The global bucket elevator market size is expected to reach USD 1,571.40 million by 2028; registering at a CAGR of 6.9% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Increased Use of Bucket Elevators in Cement Plants with Growth in Infrastructure Projects Boosts Bucket Elevator Market Growth
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. Therefore, the increased use of bucket elevators in cement plants with growth in infrastructure projects is driving the bucket elevator market growth.
Bucket Elevator Market – by Region, 2021 and 2028
Bucket Elevator Market 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)
Bucket Elevator Market Share, Growth and Trends Report 2028
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Source: The Insight Partners Analysis
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. In 2021, the centrifugal discharge elevators segment held the largest share of the global bucket elevator market. 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. The 350–830 cubic feet per hour segment is expected to register the highest CAGR during the forecast period. Based on industry, the bucket elevator market is segmented into construction, agriculture, mining, food, energy and utilities, paper and pulp, and others.
Impact of COVID-19 Pandemic on Bucket Elevator Market Growth
The COVID-19 pandemic dramatically impacted the world economy during its peak in 2020. The crisis hampered business activities in various industries. The outbreak disrupted several industries, such as construction, food, beverage, chemical, and mining. As lockdown prevailed in most countries, construction projects were temporarily halted, forcing contractors to change the way they work overnight. The outbreak created significant disruptions in the construction sector. A sharp decline in international trade negatively impacted the growth of the global economy. Factory and production shutdowns, trade bans, disrupted supply chains and procurement management activities, labor scarcity, and cross-border movement restrictions to combat the disease spread negatively impacted the working of companies worldwide. The adverse pandemic impact on several industries limited the growth of the bucket elevator market. However, industries have shown significant growth with ease in restrictions and the reopening of factories in 2021. They are now increasingly focusing on enhancing bandwidth, compatibility, and efficiency through technology adoption and investments. Although the global bucket elevator market was adversely impacted by the COVID-19 pandemic in 2020, it has achieved a strong recovery.
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 a few of the key players operating in the bucket elevator market.
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