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The global Bucket Elevator market size stood at USD 827.6 million in 2018 and is projected to reach USD 1,287.1 million by 2026, exhibiting a CAGR of 5.7% during the forecast period.
The global market is expected to grow at a considerable rate in the forecast period, attributable to the increasing construction sites, rising awareness of bulk material handling, speedy and gentle material transportation activities, etc. In recent times, efficient on-site support for material handling is gaining importance in order to drive smooth operations. Also, service offerings specific to applications are creating a potential impact on attracting customer interest. This is further creating lucrative business opportunities to Bucket Elevators suppliers. Additionally, exceptional characteristics including greater wear resistance, swiftly heavy and abrasive material handling, higher durability, etc. are contributing to the market growth.
Recirculation Units Backed by High Pressure Roller Mills and Vertical Mills will Propel the Market in the Near Future
The growing trends of carrying maximum vertical lifting of Bucket Elevators are compelling suppliers to integrate high pressure roller mills and vertical mills to ensure smooth carrying of highly abrasive bulk materials. Furthermore, the availability of different bucket widths to accommodate required transport volumes is enforcing manufacturers to integrate high pressure roller and vertical mills to ensure consistency while material transportation.
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Integration of Advanced Technologies in Bucket Elevator is Propelling the Market
Internet of Things (IoT)-enabled Bucket Elevator is gaining traction as they monitor the process time and reduce waiting time, reduce energy consumption, etc. Today, material handling process plays a pivotal role in the smooth functioning of the production process. Monitoring of the entire material handling process is vital in order to eliminate discrepancies in the production process. In such a scenario, advanced technologies integrated into Bucket Elevators ensure predictive maintenance, remote monitoring, etc.
High Costs of Installation can be a Limiting Factor to the Market
Bucket Elevators provide gentle handling of materials by occupying little ground space. However, the cost related to installation, maintenance, etc. can limit the market. Similarly, SME’s find it difficult to invest a huge amount at the initial stage. Further, the availability of conveyor systems sufficing the same operational workflow resulting in a threat to the market. Moreover, cascading of bucket failure can disrupt the entire ecosystem of the operational flow tending to hinder the market. Subsequently, hard raw materials transported through buckets are in the form of uneven shapes and sizes. Improper handling can result in jams, interlock or catch on the equipment frame, causing it to freeze are some of the other factors that can slow down the market.
Centrifugal Segment to Flourish at a Significant Rate Backed by Rising Product Offerings by Key Players
Based on type, the market is drilled into centrifugal and continuous Bucket Elevator.
The centrifugal discharge segment is expected to grow at a higher rate with increasing demand for bulk material handling with precision. Furthermore, owing to its high speed of operation properties, the adoption of centrifugal elevators is widening, further propelling the market. The continuous bucket elevators segment is expected to grow at a considerable rate in the coming years. These elevators are designed to operate at a comparatively slower speed, which is ideal for gentle material handling.
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Cement Industry Segment to Exhibit High Growth Backed by Rising Construction Industry across Various Geographies
Based on industry, the market is segregated into cement, food & beverages, chemical, power & energy, paper & pulp and others.
The cement industry segment is expected to exhibit the highest growth and is further anticipated to propel the bucket elevators market demand in the near future. This growth is attributable to the growing infrastructure development such as hospitals, highways, high-rise buildings, etc.
Food & beverages, power & energy, chemical and paper industry is expected to show considerable growth in the coming years owing to increasing mining sites, rising industrialization, etc. Also, an increasing population is a major factor contributing to the growth of food Bucket Elevator.
Asia-Pacific Bucket Elevator Market, 2018 (USD Million)
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Geographically, the global market is segmented across five major regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Asia-Pacific market is expected to dominate the bucket elevator market share in the coming years owing to the presence of Chinese and local manufacturers, growing construction industry, increase in mining sites, etc.
Middle East and Africa and Latin America market are expected to show considerable growth in the forecast period owing to rising infrastructure development, rising tourism, etc. Countries including Dubai, Oman, etc. are experiencing massive outpouring investment in constructing buildings, malls, airports, etc. owing to increasing tourism centers further boosting cement industry resulting in higher adoption of Bucket Elevators.
North America market and Europe market are expected to grow at a considerable rate with the increasing trends in manufacturing, rising awareness of bulk material handling, etc. Additionally, government initiatives to invest in infrastructure development contributing to this market.
Leading Players Focus on R&D Investments and Customized Bucket Elevator to meet Customer Requirement
Prominent companies are proactively investing in research & development activities as products are becoming more complex in response to the increasing technical demands. Also, to cater to the customers’ growing demand, manufacturers are focusing on customized Bucket Elevator buckets and parts that are capable of moving loose materials gently and speedily. These factors are propelling the bucket elevator market growth.
The market is expected to flourish in the coming years with the growing construction industry across the globe. Also, government initiatives to an outpouring of heavy investments in SME’s are expected to enhance the Bucket Elevator in the future. Additionally, technological advancement including Internet on Things, Artificial Intelligence, predictive analytics, collaboration technology, etc. creating a potential impact on Bucket Elevator growth.
An Infographic Representation of Bucket Elevator Market
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The Bucket Elevator market report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD million)
As per Fortune Business Insights, the market value stood at USD 827.6 million in 2018.
In 2026, the market is expected to reach USD 1,287.1 million
The market is projected to grow at a CAGR of 5.7% during the forecast period (2019-2026).
Centrifugal segment is expected to lead the market during the forecast period.
Increasing demand for high capacities material handling at lower speeds is the factor driving the market.
BEUMER Group, FEECO International Inc., and Sweet Manufacturing Company are the top companies operating in the market.
Asia-Pacific is expected to hold the highest CAGR in the market.
The cement industry segment is expected to grow in the forecast period.
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