Pune, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The global Bucket Elevator Market size is projected to reach USD 1,287.1 million by 2026, exhibiting a CAGR of 5.7% during the forecast period. Steady growth in the construction industry to be the key growth driver for this market, according to the new Fortune Business Insights™ report, titled “Bucket Elevator Market Size, Share & Industry Analysis, By Type (Centrifugal and Continuous), By Industry (Cement, Food & Beverages, Chemical, Power & Energy, Paper & Pulp, Others), and Regional Forecast, 2019-2026”. A report produced under a joint study conducted by Global Construction Perspectives and Oxford Economics stated that the construction industry worldwide will grow by 85% through 2030, hitting USD 15.5 trillion in terms of output value. China, India, and the US will account for nearly 57% of this rise, the report estimates. On average, the global construction industry is slated to grow at 3.9% annually till 2030, overtaking the world GDP growth rate by one percentage point. In this scenario, the demand for bucket elevators is likely to go up sharply as these machines are vital in the vertical movement of materials at construction sites.
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As per the bucket elevator market report, the value of this market stood at USD 827.6 million in 2018. The report additionally provides the following information:
- A detailed study of the factors driving the market;
- A thorough analysis of the roadblocks facing the market;
- In-depth research into the various market segments;
- An exhaustive assessment of the regional prospects of the market; and
- A comprehensive evaluation of the competitive dynamics shaping the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Trend
Multi Applicability of Bucket Elevator to Boost Adoption
One of the leading bucket elevator market trends is the increasing adoption of these machines on account of their wide-ranging applicability across different industries. For example, their ability to haul heavy and low free flow quality materials makes them an extremely desirable purchase in the construction and mining industries. In processing industries, where raw material sizes vary a lot, bucket elevators can prove efficient as they are available in different sizes and can also be customized. Further, in the extraction of oil from wells, this equipment can play an instrumental role owing to the flexibility they provide as well as their capacity to function efficiently in inhospitable environments. From an economic standpoint too, these machines appear viable because they have low maintenance and advancements in heavy machines have led to the development of equipment that is energy-efficient, thereby driving down operational costs. Together, these factors are fueling the bucket elevator market growth.
Regional Analysis
Asia-Pacific to Lead the Pack; Latin America to Display Stable Growth
With a market size of USD 289.5 million in 2018, Asia-Pacific is poised to dictate the bucket elevators' market share during the forecast period. The main factors propelling the market in the region include rapid urbanization which is boosting the construction industry and increasing the intensity of mining operations, especially in India and China. In Latin America, the market will rise at a stable rate owing to robust infrastructure development and similar trends are being witnessed in the Middle East and Africa. In North America and Europe, the introduction of next-generation bulk material handling equipment will augment the market in the forthcoming years.
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Competitive Landscape
Investment in R&D by Key Players to Heat up Competition
Major competitors in this market are singularly focused on enhancing their research and development capacity, according to the bucket elevators market report. This is enabling players to not just launch new products and diversify their offerings but is also consolidating their position in the market.
Industry Developments:
- August 2019: The Spanish silos manufacturer Silos Córdoba launched the ECH 600 and ECH 800, the company’s new heavy-duty bucket elevators, for grain handling. The high-strength elevators are capable of working round the clock and under very difficult conditions. They are easy to maintain and are made from the best quality materials.
- May 2018: Germany-based BEUMER Group inaugurated the BEUMER Belt Position Monitoring System, its contactless solution for high-capacity bucket elevator handling. The system is engineered to calculate the distance between passing buckets using sensor technology.
List of Key Companies Covered in the Report:
- Zuther GmbH (Headquarter: - Germany)
- KWS Manufacturing Company, Ltd. (Headquarter: - United States)
- Meyer Industries (Headquarter: - United States)
- FEECO International Inc. (Headquarter: - USA)
- AGI (Headquarter: - Canada)
- SKANDIA Elevator AB (Headquarter: - Sweden)
- Sweet Manufacturing Company (Headquarter: - USA)
- BEUMER Group. (Headquarter: - Germany)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Bucket Elevator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Centrifugal
- Continuous
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Cement
- Food & Beverages
- Chemical
- Power & Energy
- Paper & Pulp
- Others (Fertilizer Plants, etc.)
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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