New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Bucket Elevator Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Centrifugal Discharge Elevators, Continuous Discharge Elevators, and Positive Discharge Elevators), Capacity (Upto 350 Cubic Feet Per Hour, 351–830 Cubic Feet Per Hour, 2001–2800 Cubic Feet Per Hour, 831–2000 Cubic Feet Per Hour, and Above 2801 Cubic Feet Per Hour), and Industry (Construction, Agriculture, Mining, Fertilizers and Chemicals, Energy and Utilities, Paper and Pulp, and Others)”; the global bucket elevator market share is driven by growing demand of food grains and seeds, growth in infrastructure projects promoting application of bucket elevators in cement plants and integration of predictive maintenance solutions.
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Global Bucket Elevator Market – Report Scope:
| Market Size Value in | USD 1.05 billion in 2022 |
| Market Size Value by | USD 1.57 billion by 2028 |
| Growth rate | CAGR of 6.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 168 |
| No. of Tables | 88 |
| No. of Charts & Figures | 87 |
| Historical data available | Yes |
| Segments covered | Type, Capacity, and Industry |
Global Bucket Elevator Market: Competitive Landscape and Key Developments
BEUMER Group GmbH & Co KG, FEECO International Inc, Gough & Co (Engineering) Ltd, KWS Manufacturing Co Ltd, Motridal SpA, Skandia Elevator AB, Sukup Manufacturing Co, Satake Corp, Ryson International Inc, and AGCO Corp are among the leading players profiled in the bucket elevator market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help key players strategize their growth. A few of their developments are mentioned below.
• In May 2022, The BEUMER Group GmbH & Co K.G. acquired FAM GmbH, Magdeburg, a supplier of conveying systems and loading technology. They had signed contracts to complete the transaction by the end of May. This acquisition strengthens the market position of BEUMER Group GmbH & Co K.G. in the large equipment sector.
• In October 20220, Ryson International Inc launched the new C model of red bucket elevator conveyor unit, with 200 mm buckets. The unit will be a running product for display at the show, which will be the demo unit at the pack expo. Bucket elevators of Ryson stand out from their competitors because they are completely modular, have pivoting buckets, and can have multiple inlets and outlets. The modular design of this elevator makes it easy to build one in virtually any configuration or shape.
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Global Bucket Elevator Market: Industry Overview
The bucket elevator market is segmented on the basis of type, capacity, industry, and geography. Based on type, the market is segmented into centrifugal discharge elevators, continuous discharge elevators, and positive discharge elevators. Based on capacity, the bucket elevator market is divided into 350–830 cubic feet per hour, 2001–2800 cubic feet per hour, 831–2000 cubic feet per hour, above 2801 cubic feet per hour, and below 350 cubic feet per hour. By industry, the market is segmented into construction, agriculture, mining, food, energy and utilities, paper and pulp, and others. In terms of geography, the bucket elevator market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The bucket elevator market in North America is projected to witness significant growth from 2022 to 2028. The North American bucket elevator market is segmented into the US, Canada, and Mexico. Businesses across the US and Canada have been pioneers in the adoption of new technology and automation over the past years. In North America, industries such as construction, mining, food, and energy & utilities are significantly growing owing to favorable government regulations, and increased investments by both public and private sectors. North American countries are witnessing a rise in the development of several commercial and residential infrastructures. Such a rise in construction activities across North American countries is propelling the demand for bucket elevators in the construction industry for the vertical transportation of sand, cement, and bricks.
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Surging Need for Food Grains and Seeds to Provide Lucrative Opportunities for Global Bucket Elevator Market Growth During Forecast Period (2022-2028):
Per the Food and Agriculture Organization (FAO), a rise in the global population triggers the demand for different food grains, such as soybean, corn, coffee, and wheat. The National Bureau of Statistics, China, stated that corn and soybean production in China, for the year 2022–2023 stood at 277.2 million MT and 20.3 million MT, respectively, recording an increase of 2% and 24%, respectively, from the previous year. According to estimates by the US Department of Agriculture, Russia’s wheat production reached 91.0 million metric tons in 2022–2023, reporting an annual increase of 21% from the previous year. A continuous rise in crop and grain production is likely to offer several opportunities to companies offering bucket elevators for grain storage facilities and the food processing industry. Various government organizations also require bucket elevators for efficiently storing food grains in silos or for packaging and distributing the same. In November 2021, the Government of India, through its GOVERNMENT E-MARKETPLACE (GEM) portal, floated a tender for the supply, installation, and commissioning of a 4 tph vertical bucket elevator, for feeding seed pre-cleaner, in a seed processing plant (wheat). The grain and seed processing plants prefer different bucket designs and customizable elevators. Market players have been taking initiatives to grab these opportunities by introducing new products. Thus, surging need for food grains and seeds will provide lucrative opportunities for the bucket elevator market growth.
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