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The global concrete pump market size was USD 4.57 billion in 2020 and is projected to grow from USD 4.74 billion in 2021 to USD 6.61 billion in 2028 at a CAGR of 4.9% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with concrete pump witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -5.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The increased construction of high-rise infrastructure and buildings is anticipated to drive the market at a promising pace. Additionally, the acquisition and mergers of prominent players are propelling the growth of the market.
COVID-19 to Obstruct Growth due to Uncertain Market Scenario in Global Construction and Real Estate Development Sector
COVID-19 has a major impact on the economic activities and labor-intensive sector of infrastructure and construction development across various parts of the globe. The stringent regulations and lockdowns had brought all the ongoing construction activities to a halt, resulting in the sudden contraction of the construction market. The surge of COVID-19 cases across various parts of the globe also discouraged investors from risking their investments in the market, which decreased the cash liquidity and further intensified the crisis.
According to the latest research study published by the International Labour Organization on post COVID problems and ongoing problems in the industry, post the two subsequent COVID-19 waves, the scarce availability of laborers on the construction sites due to mass migration, the Indian construction market, and infrastructure development activities have reduced at an extensive rate. The substantial decrease in demand for commercial outlets in malls and commercial buildings and the noteworthy reduction in the demand for residential buildings has further restricted ongoing activities across the market. Thus, reduction and obstruction in construction activities is anticipated to create a short term decrement in the global market. However, after 2020 the market is projected to witness a decent recovery in the global market.
The disruption and complete breakdown of the supply chain of the construction industry is another cause of concern for the market. Directives from various governments to ban the transportation of non-essential goods and commodities in international and national markets have caused a great imbalance between the procurement of the raw material and the actual requirement at the construction site. A complete imbalance in the supply and demand of raw materials has decreased the efficiency and output of the construction industry.
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Development of More Powerful, Lightweight, and Robust Product is a Prominent Trend
The massive investment in research and development activities by numerous key participants has encouraged the development of newer and advanced products in the global market. The advancement and technological developments in concrete pumping technology are providing a noteworthy surge for the global market. For instance, in 2013, Zoomlion, a leading manufacturer of advanced lifting and concrete type of pumping technology, developed a this pump with the top four boom sections of the 101m, which are made out of carbon fiber, thereby reducing the weight of the overall machine and imparting considerable strength to the overall setup. The use of new and durable materials, such as carbon fiber, and the development of long and far-reaching boom sections are set to attract numerous customers towards these pumps in the market.
Development of High-rise Buildings and Construction of Commercial Skyscrapers to Boost Growth
Due to the rapid development of metropolitan cities and the growth in urbanization at an unprecedented rate, the demand and subsequent development prospects of high-rise buildings increased at a substantial pace in the global market. These pumps are capable of transporting the concrete mixture at far-reaching and high rising places in an effective manner with considerable ease. The aforementioned ability is projected to reinforce application at construction sites and thus can bolster the development prospects of the market. For instance, according to the data published by ANAROCK Property Consultants, in 2019, in the top 7 cities across India, out of total 1,816 housing projects, about 52% were high-rise buildings with a 20 plus floor structure, which itself implies the increasing requirement of these pumps in the global market.
Severe Shortage of Labor and Need to Adopt Automation in Construction Industry to Aid Growth
These pumps are capable of the faster, easier, and effective transportation of concrete across various construction sites, reducing the requirement of laborers and site congestion. The ability of these pumps to provide steady and streamlined operations with lesser requirements of laborers operational at construction sites can provide new growth avenues to the market. According to recent estimates, the labor shortage is estimated to be 50% to 60%, which demands novel and innovative equipment and solutions that can circumvent the problems associated with labor scarcity.
Breakdown of Concrete Pump Leading to Halt of Construction May Hinder Growth
The possible breakdown of these pumps can prove severe at construction sites as it can bring entire operations to a halt and cause waste of ready-mix concrete. The catastrophic failure of these pumps might injure the laborers operating at the construction site and can sometimes damage the developed construction. Although these can be minimized with timely maintenance and repairs of these pumps, the possibility of severe breakdown cannot be ruled out. Considering the repercussions of a major breakdown, many real estate developers rely on the conventional transportation of concrete mix, which can curb the application and sales across diverse regions.
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Truck-mounted Segment is Estimated to Dominate in the Forthcoming Years
By product type, the market is further classified into truck-mounted, stationary, and specialized.
According to our research estimates, the truck-mounted segment is projected to hold the dominant portion of the global market followed by stationary pump segment. The substantial output of these pumps and the development of advanced truck mounts would contribute towards its lion’s share in the global market. The capability of truck-mounted pumps to provide superior concrete pouring speed and the ability to offer high precision and notable accuracy in pouring operations can increase its application over the slated period of time. The development of a truck-mounted concrete pump with an attachment of flexible concrete placing hoses is anticipated to attain significant traction in the market due to its ability to reach inaccessible locations of high-rise buildings. Furthermore, the development of innovative truck-mounted pumps by established brands and global market players would intrigue customers in the aforementioned segment.
