Report : South America Bucket Elevator Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Centrifugal Discharge Elevators, Continuous Discharge Elevators, Positive Discharge Elevators), Capacity (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), Industry (Construction, Agriculture, Mining, Fertilizers & Chemicals, Energy and Utilities, Paper and Pulp, Others)
At 4.1% CAGR, the South America Bucket Elevator Market is speculated to be worth US$ 59.59 million by 2028, says Business Market Insights
According to Business Market Insights research, the South America bucket elevator market was valued at US$ 46.86 million in 2022 and is expected to reach US$ 59.59 million by 2028, registering a CAGR of 4.1% from 2022 to 2028. Growing demand for bucket elevator in fertilizer industry and integration of predictive maintenance solutions are the critical factors attributed to the South America bucket elevator market expansion.
Bucket elevator 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 elevator are used to move ore at mining sites and dispatch finished products from a fertilizer plant. Centrifugal belt-style elevator are mostly utilized for high-capacity tasks that require moving large quantities of material quickly. 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 elevator. For superhigh-capacity handling, a double-chain configuration is often employed. Most bucket elevator 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. With a rising population and growing demand for major crops, there is a steep rise in the consumption of fertilizers. Thus, the rising use of bucket elevator in fertilizer manufacturing plants is driving the market growth.
On the contrary, difficulties in maintenance and availability of alternative conveyors hurdles the growth of South America bucket elevator market.
Based on type, the South America bucket elevator market is segmented into centrifugal discharge elevator, continuous discharge elevator, positive discharge elevator. The centrifugal discharge elevator segment held 59.8% share of South America bucket elevator market in 2022, amassing US$ 28.04 million. It is projected to garner US$ 36.62 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on capacity, the South America 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 38.8% share of South America bucket elevator market in 2022, amassing US$ 18.18 million. It is projected to garner US$ 24.17 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on industry, the South America bucket elevator market is segmented into construction, agriculture, mining, fertilizers & chemicals, energy and utilities, paper and pulp, others. The construction segment held 30.7% share of South America bucket elevator market in 2022, amassing US$ 14.37 million. It is projected to garner US$ 19.47 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on country, the South America bucket elevator market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 74.5% share of South America bucket elevator market in 2022. It was assessed at US$ 34.90 million in 2022 and is likely to hit US$ 45.33 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Key players profiles in the South America 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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