Concrete Placing Booms market size is USD 5.2 billion in 2023 and will grow at a CAGR of 3.20% from 2023-2030: Cognitive Market Research
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Introduction of Concrete Placing Booms Market
The growth of the construction industry, ongoing global trend of urbanization, infrastructural developments, improvement in overall construction efficiency, technological advancements, strict safety and environmental regulations in the construction industry, rising construction of tall buildings and structures, investment to save costs, growth of GDP and investment in construction and infrastructure and environmental stability are the major factors bolstering the growth of the Concrete Placing Booms market.
For instance, Putzmeister introduced the IONTRON concrete pump in January 2023 during Bauma 2022. This hybrid concrete pump runs on both fuel and electricity.
Key Insights from Concrete Placing Booms Market Report
The Global Concrete Placing Booms market size is USD 5.2 billion in 2023 and will grow at a CAGR of 3.20% from 2023 to 2030.
Development of High-rise Buildings to Provide Viable Market Output
The development of high-rise buildings will bolster the market growth. As urbanization intensifies, the demand for tall structures such as skyscrapers has risen significantly. Concrete placing booms are crucial in efficiently and safely delivering concrete to elevated construction sites. Their ability to reach greater heights and provide precise concrete placement makes them indispensable in the construction of high-rise buildings. The development of advanced concrete placing boom technologies further enhances productivity and safety, catering to the evolving needs of the construction industry. This market trend is likely to persist as the construction of tall structures becomes increasingly prominent in urban landscapes worldwide.
For instance, according to the data presented by ANAROCK Property Consultants, in 2019, the top seven cities across India, out of 1,816 housing projects, about 52% were high-rise buildings with a 20-plus floor structure, which implies the increasing requirement of these pumps in the global market.
The development of technological advancements has significantly impacted the Concrete Placing Booms market. Innovations such as advanced hydraulic systems, precision controls, and intelligent automation have revolutionized concrete placement processes. These technologies enhance operational efficiency, reduce labour dependency, and ensure precise concrete placement, thereby minimizing errors and optimizing construction timelines. Integrating smart sensors and telematics further allows for real-time monitoring and remote operation, enhancing safety and productivity on construction sites. As the industry embraces these technological strides, the concrete placing booms market is poised for significant growth, meeting the evolving demands of modern construction practices.
Market Dynamics For The?Concrete Placing Booms Market
The high initial investment constrains the growth of the market. The purchase and installation of concrete placing booms demand a substantial upfront capital investment, including the equipment's cost, skilled installation labour, and associated infrastructure. This financial barrier can pose challenges for potential buyers, especially smaller construction firms or those operating on tight budgets. The substantial initial costs may deter some companies from adopting this technology, limiting market penetration. Despite the long-term efficiency benefits offered by concrete placing booms, the initial financial outlay remains a key factor influencing purchasing decisions in the construction industry.
Impact of COVID–19 on the Concrete Placing Booms Market
Lockdowns and social distancing measures hindered project progress, leading to delays and reduced demand for concrete placing booms. Construction site closures and economic uncertainties further contributed to a slowdown in market growth. However, as the construction sector gradually recovers and adapts to new norms, the market is expected to rebound with increased infrastructure projects and urban development initiatives. Manufacturers and stakeholders will likely focus on innovations and technological advancements to meet evolving industry demands in the post-pandemic landscape.
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COMPETITIVE LANDSCAPE: CONCRETE PLACING BOOMS MARKET
The major players focus on technological advancements, product innovation, and strategic partnerships for a competitive edge. Continuous efforts to enhance product efficiency, durability, and cost-effectiveness contribute to the dynamic and competitive landscape of the global concrete placing booms market.
Concrete Placing Booms Industry News
Top Companies Market Share in Concrete Placing Booms Industry:
Concrete Placing Booms Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, the manual held the major market share over the forecast period. They are characterized by manual control mechanisms, offering operators a hands-on approach to directing concrete placement. These booms are often preferred for their simplicity and cost-effectiveness in smaller-scale construction projects.
Electric is the fastest-growing category over the forecast period. Electric booms have advanced electric control systems that provide automated and precise control over the concrete placement. They are favoured for larger projects where efficiency, accuracy, and reduced labour requirements are critical. The electric variants typically offer enhanced manoeuvrability and operational convenience, making them suitable for diverse construction applications.
Application Segment Analysis:
According to Cognitive Market Research, high-rise buildings hold a prominent market share. The concrete placing booms are pivotal in efficiently and precisely delivering concrete to elevated construction sites. The ability to reach great heights ensures the seamless construction of skyscrapers and other tall structures.
Large-scale construction is the fastest-growing category over the forecast period. These booms facilitate concrete's rapid and uniform placement across expansive project areas, enhancing construction speed and accuracy. The market's application-centric segmentation underscores the versatility of concrete placing booms, making them indispensable in addressing the diverse demands of worldwide vertical and horizontally extensive construction projects.
Distribution Channel Segment Analysis:
Component Segment Analysis:
Size Segment Analysis:
Mobility Segment Analysis:
Asia-Pacific Concrete Placing Booms Market accounted for around 36% of the global revenue in 2023
According to Cognitive Market Research, Asia-Pacific dominated the market in 2023 and accounted for around 36% of the global revenue, owing to the rapid urbanization and infrastructure development driving demand. Countries like China and India are witnessing substantial construction activities, fueling market growth. The increasing adoption of advanced construction equipment and government initiatives promoting infrastructure projects further contribute to the market expansion. Additionally, the rising trend of the region's high-rise buildings and large-scale infrastructure projects boosts the demand for efficient concrete placing booms. As a result, Asia-Pacific remains a significant and dynamic market for concrete placing booms, showcasing sustained growth prospects in the construction industry.
North America is the fastest-growing category due to the region's expanding construction activities and infrastructure projects. The United States and Canada are key contributors, witnessing increased demand for efficient concrete placement solutions. Urbanization, commercial development, and infrastructure upgrades fuel market expansion. Stringent safety regulations and the emphasis on advanced construction technologies further boost the adoption of concrete placing booms in the region. Industry players focus on technological advancements and product innovations to meet the evolving needs of the construction sector. North America's concrete placing booms market is poised for sustained growth, aligning with the region's dynamic construction landscape.
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