The South America bucket elevator market is expected to grow from US$ 46.86 million in 2022 to US$ 59.59 million by 2028. It is estimated to grow at a CAGR of 4.1% from 2022 to 2028.
Integration of Predictive Maintenance Solutions is Driving the South America Bucket Elevator Market
The presence of several moving components, and the prime function of handling materials in bulk render bucket elevators high-maintenance systems. They are used extensively and without a break in most facilities. Thus, if they are not properly maintained, plants may face frequent disruptions in functioning. Regular cleaning is required to ensure material build-up is continually removed. Also, cleaning the boot after each use is crucial if the elevator is used seasonally. Most bucket elevator manufacturers provide preventive maintenance schedules and activity lists to users for ensuring the smooth operation of the equipment. However, users frequently fail to follow these schedules. Hence, there is a growing demand for bucket elevators integrated with predictive maintenance solutions. Predictive maintenance involves monitoring the performance of these elevators while they are in operation, using condition-monitoring tools and techniques. The recorded information allows technicians to predict future points of failure in monitored elevators, followed by enabling the repair or replacement of parts before failure. Predictive maintenance can significantly aid in the reduction of maintenance frequency while eliminating unplanned reactive maintenance, minimizing elevator downtime, and reducing associated maintenance costs. The ongoing developments in artificial intelligence (AI) and machine-to-machine (M2M) communications have created new possibilities for gathering artificially derived information from bucket elevators. IoT devices, including detectors, cameras, and other connected devices, can derive vast amounts of data from various parts of bucket elevators. Throughout the machine's lifecycle, IoT sensors collect any relevant data and store it on the cloud. AI can make specific recommendations on what actions need to be taken to maintain the health of company assets. Companies are integrating AI into predefined predictive maintenance models to automate data interpretation processes and gain real-time awareness from data generated from these IoT devices. Often, these recommendations are warnings of actions that a technician should take. These recommendations may vary from a simple request to perform a software update or tightening of bolts to complex repairs. AI and machine learning (ML) advancements can significantly change how predictive maintenance works. Bucket elevator market players have already started rolling out predictive maintenance solutions for these products. In January 2023, CICSA srl designed a solution for comprehensive predictive maintenance of conveyor systems. The solution can automatically measure and track the wear and tear status, along with the mechanical loading conditions of the chain equipment of any type of bucket elevator and conveyor. Such solutions are likely to be installed on most conveyor systems, such as bucket elevators, in the near future.
South America Bucket Elevator Market Overview
The South America (SAM) bucket elevator market is segmented into Brazil, Argentina, and the Rest of SAM. Countries in SAM, such as Argentina, Brazil, Chile, and Peru, are witnessing rapid economic growth with the increase in global food manufacturers investing in the region to set up their manufacturing plants. The availability of labor at a lower cost is catalyzing investment by global firms to set up their production plants in the region. Some of the major investments by food manufacturers in the region are mentioned below:
Additionally, the construction industry across the region is significantly growing, with both public and private organizations investing in the development of infrastructures such as hospitals, airports, commercial complexes, and industrial plants. Some of the major construction projects in the region include:
Apart from the ongoing construction projects, the government bodies across SAM are also heavily investing in the construction of infrastructure. These factors are, in turn, increasing the demand for bucket elevators, thereby contributing to the market growth.
South America Bucket Elevator Market Revenue and Forecast to 2028 (US$ Million)
South America Bucket Elevator Market Segmentation
The South America bucket elevator market is segmented into type, capacity, industry, and country.
Based on type, the South America bucket elevator market is segmented into centrifugal discharge elevators, continuous discharge elevators, positive discharge elevators. In 2022, the centrifugal discharge elevators segment registered a largest share in the South America bucket elevator market.
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. In 2022, the 350 cubic feet per hour segment registered a largest share in the South America bucket elevator market.
Based on industry, the South America bucket elevator market is segmented into construction, agriculture, mining, fertilizers & chemicals, energy and utilities, paper and pulp, others. In 2022, the construction segment registered a largest share in the South America bucket elevator market.
Based on country, the South America bucket elevator market is segmented into Brazil, Argentina, and the Rest of South America. In 2022, Brazil segment registered a largest share in the South America bucket elevator market.
AGCO Corp; BEUMER Group GmbH & Co KG; Ryson International Inc; Satake Corp; and Skandia Elevator AB are the leading companies operating in the South America bucket elevator market.