According to our latest study on "Bucket Elevator Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Capacity, and Industry," the bucket elevator market is projected to grow from US$ 1,055.12 million in 2022 to US$ 1,571.40 million by 2028; it is expected to register a CAGR of 6.9% from 2022 to 2028.
Growing Demand for Bucket Elevators in Fertilizer Industry Fuel Bucket Elevator Market Growth
Bucket elevators present a simple but efficient method of elevating free-flowing and semi-free-flowing bulk materials. Their characteristic simplicity makes them a popular choice for bulk material handling and processing applications in fertilizer plants. Bucket elevators are widely used to move ore at mining sites and dispatch finished products from a fertilizer plant. Centrifugal belt-style elevators are mostly utilized for high-capacity tasks that require moving large quantities of material quickly which drives the bucket elevator market growth. Further, a centrifugal-chain elevator is often used for moving ore at a mine site as it allows for greater capacity and is more rugged than belt-style elevators. For superhigh-capacity handling, a double-chain configuration is often employed. Most bucket elevators supplied to the fertilizer industry have higher corrosion and abrasion resistance, as compared to those utilized in other industries. This is because materials used in the production of fertilizers have corrosive qualities, due to which they can cause excessive premature wearing of the buckets. Similarly, abrasion is a prevalent concern for many fertilizer manufacturers, particularly on the mining and ore-handling sides. Thus, the rising use of bucket elevators in fertilizer manufacturing plants is driving the bucket elevator market growth.
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation and strengthen infrastructure capabilities, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to hamper the economic growth of the region. The US was one of the world's worst-affected countries due to the COVID-19 outbreak. The operations of the construction, mining, and other industries were put on hold, which hampered the business dynamics in the first half of 2020. Lockdowns and travel restrictions imposed in the region significantly affected the construction industry. Large and small construction projects were shut down across the country. US, Canadian, and Mexican authorities ordered the termination and shutdown of most construction projects in 2020 due to which construction businesses reduced their spending on material-handling equipment such as bucket elevators. As operations across production plants and construction sites were standstill due to global lockdowns, the production and consumption of cement fell significantly, which further impacted the bucket elevator market growth in North America
Key Findings of Study:
The bucket elevator market is segmented on the basis of type, capacity, industry, and geography. Based on type, the bucket elevator market is segmented into centrifugal discharge elevators, continuous discharge elevators, and positive discharge elevators. Based on capacity, the bucket elevator market is divided into 350-830 cubic feet per hour, 2001-2800 cubic feet per hour, 831-2000 cubic feet per hour, above 2801 cubic feet per hour, and below 350 cubic feet per hour. Based on industry, the bucket elevator market is segmented into construction, agriculture, mining, food, energy and utilities, paper and pulp, and others. By geography, the bucket elevator market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America
The type of bucket elevator chosen depends on the application it is intended to serve. It is also chosen to support the most efficient process flow. The centrifugal discharge elevator type accounted for the largest market share in 2021. It is anticipated to register the fastest CAGR during the forecast period in the bucket elevator market owing to its rising applications across different industry verticals. Centrifugal discharge bucket elevators are the most preferred type of elevator across different industry verticals. These elevators are capable of quickly handling large amounts of materials, and they function with durability when handling abrasive materials such as sand and gravel. The elevator functions by scooping material from the boot or inlet section, and hence, requires a durable bucket. Owing to the high speed of its operation, this elevator generates centrifugal force at the head pulley, which throws the material out of the bucket and into the discharge chute. Owing to such a mode of operation, these types of elevators are unsuitable for delicate applications. The elevators are driven by either belt or chain. Owing to their fast action, and capability of handling large loads of materials, these elevators are utilized in the mining industry, cement manufacturing, power plants, construction sites, etc. Centrifugal discharge elevator systems are used for the transfer of coal, grain, stone, sand, clay, cullet, ore, sugar, and dry chemicals, among others. All these factors contributes to the growth of the segment in bucket elevator market.
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