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Bucket Elevator Market to Touch USD 1,287.1 million by 2026; Rising Demand for Efficient Bulk Material Handling Equipment to Accelerate Growth

April 03, 2020 | Machinery & Equipment

The global Bucket Elevator market size is set to reach USD 1,287.1 million by 2026 owing to increasing uptake of centrifugal discharge Bucket Elevators in various industries. This information is shared in the 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”, which states that the market value stood at USD 827.6 million in 2018. Furthermore, the market will register a CAGR of 5.7% from 2019 and 2026.


ACC Ltd. Receives the World’s Highest Elevator from BEUMER


The German intralogistics expert BEUMER Group delivered the world’s highest bucket elevators to the leading cement manufacturer in India ACC Ltd. in April 2016. ACC’s decision to order the system from BEUMER follows the company’s intention to increase its manufacturing capacity at its plant in Wadi, Karnataka. The system boasts of a distance of 175.3 m, making it the world’s highest bucket elevators. Geographic expansion of operations is likely to emerge as one of the top Bucket Elevator market trends in the coming years as companies in the construction industry are increasingly demanding reliable hauling equipment to move heavy and flow materials on-location. In response, many global players are ramping up their investment in research and development to design and deliver cutting-edge solutions to the flourishing building and construction industry.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/bucket-elevator-market-102580


Incorporation of Intelligent Technologies to Augment the Market


Economic and efficient monitoring of production processes is a tough task, requiring the deployment of manpower and other tools, thereby raising the operational costs. To address this issue, many manufacturers are increasingly integrating their existing structures with smart technologies, primarily Internet of Things (IoT). For instance, Riceland Foods, the world’s largest rice miller based in Arkansas, employed TempuTech’s intelligent operation system to streamline and optimize its grain-handling processes. Not only does this make the production process more efficient, it also makes safer and cheaper as the workforce required to oversee these operations can be utilized elsewhere. Furthermore, incorporation of Artificial Intelligence-based technologies such as IoT can make possible predictive maintenance and remote monitoring along with real-time data collection, fueling the bucket elevators market growth.


Provision of Customized Equipment to Characterize Market Competition


According to the Bucket Elevator market report, core competitors in this market are catering to end-users that are demanding customized solutions. This demand is driven by growing technical complexities in production operations as well as overall expansion of production activities. As a result, many of the companies thriving in this market are doubling down their investment in R&D to come out with equipment that will help them deepen their presence in the market and ensure their dominance in the years to come.


Industry Development:



  • October 2019: The Swedish grain-conveyor manufacturer Skandia Elevator unveiled its next-generation elevators at Agritechnica held in Hannover. Their new product offerings feature strong flanges equipped with large legs, drive package that can be easily lifted, inspection slits in the hood, and high power-efficiency, among others.


List of Top Companies Profiled in the Report:



  • AGI (Headquarter: - Canada)

  • SKANDIA Elevator AB (Headquarter: - Sweden)

  • Sweet Manufacturing Company (Headquarter: - USA)

  •  BEUMER Group. (Headquarter: - Germany)

  • Zuther GmbH (Headquarter: - Germany)

  • KWS Manufacturing Company, Ltd. (Headquarter: - United States)

  •  Meyer Industries (Headquarter: - United States)

  • FEECO International Inc. (Headquarter: - USA)

  • Sukup (Headquarter: - USA)


Further Report Findings:



  • Having generated a revenue of USD 289.5 million in 2018, Asia-Pacific is projected to dominate the Bucket Elevator market share during the forecast period. The primary growth propellers for the market in this region is exponential economic progress, especially in India and China, which is leading to heightened pace of infrastructure development in these countries.

  • Advancements in manufacturing technologies will be the central force accelerating the market growth in North America and Europe, whereas increasing tourism activities will drive the market in Latin America.

  • By industry, the cement industry segment held the largest market share of 40.5% in 2018 and the segment is expected to continue its dominance in the near future owing to rapid expansion of the global construction industry.  


Table of Segmentation:








































 ATTRIBUTE



 DETAILA



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD million)



Segmentation



By Type



  • Centrifugal

  • Continuous



By Industry



  • Cement

  • Food & Beverages

  • Chemical

  • Power & Energy

  • Paper & Pulp

  • Others (Fertilizer plants, etc.)



By Region



  • North America (the U.S. and Canada)

  • Europe (UK, Germany, France, Rest of Europe)

  • Asia Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Bucket Elevator Market
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  • 2015-2017
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