The new concrete pump market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Concrete Pump Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increasing infrastructural investments,” says a senior analyst for Industrials at Technavio.
Increasing infrastructural investments is one of the key factors driving market growth. With rapid urbanization, there is a significant need for infrastructure development across the globe. Better opportunities and lifestyles are attracting people from rural areas to urban areas, which compels the major urban areas around the world to expand. This rise in infrastructure expenditure across the world will contribute to the strong demand for concrete pumps since the construction industry uses these pumps to pour concrete at high pressure. With regions such as APAC witnessing the maximum growth of the construction industry, this rise in infrastructure expenditures will drive the growth prospects of the concrete pump market.
As the markets recover Technavio expects the concrete pump market size to grow by USD 484.11 million during the period 2020-2024.
Concrete Pump Market Segment Highlights for 2020
- The concrete pump market is expected to post a year-over-year growth rate of 6.96%.
- Stationary concrete pumps are used for small-scale concreting activities such as home construction, concrete slab, and sidewalks.
- The growing disposable incomes of the middle-class segment is driving market growth. Asia is expected to account for more than two-thirds of the global middle-class population by the end of 2020.
- The concrete pump market share growth by the stationary concrete pump segment will be faster than the growth of the market by the specialized concrete pump segment.
- 37% of the growth will originate from the APAC region.
- APAC was the largest concrete pump market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- Factors such as the rise in construction activities, supported by increasing investments in the residential, commercial, and infrastructure sectors, will significantly drive concrete pump market growth in this region over the forecast period.
- China is a key market for concrete pumps in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The concrete pump market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The concrete pump market is segmented by Product (Stationary concrete pump, Specialized concrete pump, and Truck-mounted concrete pump) and Geography (APAC, North America, Europe, MEA, and South America)
- The market is highly fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Concord Concrete Pumps Inc., JUNJIN Corp., KOREA FLANGE Co. Ltd., Kyokuto Kaihatsu Kogyo Co. Ltd., Liebherr-International AG, Putzmeister Holding GmbH Aichtal, Robert Bosch GmbH, SANY Group Co. Ltd., SCHWING GmbH, and Zoomlion Heavy Industry Science and Technology Co. Ltd.
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