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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.
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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.
List of Top Companies Profiled in the Report:
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Value (USD million)