BEUMER GROUP, AGCO Corporation, AGI, UniTrak and KWS Manufacturing Company Ltd are the Prominent Market Participants in the Bucket Elevator Market
The migration of people from rural to urban areas over the years has been a common phenomenon worldwide, particularly in developing countries. According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. The percentage of urban dwellers was above 79% in developed countries, including the US and the UK. With the growing urban population, the need for high-rise buildings has increased in urban areas. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers with heights greater than 200 m have been built in the last 20 years in the US. The number also includes 40 new residential skyscrapers constructed during 2019–2022. Government bodies are increasingly emphasizing on supporting construction and infrastructural developments. The resultant surge in construction work across the residential, commercial, and several other sectors has boosted the growth of the cement industry. Per the United States Geological Survey (USGS), the US, China, and India manufactured approximately 92 million MT, 2,500 million MT, and 330 million MT of cement, respectively, in 2021, compared to approximately 89 million MT, 2,400 million MT, and 295 million MT in 2020. Similarly, Siam Cement Group (SCG) recorded a 6% year-on-year rise in total national cement consumption throughout Thailand in the first 9 months of 2022. The group stated commercial construction as the main driver of demand growth. 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.