Pune, India, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The global truck mounted concrete pump market size is expected to witness an elevated market growth owing to expanding construction sector and rapid urbanization. This information is provided by Fortune Business Insights™, in its report, titled, “Truck Mounted Concrete Pump Market, 2021-2028.”
Factors such as integration of advanced functions such as exact exchange of fluid-concrete mixture, PC controlled mechanical arm, less labor force, and a higher moving volume will drive the growth of the market during the forecast period. Also, the ability to perform repetitive functions with a higher rate of accuracy over a longer period of time will help in aiding the expansion of the market towards a considerable growth rate.
Industry Development
- February 2021: SCHWING Stetter recently inaugurated a brand new IoT enabled factory in Chennai, India, which will be spread across 50,000 sq. mtr built up area. The factory looks to employ around 150 people and is expected to act as the global production hub. It will produce Schwing’s concrete boom pumps, stationary pumps, self-loading mixers, shot rete pumps, excavators, and motors graders.
- September 2021: Liebherr recently unveiled their new line of their 36 XXT truck which will feature a wide range of features such as simplified access to controls, expanded stowage and storage options, and increased maneuverability. The truck mounted concrete device will weigh around 26 tons and will feature a three axle drive system.
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Drivers & Restraints
Minimized Labor Costs to Boost Market Growth
The ability of high accuracy and control over operations alongside a higher rate of efficiency is expected to boost the growth of the market during the forecast period. Also, the rising number of smart cities projects within emerging economies and an increasing tourism sector will fuel the growth of the market. Lucrative investment opportunities, spiraling wage costs, and decreasing oil prices will also contribute to the truck mounted concrete pump sector towards a higher share.
However, rising construction costs are anticipated to hamper the growth of the market to a certain extent. Also, increasing maintenance costs of these trucks and equipment and extending technical complexities will dampen the growth of the market.
COVID-19 Impact
Market to See an Economic Revival as Pandemic Looms On
During the COVID-19 pandemic, many organizations have faced a steady decrease in their market potential. Continuous lockdowns and social distancing protocols have led to a decline in the supply-demand cycle to a considerable factor. Majority of laborers have been dispersed which is expected to further create a disruptive outlook towards the market. Also, volatility in the price of raw materials required for production purposes and faults in supply chains will slow the manufacturing capabilities of the dominating players. However, the truck mounted concrete pump market share will observe a steadfast growth at the end of the following year following eased lockdown measures and resumed world trade.
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Segments
On the basis of type, the market can be divided into stationary pump, truck mounted pump, and specialized usage pump.
By end use, the market can be broken down into commercial, industrial, and domestic.
In terms of region, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage
The study is aimed at delivering analytical insights in the market on a global and regional scale by providing a complete coverage of all associated segments and sub-segments. A comprehensive analysis is provided on the key market players by providing a complete portfolio that includes products, intended revenue (gross and net), SWOT analysis, and the latest happenings surrounding the firm. Also, a list of inhibiting factors is provided that will estimate the impact of COVID-19 on the market. Moreover, the latest technological trends and regulatory framework are included in the report.
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Regional Insights
Asia Pacific to Dominate Market During the Forecast Duration
Rapid adoption of the advanced technology and growing investment opportunities by the private sector will increase the truck mounted concrete pump market growth rate. Improving the construction sector within India and China will boost the market during the forecast period. A rapid wave of developing infrastructure in the residential and commercial sector along with an increased focus towards building highways and roads will fuel the growth of the market value. Rising amount of global infrastructure projects such as the old Silk Road, One Belt and Road Initiative will further propel the demand of the truck mounted concrete pump industry. These factors will enable an accelerated growth for the market in the region of Asia Pacific.
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Segmentation:
By Type
- Stationary Pump
- Truck Mounted Pump
- Specialized Usage Pump
By End-Use Type
- Commercial
- Industrial
- Domestic
By Geography
- North America (USA, Canada, and Mexico)
- Europe (Germany, France, U.K., and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)
- Rest of the World
List of Key Players Present in the Market
- Putzmeister Concrete Machines Pvt. Ltd (Germany)
- CONCORD CONCRETE PUMPS INTERNATIONAL LTD (Canada)
- Shantui Construction Machinery Co. Ltd (China)
- Liugong Machinery Co Ltd (China)
- Zoomlion Heavy Industry Science & Technology Co Ltd (China)
- SANY GROUP (China)
- Sermac Srl (Romania)
- Kyukuto Kaihatsu Kogyo Co Ltd (Japan)
- Liebherr (Switzerland)
- XCMG Group (China)
- SCHWING Stetter (Germany)
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