Projected Increases in Demands for Concrete Pumps
Posted On: 12/18/2020 | Posted by: DY Concrete Pumps
The demand for concrete pump construction equipment is expected to increase significantly over the next five to six years. According to a 2019 Zion Market Research report, the global concrete pump market — valued at USD $3.92 billion in 2018 — could reach nearly USD $5.9 billion by 2025.
Most of this predicted growth can be attributed to increased urbanization and industrialization around the world. As less-developed countries and areas begin to grow and change, construction rates need to increase to meet new housing and commercial demands.
In some countries, fast-paced economic growth and government initiatives to provide affordable housing have helped to bolster residential construction markets, further driving concrete pump demand increases.
At the global level, many construction companies have begun to adopt concrete pumping for all of their projects — replacing other methodologies and machines — since it has proved to be a straightforward and cost-effective method for concrete placement.
The global concrete pump market can be broken into categories based on type, including truck-mounted boom pumps, stationary pumps and specialized pumps. Of these categories, truck-mounted concrete pump demand is expected to grow most significantly due to increased construction of residential projects and taller structures like skyscrapers and multistory buildings in crowded areas.
Concrete Pumping Demands Increasing Globally
The projected increase in concrete pumping demands will stem from growth trends across several segments of the global concrete pump market. These segments comprise North America, Europe, the Asia-Pacific region, the Middle East and Africa, and Latin America.
Though each segment has diverse geopolitical and economic circumstances and will grow at different rates, they are all predicted to see overall growth in the coming years. The Asia-Pacific region, North America and Europe are expected to experience the most substantial increased concrete pump demands, while Latin America and the Middle East and Africa are predicted to achieve much slower increases.
The growing economies of developing countries such as India, China, Japan, Vietnam, Indonesia and the Philippines have driven the continual growth of the Asia Pacific segment’s construction sector.
With its growing need for new buildings and housing, the Asia Pacific segment has led the increased demand for concrete pumps in the global market and will likely continue to do so in the coming years.
The North American segment of the global concrete pump market is primarily made up of Canada and the United States. The increase in demand for concrete pumping equipment in this region is primarily driven by increased housing demand in particular areas.
For example, the areas surrounding popular cities in the U.S., like Denver, Colorado, have experienced rapid growth and a consequent rapid increase in housing demand. These residential areas tend to be more tightly packed and offer less space to work.
In these areas, concrete pumps are in even higher demand because they are the most effective tool for pouring concrete for projects on smaller lots.
Europe is expected to experience the third-largest increase in demand for concrete pumps. This segment has achieved substantial overall economic growth, leading to greater demand for construction and real estate.
Many countries within Europe are pushing to construct affordable housing and are therefore looking for the most cost-effective ways to complete construction projects. They are turning to concrete pump equipment as a way to pour concrete walls faster and more efficiently.
Effects of Increased Pump Demand
Increased demand for concrete pumps due to industrialization, urbanization and economic growth is a positive for the global concrete pump market. Higher demand leads to faster growth, rapid innovation and the success of the market.
For those using concrete pumps, the increased demand has both pros and cons. A greater need for these machines means that, initially, they will be more difficult to find. Contractors who do not own their own concrete pumps may have trouble locating one available to rent to complete their projects because more builders will need the same tools.
On the other hand, using concrete pumps to complete construction projects is more efficient and can save contractors time without sacrificing quality. So while they will likely be more difficult to find, they will be faster and more convenient to use, leading to shorter rental terms.
Overall, the increased demand for concrete pumps should be positive as long as the market can keep up a supply to meet that demand.
DY Concrete Pumps proudly serves all of North America with premium concrete pump equipment. If you have any questions or inquiries, please contact us online or call 1-844-397-8677.