Hyderabad, July 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Grain Storage Silos Market Report (2023-2028),” the market is estimated at USD 1.76 billion in 2023. It is expected to register a CAGR of 4.20% during the forecast period.
Global agricultural productivity is growing owing to the increasing population. Despite the expanding productivity, self-sufficiency is a critical problem due to grain losses. The requirement for appropriate post-harvest storage facilities helps the market for grain silos grow globally. Consequently, the critical drivers for this market include fluctuating grain prices and rising demand for large-capacity storage.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1.76 billion |
| Market Size (2028) | USD 2.16 billion |
| CAGR (2023-2028) | 4.20% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing investments and technological developments. |
| Fluctuating grain prices and rising demand for large-capacity storage. |
Who are the Top Companies in the Grain Storage Silos Market?
The global grain storage silos manufacturers market is fragmented, in which major players account for less market share.
The noteworthy players holding the global grain storage silos manufacturers market are:
- Rostfrei Steels
- Superior Grain Equipment
- Henan Sron Silo Engineering Co.
- Silos Cordoba
- Sioux Steel Company
- Skess Corporation
- Nelson
- Symaga
- Arsenal Steel Silos
- Ahrens Agri
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Key Highlights from the Grain Storage Silos Market Report:
Rising Demand for Large Capacity Storage
- The rising demand for grain storage from the leading grain-producing countries worldwide has driven the grain storage silos industry. Furthermore, mounting input costs and heavy investments required in grain storage led to a rise in demand for silos across all regions.
- Silos are cost-effective approaches to grain storage due to the automation of grain transport, ensuring low operational costs in the long run. The loading and unloading costs of silos are also lower than grain warehouses, as automation is operated by the Supervisory Control and Data Acquisition (SCADA) system.
North America to Dominate the Market
- In 2020, North America held the largest share in using silos for grain storage. According to the United States Department of Agriculture (USDA), in the last ten years, the on-farm storage increased by 1.6 billion bushels and off-farm storage by 2.2 billion bushels, registering a growth of 14% and 24%, respectively.
- Furthermore, the US grain storage capacity improved considerably in the last 20 years. As per the USDA, in 2020, the national grain storage capacity was almost 25.3 billion bushels. Corn, soybeans, wheat, and other crop storage varied with respect to the absolute quantity, harvest timing, and production location.
What are the Latest Developments in the Grain Storage Silos Market?
- In March 2022, Sioux Steel Co. bought SCAFCO Grain Systems Co. based in the United States. SCAFCO incorporates installations in more than 80 countries and offers a line of grain bins, structures, handling equipment, drying technology, and accessories. Hence, acquiring SCAFCO products, machinery, and factories quickly increased Sioux Steel’s capacity to deliver products to customers worldwide.
- In March 2022, a new cereal storage plant was finalized assembling in Romania by the Silos Cordoba company. The facility consists of 43,779 m3 flat bottom silos with lateral discharge, catwalks, and supports and includes a total capacity of 15,116 m3, besides thermometry, ventilation, cleaning, drying, and automation systems.
Mordor Intelligence has Segmented the Grain Storage Silos Market Based on Type, Product, and Country:
- By Type
- Steel Silos
- Metal Silos
- Other Types
- By Product
- Flat Bottom Silos
- Hopper Bottom Silos
- Feed Hoppers
- Farm Silos
- By Geography
- Africa
- By Country
- Egypt
- Nigeria
- South Africa
- Rest of Africa
- By Country
- Asia-Pacific
- By Country
- Australia
- China
- India
- Indonesia
- Japan
- Philippines
- Thailand
- Vietnam
- Rest of Asia-Pacific
- By Country
- Europe
- By Country
- France
- Germany
- Italy
- Netherlands
- Russia
- Spain
- Turkey
- United Kingdom
- Rest of Europe
- By Country
- North America
- By Country
- Canada
- Mexico
- United States
- Rest of North America
- By Country
- South America
- By Country
- Brazil
- Argentina
- Rest of South America
- By Country
- Middle East
- By Country
- Saudi Arabia
- Iran
- Rest of Middle East
- By Country
- Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Grain Storage Silos Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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