The global concrete pumps market features an increasingly competitive landscape, notes Transparency Market Research. A majority of shares are in the hands of relatively few players. Numerous engineering companies in the concrete pumps market are launching technologically-advanced concrete pumps solutions. The adoption of these solutions help meet the wide diversity of current as well as emerging needs in the construction industry, especially in emerging industrial nations. Key players looking to expand their production facilities in North America, the Middle East and Africa, and Asia Pacific, in order to consolidate their positions in the concrete pumps market.
Some of the leading companies in the global concrete pumps market are Zoomlion Heavy Machinery Co. Ltd, The Liebherr Group, Sany Group, and SCHWING GmbH.
The global concrete pumps market stood at US$3.5 bn in 2017 and is projected to clock a CAGR of over 6% during 2017 2026.
Among the various end-use industries, the residential applications form the most attractive segment in the global concrete pumps market. Over the past several years, concrete pumps have found extensive applications in vertical and horizontal placement in the industry.
Regionally, Asia Pacific holds an enormous potential in the global concrete pumps market. In the next few years, the regional market is projected to rise at a prominent pace, the growth being fueled by the swift strides in construction activities in emerging economies. A promising share of revenue is likely to come from China.
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Rising Application in Large Construction Projects propel Demand
The global concrete pumps market rides on the back of strides made construction activities, where the pumping technology is employed for transporting liquid concrete. Rapid pace of urbanization and burgeoning industrialization in various developing economies have created ample scope for construction activities across the globe. This in turn is propelling the growth in the global concrete pumps market. Rising demand for concrete pumps for high-rise buildings in urban dwellings in developing and developed countries are expected to contribute substantial revenues in near future.
Focus on Environmental Sustainability of Construction Projects opens New Prospects
Constant focus on improvements in pumping technology used in concrete pumps bodes well for the global concrete pumps market. However, the factor that underpins the drive for evolution also may hamper the prospects. Economic recession and policy paralysis in some emerging economies have slowed down construction projects in recent years. In addition, concrete pumps can prove to be costly affair for small-scale industries. All these factors are hindering the demand for concrete pumps.
Nevertheless, the global concrete pumps market is likely to witness new, exciting avenues in the concrete pumps market. The installation of these pumps has received some thrust from increasing focus on environmental sustainability of construction projects. Such technologies are fast gaining traction in the market.