The migration of people from rural to urban areas over the years has been a common phenomenon worldwide, particularly in developing countries. According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. The percentage of urban dwellers was above 79% in developed countries, including the US and the UK. With the growing urban population, the need for high-rise buildings has increased in urban areas. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers with heights greater than 200 m have been built in the last 20 years in the US. The number also includes 40 new residential skyscrapers constructed during 2019–2022. Government bodies are increasingly emphasizing on supporting construction and infrastructural developments. The resultant surge in construction work across the residential, commercial, and several other sectors has boosted the growth of the cement industry. Per the United States Geological Survey (USGS), the US, China, and India manufactured approximately 92 million MT, 2,500 million MT, and 330 million MT of cement, respectively, in 2021, compared to approximately 89 million MT, 2,400 million MT, and 295 million MT in 2020. Similarly, Siam Cement Group (SCG) recorded a 6% year-on-year rise in total national cement consumption throughout Thailand in the first 9 months of 2022. The group stated commercial construction as the main driver of demand growth. As per the Indian Brand Equity Foundation (IBEF), cement production in India increased by 12.1% in September 2022 compared to September 2021. The IBEF also projected a significant rise in demand for cement since the Indian Union Budget of 2022–2023 had a higher allocation for infrastructure, amounting to ~US$ 26.74 billion in roads and US$ 18.84 billion in railways.
BEUMER GROUP, AGCO Corporation, AGI, UniTrak and KWS Manufacturing Company Ltd are the Prominent Market Participants in the Bucket Elevator Market
Cement manufacturers are among the largest deployers of bucket elevators. They have been upgrading their plants for coping with the rise in demand for cement, which has been boosting the installation of bucket elevators. In October 2022, MDG America was selected to supply Drake Cement’s plant located in Paulden, Arizona, US, with four high-quality chain bucket elevators. Such instances indicate the rising demand for various types of bucket elevators in the cement industry.
BEUMER GROUP, AGCO Corporation, AGI, UniTrak and KWS Manufacturing Company Ltd are the prominent market participants in the bucket elevator market. The listing of key players is derived by considering multiple factors such as overall revenue, current bucket elevator product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the bucket elevator market ecosystems which were studies analyzed during this market research study, such as FEECO International Inc, Gough & Co (Engineering) Ltd, Motridal SpA, Skandia Elevator AB, Sukup Manufacturing Co, Satake Corp, and Ryson International Inc.
Most of the market initiatives were observed in North America and Europe region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2021 | Sukup Manufacturing Co. announced the company would expand its manufacturing facilities with a new location in Hampton, Iowa. The approximately 30,000-square-foot facility is located in the industrial park on the west side of Hampton. | North America |
| 2021 | Ammeraal Beltech, a global leader in providing conveying solutions, announced the launch of a new range of plied synthetic PVC-covered belts, Arcon and Nonex, for bucket elevators. | Europe |
