Bucket Elevator Chain Market Size, Share, Growth, and Industry Analysis by Type (Single-strand Systems, Double-strand Systems), By Application (Cement, Chemical, Agriculture, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Bucket Elevator Chain Market Report Overview

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The global bucket elevator chain market size was USD 50 million in 2021 and is projected to touch USD 85.96 million by 2031, exhibiting a CAGR of 5.6% during the forecast period.

Bucket chain elevators / conveyers are the experts for the dust-free vertical conveyance of powdery, granular, lumpy, and temperature-loaded bulk items. Abrasive media are reliably transported by chains and sprockets that are extremely wear-resistant. Chain bucket elevators come in specialized designs with a constricted chain of buckets or with a central discharge, depending on the area of application.

Bucket chain elevators are widely used in a variety of industries, including glass, cement, biomass, power generation, and others. They are designed for vertical or high-lift transportation of huge quantities of commodities. Bucket chain elevators offer an advantage over other conveyor kinds due to their low driving power. Low power consumption is achieved by keeping the system in balance with the weight of the loaded bucket assembly on either side of the conveyor. They typically use stainless steel fasteners to avoid rust and corrosion and are enclosed to preserve the interior components.

COVID-19 Impact: Versatility of the Product Boosted Application in Clinical Trials

The rise in CAGR is a byproduct of the demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with photochromic materials experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

COVID-19 had a life changing impact globally. The global bucket chain elevators market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for bucket chain elevators experienced a major boost.

The global bucket chain elevators market was severely affected adversely as the demand for elevators went down. This was caused by the halt of construction work during the pandemic. The complete lockdown and closure of construction work caused a major problem to the market. Only a few companies did not suffer as much due the service categories they provided. Nonetheless, the pandemic caused a decline in the global bucket chain elevators market share.

However, in some countries the government provided support through investment in infrastructure. Meanwhile, some service providers received the essential services category so they were able to continue their work. Some companies provided remote services to keep their work in continuance. However, not all was able to adapt these as their services offered varied. However, companies received support from the government to reopen shops as the pandemic progressed.

LATEST TRENDS

"Technological Developments to Benefit Market Prospects"

An article published on news bulk recently identified a modernization in the existing bucket chain elevators technology. The company switched from a two-kiln operation to a single rotary kiln in order to increase production efficiency while reducing its impact on the environment. The performance and modernization of the kiln line required a significant increase in the flow rate of the bucket elevator, which carries limestone to the mill bunker for the raw mill. This new technology resists high loads and has high wear resistance.

According to research paper published on Heko, the chains have also been modernized to meet the various industry requirements. The angular brackets for bracket fixation could be fit loosely to elongated chain bolts to absorb vibrations. This led to an increase in fatigue resistance of the buckets. They further furnished bushed chains so that the consumers can choose between a with or without stiffening chain.

Bucket Elevator Chain Market Segmentation

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• By Type

Based on type, the market is divided into Single-strand Systems, and Double-strand Systems. Single-strand segment is expected to capture maximum share through 2028.

• By Application

Based on application, the market is bifurcated into Mining and Minerals, Cement, Chemical, Agriculture, and Others. Mining and minerals segment is anticipated to hold notable share during 2022-2028.

DRIVING FACTORS

"Rapid Industrialization Driving Bucket Elevator Sales"

Rising industrialization in emerging economies is primarily responsible for the increase in global bucket chain elevators market sales worldwide. The demand for bucket chain elevators will increase due to increased production growth and rising demand from the mining, chemical, and agriculture industries. To eliminate discrepancies in the production process, it is vital to monitor the entire material handling process. Modern technology is included into bucket elevators to ensure things like remote monitoring and predictive maintenance.

"Increasing Urbanization to Increase Need for Auto Cranes  "

Urbanization has a major development goal globally across continents. According to the United Nations, 55% of the world’s population resides in urban areas. But projections indicate there will be a gradual shift of the population from rural to urban areas. The population that resides in urban areas is expected to increase to 68% by 2050. As the population shifts, there would be a need for infrastructure. This would directly result in a hike for the global bucket chain elevators market share.

RESTRAINING FACTORS

"High Investment Costs to Hamper Market Growth"

The cost of installation, maintenance so on would hamper the global bucket chain elevator market growth. The existence of conveyor systems that can complete the same operational procedure also poses a danger to the company. A cascade bucket failure could also disrupt the entire operating flow environment, which would hurt the market. Improper handling, which can result in jams, interlocks, or catches on the equipment frame that might cause it to freeze, is another factor that can create a market constraint.

Bucket Elevator Chain Market Regional Insights

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"North America Dominates the Bucket Elevators Market Share"

North America is the major shareholder for the global bucket chain elevators market. They hold a large portion of the global portion owing to the rising demand for high efficiency systems from a variety of sectors. The rapid industrialization of underdeveloped regions also contributes to the growing bucket chain elevators market. Growing population in this region is a positive factor affecting the bucket chains market. Asia-Pacific stands as the second major shareholder.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Tsubakimoto Chain [Japan]
• Renold [U.K.]
• Thiele [Germany]
• Pewag [Austria]
• RUD Ketten [Germany]
• HEKO Group [Germany]
• John King Chains [U.K.]
• B.V.Transmission Industries [India]
• Transmin [Austalia]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.