United States, Rockville MD, July 14, 2022 (GLOBE NEWSWIRE) -- A market research and competitive intelligence provider – Fact.MR, mentions that the global Bucket elevators market would be valued US$ 1.18 Billion in 2022 and clock a moderate CAGR of 5.8% between 2022 and 2032. Fact.MR unleashes the fact that rising demand for bucket elevators in agriculture, food, paper & pulp, power, lime, steel, cement, mining, and various others is propagating the bucket elevators market.
Thus, the global Bucket elevators market is projected to reach US$ 2.07 Billion by the year 2032. Stainless steel is the material generally used for constructing bucket elevators there are various forms and sizes available. Additionally, they could be used effectively in weather of any type. The other advantages include high load capacity, convenience with regards to installation, and minimal maintenance.
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To promote seamless operations, effective on-site material handling support has recently gained relevance. Additionally, this is generating profitable business prospects for suppliers of bucket elevators.
The market is expanding as a result of exceptional qualities including increased wear resistance, quick handling of heavy and abrasive materials, higher durability, and more.
Why are Bucket Elevators Seeing Steady Rise in Demand?
“Rapid Industrialization & Use of IoT to Shorten Production Processes Driving Bucket Elevator Sales”
Global sales of bucket elevators are primarily driven by rising industrialization in emerging economies. It is predicted that the bucket elevators market will continue to be influenced during the forecast period by the rising demand from the mining, chemical, and agricultural industries, along with rising production growth from the same.
The popularity of IoT-enabled bucket elevators is growing as they track process duration, cut long waits, lower energy use, etc. Today, the efficient operation of the production process depends critically on the material handling process.
To eliminate inconsistencies in the production process, it is essential to monitor the entire material handling process. The incorporation of cutting-edge technologies into bucket elevators ensures predictive maintenance, remote monitoring, etc. in such a situation.
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Key Segments Covered in Bucket Elevators Industry Survey
- Bucket Elevators by Type :
- Centrifugal Discharge Elevators
- Continuous Discharge Elevators
- Positive Discharge Elevators
- Centrifugal Discharge Elevators
- Bucket Elevators by Capacity :
- < 1 ton/hr
- 1 ton/hr - 100 ton/hr
- 100 ton/hr - 250 ton/hr
- 250 ton/hr - 400 ton/hr
- 400 ton/hr - 650 ton/hr
- 650 ton/hr - 800 ton/hr
- > 1000 ton/hr
- < 1 ton/hr
- Bucket Elevators by End Use :
- Agriculture Industries
- Power Plants
- Pulp & Paper Mills
- Steel Production Industries
- Lime Industries
- Cement Industries
- Mining Industries
- Food Industries
- Agriculture Industries
- Bucket Elevators by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Competitive Landscape
The manufacturers, apart from engaging in extensive research, are looking for bespoke bucket elevators buckers capable of moving loose materials gently and quickly, so as to cater to the clients. Customization is another factor seen through.
- Tsubakimoto Europe B.V. has its sprag clutch for the bucket elevator. The major objective is provision of high torque capacity and better life-span, particularly for the low speed shaft conveyors and bucket elevator.
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Key players in Bucket Elevators Market
- Sukup Manufacturing Co.
- KWS Manufacturing Company, Ltd.
- Mahindra Tsubaki Conveyor Systems
- Mark & Wedell
- Chaoyang Heavy Machinery Manufacturing Co.
- Satake Corporation
- Beumer Group
Key Takeaways from Bucket Elevators Market Study
- North America holds 26.3% of the market share.
- Europe contributes for 24.8% of the entire market.
- Speedy Industrialization coupled with usage of IoT to reduce the downtime of bucket elevators market
- Cement Industry to be at the forefront regarding end-use applications due to high-rise buildings being erected.
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Industrial Goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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