The concrete pumps market size is expected to reach US$ 5.05 billion by 2031 from US$ 3.35 billion in 2023. The market is estimated to record a CAGR of 5.3% from 2023 to 2031. The increasing demand for IoT-enabled concrete pumps is likely to bring new market trends.
Governments of different countries continue to take various initiatives to improve and develop infrastructure, which leads to an increase in demand for scaffoldings. For instance, the Government of India introduced a scheme to provide affordable housing to all in 2015; through this scheme, ~10 million housing units were built between 2019 and 2024. In 2016, the government of Saudi Arabia announced the Saudi Arabia 2030 scheme and invested approximately US$ 1.3 trillion in 2024 for the development of residential, commercial, and public infrastructure. A shortage in the construction workforce is another factor driving the demand for concrete pumps. As per the data published by Worldwide Recruitment, a workforce solution provider company, in 2023, the construction industry in the US experienced a 650,000 workers shortage. The shortage of the workforce across the globe is supporting the demand for concrete pumps.
A concrete pump is one of the construction machines and equipment that helps the end user transfer freshly prepared concrete mixture to the worksite. Increased investments in residential and commercial construction owing to urbanization drive the demand for concrete pumps. According to the data published by the Word Bank in 2023, in 2022, approximately 56% of the total population, which was 4.4 billion people, was living in urban areas, while in 2010, 3.5 billion people were registered to be living in urban areas.
Factors such as increasing population, urbanization, and growing per capita income are fueling the demand for residential units across the globe. As per the data published by the United Nations in 2022, the share of urbanization increased to ~57% in 2022 compared to 52% in 2012. In addition, in 2021, the global population reached almost 8 billion from 7 billion in 2011. These statistics show increased urbanization and population trends globally. This has led to increased demand for residential units across the globe. According to the data published by the Pam Golding Property Group and Savills in 2021, during the first half of 2021, the demand for residential properties witnessed an increase compared to the first half of 2019. Further, in 2022, JLL India stated that in India, the demand for residential properties reached a record high of 215,000 units across the country; such a requirement for residential units led to increased demand for concrete and cement across the globe. As per the data published by the Global Cement and Concrete Association in 2020, global cement production reached 4 billion metric tons. Further, as per the data published by the Government of India in August 2024, India's total cement production reached 374.55 million metric tons in 2023, experiencing growth of approximately 7% compared to 2022. All these factors show an increased need for residential units and cement across the globe, leading to a rise in demand for concrete pumps, ultimately driving the concrete pumps market
Strong infrastructure in any country plays an important role in the country's economy and overall development; hence, governments and construction companies across the globe are investing heavily in the development of the infrastructure. In October 2024, the US government announced the Hudson River Tunnel Project worth US$ 16 billion. In this project, the government plans to construct a tunnel to build a railway track connecting the Hudson River to New Jersey. This project is expected to launch in 2025. In October 2024, the US Department of Transportation announced US$ 635 million in funding for 22 small and medium-sized bridge projects in rural and urban parts of the US. According to the data published by the European Construction Industry Federation in June 2024, the European Federal Government announced 400 bridge construction projects in 2026 in order to renovate the aged bridges across Europe. In November 2024, the UAE government announced the Dubai Exhibition Center expansion project plan worth US$ 2.7 billion. The project will be completed in three different phases; the first phase includes the expansion of its current 58,000 square meters to 140,000 square meters, which will be completed by 2026. The second phase includes the expansion of the exhibition phase to ~160,000 square meters, along with the development of multi-story parking and road infrastructure by 2028. The final phase includes the expansion of the space to 180,000 square meters, which will also include space for 26 halls and more than 300 hotel, retail, and commercial office spaces. In August 2024, the Government of India announced US$ 494 million for the development of hydropower projects in the northeastern part of the country to reach 15,000 MW of capacity in the coming 8 years. In addition, the government announced the construction of approximately 1,000 bridges across the Assam state by 2026. This project is expected to require ~US$ 50 million in funding. Such investments mentioned above by governments across the globe are expected to create lucrative opportunities for construction machines and equipment, ultimately driving the concrete pumps market during the forecast period.
Key segments that contributed to the derivation of the concrete pumps market analysis are type, end user, and power capacity.
The regional trends and factors influencing the Concrete Pumps Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Concrete Pumps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 3.35 Billion |
Market Size by 2031 | US$ 5.05 Billion |
Global CAGR (2023 - 2031) | 5.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Concrete Pumps Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Concrete Pumps Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The concrete pumps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the concrete pumps market are listed below:
(Source: Alliance Concrete Pumps, Press Release, August 2024)
(Source: ZOOMLION, Press Release, May 2024)
The "Concrete Pumps Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The global concrete pumps market is expected to reach US$ 5.05 billion by 2031.
The key players operating in the Global concrete pumps market include Alliance Concrete Pumps Inc.; Concord Concrete Pumps Inc.; DY Concrete Pumps Inc.; KCP Concrete Pumps Ltd.; Zoomlion Heavy Industry Science and Technology Co Ltd.; XCMG Construction Machinery Co Ltd; Sany Heavy Industry Co Ltd; Liebherr-International AG; AJAX Engineering Limited; Sermac Srl; BETONSTAR; LUTON Group; Sebhsa; Putzmeister America, Inc.; and CIFA S.p.A.
Growing demand for residential construction and increasing labor shortage issues are the key driving factors impacting the global concrete pumps market.
The global concrete pumps market was estimated to be valued at US$ 3.35 billion in 2023 and is anticipated to grow at a CAGR of 5.3% over the forecast period.
Increasing demand for IoT-enabled concrete pumps is the key future trend of the Global concrete pumps market in the coming years.
The boom pumps segment led the global concrete pumps market with a significant share in 2023.