At 7.9% CAGR, the Asia Pacific Bucket Elevator Market is projected to be worth US$ 666.49 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific bucket elevator market was valued at US$ 421.58 million in 2022 and is expected to reach US$ 666.49 million by 2028, registering a CAGR of 7.9% from 2022 to 2028. Increased use of bucket elevator in cement plants with growth in infrastructure projects and surging need for food grains and seeds are the critical factors attributed to the Asia Pacific bucket elevator market expansion. 

The migration of people from rural to urban areas over the years has been a common phenomenon worldwide, particularly in developing countries. As per the Indian Brand Equity Foundation (IBEF), cement production in India increased by 12.1% in September 2022 compared to September 2021. The IBEF also projected a significant rise in demand for cement since the Indian Union Budget of 2022–2023 had a higher allocation for infrastructure, amounting to ~US$ 26.74 billion in roads and US$ 18.84 billion in railways. In March 2021, UltraTech Cement Limited chose AUMUND India to supply a comprehensive equipment package that included 46 belt bucket elevator. The contract included the supply of critical kiln feed bucket elevator with heights up to 157 m, raw material handling bucket elevator, clinker and cement handling bucket elevator (various sizes), and roller press recirculation bucket elevator with capacities up to 2,200 tons per hour (tph). Per the data from the National Bureau of Statistics of China, cement output fell by 12% year-on-year to 1.56 billion MT in the first 9 months of 2022 from 1.78 billion MT in the same period in 2021. Also, according to the China Cement Association, investments in real estate development decreased by 8% to US$ 1.44 trillion in the first 9 months of 2022.  

On the contrary, difficulties in maintenance and availability of alternative conveyors hurdles the growth of Asia Pacific bucket elevator market.

Based on type, the Asia Pacific bucket elevator market is segmented into centrifugal discharge elevator, continuous discharge elevator, positive discharge elevator. The centrifugal discharge elevator segment held 57.7% share of Asia Pacific bucket elevator market in 2022, amassing US$ 243.16 million. It is projected to garner US$ 396.40 million by 2028 to expand at 8.5% CAGR during 2022–2028.

Based on capacity, the Asia Pacific bucket elevator market is segmented as upto 350 cubic feet per hour, 351–830 cubic feet per hour, 2001 – 2800 cubic feet per hour, 831 – 2000 cubic feet per hour, above 2801 cubic feet per hour. The 350 cubic feet per hour segment held 35.3% share of Asia Pacific bucket elevator market in 2022, amassing US$ 148.89 million. It is projected to garner US$ 249.03 million by 2028 to expand at 9.0% CAGR during 2022–2028.  

Based on industry, the Asia Pacific bucket elevator market is segmented into construction, agriculture, mining, fertilizers & chemicals, energy and utilities, paper and pulp, others. The construction segment held 27.1% share of Asia Pacific bucket elevator market in 2022, amassing US$ 114.28 million. It is projected to garner US$ 194.83 million by 2028 to expand at 9.3% CAGR during 2022–2028. 

Based on country, the Asia Pacific bucket elevator market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific.  Our regional analysis states that China captured 39.3% share of Asia Pacific bucket elevator market in 2022. It was assessed at US$ 165.48 million in 2022 and is likely to hit US$ 278.51 million by 2028, exhibiting a CAGR of 9.1% during the forecast period.  

Key players profiles in the Asia Pacific bucket elevator market report AGCO Corp; BEUMER Group GmbH & Co KG; Ryson International Inc; Satake Corp; and Skandia Elevator AB, among others.

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