The global metal silos market for bulk storage is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global metal silos market for bulk storage to post a CAGR of over 3% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growth of the construction industry. The growth of the construction industry is one of the key drivers for the global metal silos market for bulk storage as the storage of cement is a major application of silos. Factors such as rapid urbanization and economic developments have increased the need for residential and commercial buildings during the past decade and it is expected to grow during the forecast period.
This market research report on the global metal silos market for bulk storage 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing need for real-time monitoring of grains as one of the key emerging trends in the global metal silos market for bulk storage:
Global metal silos market for bulk storage: Increasing need for real-time monitoring of grains
End-users such as farmers, farming organizations. and others need to ensure the safety of grains stored in the grain-storage silos. This increases the need for real-time monitoring systems in the grain storage silos as these systems will helps end-users to monitor grain conditions frequently, thus improving storage optimization and prevent loss.
“Manufacturers of grain storage silos are also concentrating on installing improved features in their grain storage silos. The need for real-time monitoring of crops encourages manufacturers to partner with other technology providers to install monitoring systems in the grain-storage silo. The grain monitoring systems help to remotely monitor and manage real-time conditions of stored grain in storage silos. As most of the vendors face several challenges in monitoring the grains in real time, this innovation will be a key driver for the market in the future,” says a senior analyst at Technavio for research on agricultural equipment.
Global metal silos market for bulk storage: Segmentation analysis
This market research report segments the global metal silos market for bulk storage by the application (agriculture and industrial) and geographical regions (APAC, EMEA, and the Americas).
The agriculture segment held the largest market share in 2018, accounting for over 70% of the market. This application segment is expected to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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