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”.
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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.
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)
An Overview of the Impact of COVID-19 on this Market:
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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 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 are energy-efficient, thereby driving down operational costs. Together, these factors are fueling the bucket elevator market growth.
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Asia-Pacific to Lead the Pack; Latin America to Display Stable Growth
With 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 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, introduction of next-generation bulk material handling equipment will augment the market in the forthcoming years.
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