May 18, 2024

The Australian Conveyor Maintenance Service Market to grow at highest pace owing to booming mining sector

These services help extend equipment lifespan and ensure smooth operations by regularly inspecting, lubricating, adjusting and repairing conveyors. The Australian mining sector has been growing rapidly on the back of rising exports of coal, iron-ore and other metals. This has bolstered demand for efficient material handling equipment like conveyor belts. Additionally, investments in new mining projects will necessitate periodic servicing of existing conveyors as well as installation of new conveyor systems.

The Global Australia Conveyor Maintenance Service Market is estimated to be valued at US$ 812.79 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Australia Conveyor Maintenance Service are Novo Nordisk A/S, AstraZeneca, Generex Biotechnology, Orion Pharma AB, Sanofi, Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche, Hisamitsu Pharmaceutical Co.,Inc., Bayer AG, Eli Lilly and Company, Abbott, Tonghua Dongbao Pharmaceutical Co., Ltd., Merck & Co., Inc., TherapeuticsMD, Inc., Pfizer Inc., Allergan, BioSante Pharmaceuticals, Amgen Inc., Noven Pharmaceuticals, Inc., and QuatRx Pharmaceuticals. The mining industry accounts for a major chunk of conveyor system usage in Australia. Rising mineral exports and new mining projects will augment demand for conveyor maintenance over the next decade. Technological advancements like IoT integration, remote monitoring tools and predictive maintenance solutions are helping conveyor service providers improve efficiency and reduce downtime.

Market Trends

Predictive maintenance using IoT sensors and data analytics is gaining traction in the conveyor maintenance sector. By analyzing operational patterns and equipment health data, potential faults can be identified in advance, improving planning and preventive servicing. Remote monitoring tools allow round-the-clock surveillance of conveyors from any location. This helps detect issues immediately and dispatch technicians, minimizing disruptions.

Adoption of innovative lubrication solutions is another key trend. Low friction, non-sticky and longer lasting lubricantsreduce conveyor downtime arising from regular lubrication tasks.They also help lower energy consumption.

Market Opportunities

Growing preference for outsourced conveyor maintenance amid cost-cutting pressures offers significant opportunities for third-party service providers. They can leverage advanced maintenance approaches and economies of scale to offer competitive rates.

Rise of specialized on-site maintenance packages tailored for individual customer needs. It involves commitment to response time, planned/preventive visits and equipment uptime guarantees. This helps clients achieve productivity targets.

Impact of COVID-19 on Australia Conveyor Maintenance Service Market
The COVID-19 pandemic has significantly impacted the growth of Australia Conveyor Maintenance Service Market Size. During the initial phases of lockdown restrictions in 2020, the demand for conveyor maintenance services declined sharply as major end-use industries like mining, manufacturing, logistics halted their operations. Supply chain disruptions led to delays in procuring spare parts and equipment required for maintenance activities. This hindered the revenue growth of conveyor maintenance service providers in the country. However, with gradual lifting of lockdowns and restart of industrial activities from mid-2020, the demand started reviving. Mining companies focused on optimizing operational efficiencies through predictive maintenance of conveyors to minimize disruptions. This boosted the post-COVID demand for conveyor maintenance services in Australia. Going forward, service providers are expected to leverage advanced technologies like IoT, analytics, robotics to offer predictive maintenance and remote monitoring solutions. This will help end-users reduce downtime and operational costs. Wider adoption of such digital solutions is anticipated to drive the market’s growth over the forecast period.

The value concentration of Australia conveyor maintenance service market is highest in New South Wales region. The state accounts for over 35% of the country’s total market value due to presence of large mining and manufacturing industries. New South Wales has the highest number of operational mines and leading coal, gold producers who rely extensively on conveyor systems for material movement within mines and ports. This high dependency on conveyors and the need for ensuring optimum uptime is a major factor for concentration of conveyor maintenance spending in the region.

The Queensland region is forecasted to emerge as the fastest growing market for Australia conveyor maintenance services during 2024-2030. The growth will be propelled by rising investments in coal and metal mining projects inaugurated over 2023-28 timeframe. Major mining companies have opened new mining sites and expanded existing operations which will scale up the demand for maintenance of vast network of conveyors deployed across mines. Additionally, growth of third party logistics industry in the state is augmenting the requirement for regular servicing of conveyors used in warehousing and distribution centers. These factors make Queensland an attractive market for conveyor maintenance service providers in the coming years.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it