The specialized concrete pump segment is also set to showcase a steady growth rate in this market over the forecast period. The procurement and application of these pumps for specific applications and the increasing adoption of automation technologies are anticipated to provide significant growth opportunities for the specialized segment across multiple regions.
Commercial Segment to Hold Major Share Backed by Surging Initiatives by Developers to Increase Fleets
By industry, the global market is further segmented into commercial, industrial, and domestic.
The commercial segment is anticipated to hold a major share of the global market owing to the procurement of these pumps by commercial estate developers. Also, most of the domestic and industrial operations tend to procure rental services rather than owning a full setup, which is the reason for a minimal share of the domestic segment. Commercial developers with self-owned pumps are also aiming to increase their fleets to venture into the rental market. The entry of commercial developers in the pump rental market is anticipated to provide spurring growth to the commercial segment across the globe.
Many real estate developers are trying to capitalize and explore the equipment rental market and are trying to establish their sales foothold across numerous regions as prominent rental services in the respective regional markets. The use of self-owned pumps in commercial developments and venturing into rental markets to have a better Return on Investment (ROI) factor are the two drivers propelling the growth of the commercial segment and its extravagant market share, thereby outpacing its counterparts.
Asia Pacific Concrete Pump Market Size, 2020 (USD Billion)
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Region wise, the market is classified into North America, Europe, South America, and Asia Pacific region. Asia-Pacific is expected to hold a momentous share and is also set to progress at a promising pace in the global concrete pump industry during the forecast period. The growth is mainly attributed to the increasing construction of high-rise buildings and multistory high-tech infrastructure across prominent cities in this region. Furthermore, many developers are trying to evade labor scarcity and establish technology-driven infrastructure to ensure cost-effective and faster operations in the regional market.
India to Witness Noteworthy CAGR with Increasing Development of Smart Cities
India is estimated to register the fastest CAGR owing to the development of high-end infrastructure and smart cities encouraging the construction of high-rise buildings or skyscrapers. According to the data compiled by Anarock Property Consultants, Mumbai Metropolitan Region (MMR) has 734 projects under construction, which are under the high-rise category. These projects constitute 72% of the total planned infrastructure in the land-scarce city. The National Capital Region (NCR) also has nearly 70% of the planned infrastructure under the high-rise category, thereby increasing the requirement of these pumps in the city.
The increasing demand for performance-oriented and highly maneuverable Pump is propelling the concrete pump market growth in North America. Additionally, Occupational Safety and Health Administration norms and regulations by the United States Department of Labor mandate the application of these pumps at high-rise construction sites. The mandatory regulations by the federal government would also increase the application of these pumps in the region.
In South America, the high amount of volatility and the uncertain demand for commercial and residential infrastructure can hinder the development opportunities in the market of Latin America. The lack of an established supply chain and low direct customer reach of the established market players would also contribute to the pessimistic performance of the region.
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Europe is projected to progress with a modest growth rate over the forecast period owing to the increasing development of advanced products by Europe-based manufacturers and their increasing adoption across countries, such as Germany and the U.K. The development and renovation of high-rise buildings can also provide new development for market opportunities in this region.
Key Companies Focus on Collaborations and Joint Ventures across Various Regions
Key manufacturers in this market are focusing on the development of advanced products and are striving to increase their customer reach in different regions. The development of strong and extensive distribution channels can help them to strengthen their footprints across diverse regions in the market. Market key players such as sany group and concord Concrete Pump are estimated to develop at a substantial pace in the global market.
For instance, Concrete Pump Holdings finalized acquisition of Capital Pumping to cement their position in North America and gain solid sales footprints in the region of Texas. Many established and global market players are working on venturing into collaborations or having strategic mergers and acquisitions to increase their product portfolios and presence across multiple regions. The development advanced products and increased collaborations and joint ventures are collectively created an intense competitive landscape of the global market.
An Infographic Representation of Concrete Pump Market
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The global market research report provides an in-depth concrete pump market analysis with the industry dynamics and competitive landscape. The report also provides market estimation and forecast based on product type, Industry and regions. It provides various key insights, including recent industry developments in the market, such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and company profiles.
Value (USD Billion)
Product Type, Industry, and Region
By Product Type
Fortune Business Insights says that the global market size was USD 4.57 billion in 2020 and is projected to reach USD 6.61 billion by 2028.
In 2020, the Asia Pacific market value stood at USD 1.62 billion.
Registering a CAGR of 4.9%, the market will exhibit steady growth during the forecast period (2021-2028).
By product type, the truck-mounted segment is expected to lead this market during the forecast period.
The development of high-rise buildings and the increasing use of mechanized equipment in the construction industry are the key factors driving the market.
Alliance Concrete Pump, Liebherr, Schwing Stetter, and Ajax Fiori Engineering are the major players in the global market.
North America dominated the market in terms of share in 2020.
The vulnerability of these pumps to catastrophic failure is estimated to hinder the adoption of the product.
The commercial industry vertical is expected to drive the adoption of the product during the forecast period.
The development of robust, lightweight, and highly accurate products by making extensive investments in research and development initiatives is the current market trend.
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