Conveyor Monitoring Market Size, Share & Growth | Industry Trends (2022-27)

 

Market Overview:

The market for conveyor monitoring was estimated to be worth USD 206.77 million in 2020 and is projected to increase at a CAGR of 4.2% to reach USD 264.67 million by 2026. (2021–2026). the growing knowledge of predictive maintenance tools and procedures along with the increasing focus of businesses on the minimization of revenue loss caused by defects in conveyor systems. Additionally, the conveyor monitoring system aids in reducing waste, lowering maintenance costs, and boosting customer credibility.

According to the World Multidisciplinary Earth Sciences Symposium, the financial losses incurred by American underground hard coal mines as a result of downtime brought on by belt failures are estimated to be USD 240 000, or roughly USD 1000 per minute, given that the average repair time was 4 hours. The development of a machine vision system that checks splice and belt condition and prevents failure was motivated by losses of this scale that happened as a result of emergency downtimes during the period of heightened coal demand.

Scope of the Report:

Conveyor monitoring is defined as the process of determining the condition of conveyor systems such as the belt and the motor while they are in use. It aids in the detection of potential failures in advance, thereby lowering maintenance costs, reducing conveyor downtime, and increasing and maintaining the efficienct running of conveyors and production in the industry.

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