth of the global parcel sorting systems market. Moreover, the widespread use of The Internet of things Technology offers more market growth opportunities.” Fact.MR analyst says
Key segments of the parcel sorting systems industry research
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By ingredient:
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By type:
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By end use:
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logistics
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Electronic trade
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airports
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Food and drinks
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Other end uses
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By region:
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North Amarica
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Latin america
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Europe
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your father
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Middle East Airlines
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Regional analysis
Europe is expected to lead the global parcel sorting systems market during the study period. The United Kingdom and Germany are expected to make significant contributions to the European market.
Market players in Europe are highly focused on smart technologies, such as robot and artificial intelligence based parcel sorting systems.
For example, in September 2021, LiBiao Robot introduced a new mobile robot-based parcel sorting system called “Mini Yellow”. This is mainly created for European economies such as UK, Germany, Italy and France.
Profile of the main companies
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More valuable insights Offer available
Fact.MR, in its new offering, provides an unbiased analysis of the global Parcel Sorting Systems market, offering historical demand data (2017-2021) and forecast statistics for the period 2022-2032.
Study reveals key market insights on the basis of component (hardware, software, services) type (linear, annular) and end use (logistics, e-commerce, airports, food and beverage, other end uses), across five major regions (North America and Europe Asia Pacific, Latin America, Middle East and Africa).
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