Concrete Pumps Market to Change the Future of Construction Industry
A concrete pump is a machine used for transferring liquid concrete by pumping. Large quantities of concrete can be transported by pumping through pipelines over appreciable distances, often to locations that may not be easily accessible by other means of delivery. Pumped concrete is transported to heights by pumping using concrete pumps. This method is used where large quantity of concrete work is required at greater height, where other means of transporting is not easy to do. Concrete pumps have been used for more than 50 years.
Rise in industrialization has propelled demand for concrete pumps
Macroeconomic factors such as GDP growth in Europe, gradual recovery in construction expenditure across the residential and non-residential sectors, and anticipated expansion in the real estate sector supported by government initiatives to provide affordable housing are expected to drive the concrete pumps market.
Developing economies create significant opportunities as penetration of advanced technological equipment is less in these countries. In 2017, the construction sector saw a rebound due to rejuvenated residential market, particularly in developed economies. This is attributed to the robust economic growth in North America and Europe. In North America, market expansion and increase in demand for infrastructure repairs created favorable conditions last year. These are expected to continue during the forecast period.
Development in precast concrete element technology is estimated to hamper the concrete pumps market during the forecast period, as it is replacing traditional construction practices. Rise in concern about economic recession and unforeseen political scenario across the globe are likely to delay or cancel infrastructure activities due to political instability and insufficient funds.
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Increase in industrialization and growth in demand for energy in most regions across the globe are estimated to boost the concrete pumps market in the near future. Governing bodies impose fines and take stringent action against industries upon violation of the clean environment act. High installation cost of concrete pumps is likely to restrain its adoption in small industries with less capital investment.
The residential segment to dominate the concrete pumps market
Concrete pumps are utilized for residential placements, including vertical and horizontal placement. Truck mounted concrete pumps are extensively employed for low-budget residential applications. Rise in investments in construction activities due to rapid industrialization and urbanizations propel demand for concrete pumps.