Bucket Elevator Market Share, Growth and Trends Report 2028

The bucket elevator market is projected to reach US$ 1,571.40 million by 2028 from US$ 1,055.12 million in 2022; it is expected to grow at a CAGR of 6.9% during 2022–2028.

Bucket elevators are energy-efficient and space-efficient equipment used to transport products in large and small quantities. They are available in a variety of types, designs, and styles for different applications. Bucket elevators are mainly used to transfer material from ground level to places at height. They are built with a cotton or rubber belt that runs on one drive pulley located at the top, while the other end is the driven pulley which is at the bottom inside a fabricated casing. Centrifugal bucket elevators are the most common type of elevators used in many industries to vertically convey powder bulk solids, such as grains, sugar, sand, and minerals. Their use is common in the cement, glass, mining, power generation, biomass, paper, and construction industries, as well as in large oil mills and other processing industries.

Bucket Elevator Market - Strategic Insights

Impact of COVID-19 Pandemic on Bucket Elevator Market Growth

The COVID-19 pandemic dramatically impacted the world economy during its peak in 2020. The crisis hampered business activities in various industries. The outbreak disrupted several industries, such as construction, food, beverage, chemical, and mining. As lockdown prevailed in most countries, construction projects were temporarily halted, forcing contractors to change the way they work overnight. The outbreak created significant disruptions in the construction sector. A sharp decline in international trade negatively impacted the growth of the global economy. Factory and production shutdowns, trade bans, disrupted supply chains and procurement management activities, labor scarcity, and cross-border movement restrictions to combat the disease spread negatively impacted the working of companies worldwide. The adverse pandemic impact on several industries limited the growth of the bucket elevator market. However, industries have shown significant growth with ease in restrictions and the reopening of factories in 2021. They are now increasingly focusing on enhancing bandwidth, compatibility, and efficiency through technology adoption and investments. Although the global bucket elevator market was adversely impacted by the COVID-19 pandemic in 2020, it has achieved a strong recovery.

Lucrative Regions for Bucket Elevator Market Growth

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The surge in construction work across the residential, commercial, and other sectors has boosted the growth of the cement industry. Government bodies are increasingly emphasizing on supporting construction and infrastructural developments. Cement manufacturers are among the largest customers of bucket elevator market players. They have been upgrading their plants for coping with the rise in demand for cement, which has been boosting the installation of bucket elevators. In October 2022, MDG America was selected to supply Drake Cement’s plant located in Paulden, Arizona, US, with four high-quality chain bucket elevators. In March 2021, UltraTech Cement Limited chose AUMUND India to supply a comprehensive equipment package that included 46 belt bucket elevators. The contract included the supply of critical kiln feed bucket elevators with heights up to 157 m, raw material handling bucket elevators, clinker and cement handling bucket elevators (various sizes), and roller press recirculation bucket elevators with capacities up to 2,200 tons per hour (tph). Hence, the growing adoption of bucket elevators in the cement industry boosts the bucket elevator market growth.

Type-Based Insights

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 bucket elevator market, by type, is segmented into centrifugal discharge elevators, continuous discharge elevators, and positive discharge elevators. The centrifugal discharge elevators segment accounted for the largest market share in 2021. It is also anticipated to register the fastest CAGR during the forecast period.

The bucket elevator market is segmented on the basis of type, capacity, industry, and geography. Based on type, the 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. By industry, the market is segmented into construction, agriculture, mining, food, energy and utilities, paper and pulp, and others. In terms of geography, the bucket elevator market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). BEUMER Group GmbH & Co KG, FEECO International Inc, Gough & Co (Engineering) Ltd, KWS Manufacturing Co Ltd, Motridal SpA, Skandia Elevator AB, Sukup Manufacturing Co, Satake Corp, Ryson International Inc, and AGCO Corp are among the key bucket elevator market players.

Bucket elevator market players mainly focus on product launches and partnerships to create customer value.

• In December 2022, Ryson International, Inc., launched a new range of bulk elevators, designed to transport a variety of bulk materials. Ryson’s new bulk elevators combine vertical and horizontal transportation. The enclosed elevators featured overlapping pivoting buckets to help prevent product spillage and mitigate foreign debris.
• In September 2022, Muller Beltex BV, V.A.V. Aandrijvingen BV, and Bechtel GmbH announced a strategic alliance to better position themselves in the market, and to provide their customers with materials, knowledge, and service in a better and more efficient way.