According to the report, the global concrete pump market was valued at USD 3.92 billion in 2018 and is expected to reach USD 5.9 billion by 2025, at a CAGR of 6% between 2019 and 2025.
Zion Market Research has published a new report titled “Concrete Pump Market by Type (Truck-Mounted Concrete Pumps, Stationary Concrete Pumps, and Specialized Concrete Pumps) and by End-User (Industrial, Commercial, and Domestic): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global concrete pump market was valued at USD 3.92 billion in 2018 and is expected to reach USD 5.9 billion by 2025, at a CAGR of 6% between 2019 and 2025.
A concrete pump is a heavy machine that is used to transfer liquid concrete by pumping. Concrete pumping is one of the most widely used approaches to place concrete. Generally, there are three types of concrete pumps—truck-mounted, specialized, and stationary. These concrete pumps are extensively used in the construction sectors across the globe.
The global concrete pump market is projected to grow significantly in the next few years, owing to the increasing product application for several construction activities. The rising recovery in construction expenditure across residential and non-residential sectors is likely to further propel the global concrete pump market over the estimated timeframe. Moreover, the growing domestic construction in several developing countries, such as India, China, and Brazil, is also expected to boost the concrete pump market globally in the future. However, the high cost of concrete pumps may slowdown this market’s growth in the upcoming years. Alternatively, the growing trend of megastructures’ construction is further projected to offer new growth opportunities in the global concrete pump market in the future.
The global concrete pump market is classified based on type and end-user. By type, the global concrete pump market includes truck-mounted concrete pumps, stationary concrete pumps, and specialized concrete pumps. Truck-mounted concrete pumps are projected to grow substantially in the upcoming years. Truck-mounted concrete pumps are concrete pump fitted to a truck and are also known as boom concrete pumps. The rising demand for skyscrapers and multistoried buildings in various countries is projected to drive the truck-mounted concrete pumps segment globally. By the end-user, the global concrete pump market includes industrial, commercial, and domestic. The domestic sector is projected to grow rapidly in the next few years, owing to rapid urbanization and growing housing construction activities. The rising application of concrete pumps in commercial construction is likely to fuel the global concrete pump market growth. In addition, the industrial segment is estimated to grow significantly in the upcoming years.
By region, the Asia Pacific region contributed the largest share to the global concrete pump market in 2018 and is expected to dominate the global market in the future, owing to the rapid economic growth coupled with emerging building and construction industry. The growing number of construction activities in India, China, the Philippines, Indonesia, and Vietnam is further projected to drive the region’s concrete pump market growth. Additionally, the initiatives taken by the government for commercial and domestic construction is also likely to enhance the demand for the concrete pumps in the upcoming years. Moreover, the region is also expected to grow at the highest rate in the future, owing to the growing residential construction activities. In 2017, China dominated the global market and is expected to continue its dominance in the future as well.
North America was the second largest concrete pump market in 2018 and is expected to grow substantially over the forecast time period, owing to the rising labor cost and growing awareness regarding labor safety. Furthermore, the flourishing commercial and infrastructural construction activities in the region are anticipated to further propel this market’s growth.
The European concrete pump market is anticipated to grow significantly in the upcoming years, due to rapid developments witnessed in the infrastructure and housing sector and huge investments made in constructing highway and road development. Moreover, technological innovations in the products by the key players of the European concrete pump market are likely to open new avenues in the concrete pump market in the future.
The Latin American concrete pump market is projected to grow moderately in the future, owing to rapid industrialization. Brazil is estimated to be the regional largest consumer of concrete pumps. The rising number of industrial and residential construction activities witnessed across the region is likely to further increase the concrete pump application in the construction industry. The industrial segment is expected to dominate the region’s concrete pump market in the upcoming years.
The Middle Eastern and African concrete pump market is predicted to grow sluggishly in the future, owing to the low demand for the concrete pumps in the domestic constructions and the rising application of concrete pumps for commercial construction activities.
Some key players of the global concrete pump market are Concord Concrete Pumps, LIEBHERR Group, Ajax Fiori Engineering, Alliance Concrete Pumps Inc., Zoomlion Heavy Machinery Co, Ltd., SCHWING GmbH, Apollo Infratech Pvt. Ltd., PCP Group, Sany Group, and PUTZMEISTER, among others.
Source: Zion Market Research