Concrete Pumps Market size is projected to reach $4.8 billion by 2027

According to a new report published by Report Ocean, titled, “Concrete Pumps Market by Type and Industrial Vertical: Opportunity Analysis and Industry Forecast, 2020–2027,” the global concrete pumps market size was valued at $3.8 billion in 2019, and is projected to reach $4.8 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027. Concrete pump is a construction equipment, which is mounted on a truck used for construction activities.

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The commonly available types of concrete pumps are truck mounted concrete pumps, stationary concrete pumps, and specialized concrete pumps. Among these, the truck-mounted concrete pumps segment dominates the global market, in terms of value, owing to increase in demand from various industries such as construction and mining. The market is analyzed with respect to different industrial verticals such as industrial, commercial, and domestic. Increase in demand for concrete pumps, owing to the implementation and planning of infrastructure projects is anticipated boost the global concrete pumps market growth during the forecast period. Furthermore, the growth of the global concrete pumps market is majorly driven by development in residential, commercial, & industrial construction sectors. However, volatile economic conditions in Latin America limit the growth of the concrete pumps market.

The truck-mounted concrete pumps segment garnered the largest share in the market in 2019, growing at a CAGR of 4.2% during the forecast period, as these concrete pumps ensure high performance, improved output, cost-effectiveness, and enhanced efficiency.

On the basis of industrial vertical, the domestic segment is anticipated to grow rapidly, registering a CAGR of 4.8% during the forecast period, due to surge in urban population and rise in residential construction projects. For instance, in October 2019, the Government of South Korea and Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects. Similarly, in February 2019, the Government of UAE has given a tender of $2.7 billion for infrastructure projects under its public–private partnership (PPP) model. The infrastructure projects include roads, bridges, and other residential & commercial structures.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2019, and is expected to exhibit the highest CAGR from 2020 to 2027. This is attributed to the fact that emerging economies in the region are witnessing increase in infrastructural development and increase in construction projects. Moreover, rapid economic recovery significantly drives the market growth in this region.

The concrete pumps market is expected to exhibit a robust growth, owing to increase in use of concrete equipment attributable to their advanced feature and high working efficiency in the construction industry.

Major players operating in the global market have adopted product launch as their key developmental strategy to strengthen their foothold in the global market. For instance, in November 2019, Schwing Stetter GmbH launched S 61 SX large boom pump. Its feature includes vertical reach 60.10 m, concrete output max 162 m³/h, and pressure on concrete max 85 bar. Similarly, in December 2018, Sany India, an Indian subsidiary of Sany Group, launched HBT5010C51 Legend Series and HBT6013C51 Legend Series for Indian market. It includes pumping solutions from 30 cubic meters per hour capacity to 120 cubic meters per hour.

The outbreak of COVID-19 has a negative impact on the manufacturing and production of concrete pumps in the first quarter of 2020, and is likely to hamper the market growth throughout the year. This has further affected the demand for concrete pumps from developing countries, including India, Brazil, Vietnam, and India, thereby halting the production activities. In addition, the disruption of supply chains is causing hindrance in manufacturing of the concrete pumps around the globe.

The key players profiled in the concrete pumps market report include Ajax Fiori Engineering, Alliance Concrete Pumps, Concord Concrete Pumps, DY Concrete Pumps, Junjin, Liebherr, PCP Group, Sany, Schwing Stetter, and Sebhsa.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging concrete pumps market trends and dynamics.
Depending on industrial verticals, the commercial segment dominated the concrete pumps market, in terms of revenue in 2019 and domestic segment is projected to grow at a significant CAGR during the forecast period.
By type, the truck-mounted concrete pumps segment registered highest revenue in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the concrete pumps market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the concrete pumps industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth concrete pumps market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.

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This release was published on openPR.