Silos Market is Expected to Grow with a CAGR of 3.9% During the Forecast Period of 2018-2025, Says Esticast Research And Consulting
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As per the report “Silos Market By Product Type ( Wooden silos, Steel Silos, Concrete Silos, Reinforced concrete Silos ) By Application ( Agriculture, Chemistry, Industrial ) Estimation & Forecast, 2017 – 2025″
In 2017, the steel silos segment generated the highest revenue share of the global silos market. Among major regions, North America was the highest revenue generating market in 2017.
“Preservation of perishable food products and minimization of storage losses are the center of concern among various governments around the world. This has emerged out as a major factor which is expected to compel the major silo manufacturers to come up with new and innovative designs which possess large storage capacity and higher flexibility.”
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Steel silo components are generally manufactured at one single plant/site, hence the quality of these silo is highly controlled and homogeneous. Moreover, the steel silos are highly flexible as compared to concrete or wooden silos because they can easily be erected, can survive drastic earthquake situations and can be easily accessorized with doors and ladders. In addition to this, steel silos are made from galvanized steel, which ensures the protection of outer layer of the silo from any kind of corrosion or deformation. The segment held more than 60% of the global silo market in 2017.
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On the basis of application, the agriculture segment is expected to exhibit the highest growth rate during the forecast period
Silos have emerged out as a highly effective tool for the farmers and has revolutionized the agriculture trends. Silos hold a key importance in agriculture as they allow the farmers to store grains and seeds in bulk and prevents them from perishing. Silos technology is being rapidly deployed in the countries with higher population and high agricultural output such as India and China, as they allow the farmers to meet the quality storage of the agricultural output for longer times. Moreover, incorporation of the silos with the enhanced technological features such as temperature control, environment control and computerized vigilance is driving the agriculture sector towards even higher adoption of upgraded silos.
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North America to hold the largest revenue chunk of the global market owing to high storage demands during harvest season
The rising demand for storage during harvest season is the important growth driver of North America market. The constantly increasing demand for cost-efficient solutions in order to store and preserve animal feed and grains has led to an expanded adoption of silos among farmers in U.S. and Canada. In United States and Canada, steel silos are the most adopted type of silos. The regional market held nearly 1/3rd of the global market in 2017.
Key Findings of Global Silos Market
• Asia-Pacific to grow with the highest CAGR of 4.3% during the forecast period of 2018-2025
• Agricultural segment holds more than 55% of the global silos market in 2017.
• By application, industrial segment is expected to witness the highest CAGR of 5.28% during the forecast period.
• Favorable initiatives taken by government authorities to drive the market in the forward direction, especially in the developing countries.
Some major market players of the silos market are Bentall Rowlands, Silos Córdoba, Sioux Steel, Hanson, TSC, SCUTTI, Acterra, Nelsons, P+W Metallbau, Superior Grain Equipment, Ahrens Silos, CST Industries, Symaga, Kotzur, Rowlands Woodhouse, FRAME, Zibo Boda, Silo Warehouse and others.