Grain Silos and Storage System Market Overview 2024: Size, Growth Drivers, and Major Segments
Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!
What is the Expected Growth Rate of the Grain Silos and Storage System Market for the Period 2024 to 2033?
In the past few years, the market size for grain silos and storage systems has seen significant growth. Projected to rise from $1.61 billion in 2023 to $1.71 billion in 2024, this growth, which follows a compound annual growth rate (CAGR) of 6.4%, can be credited to a myriad of factors. These encompass population growth sparking an increase in food demand, the modernization of agricultural practices, government initiatives aimed at ensuring food security, an increase in the global trade of grains, concerns about climate change, and the expansion of agribusiness.
In the following years, the market size for grain silos and storage systems is anticipated to experience substantial growth, with forecasts projecting it to reach $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. This predicted growth during the forecast period can be associated with factors such as urbanization and alterations in land use, integration of renewable energy, worldwide initiatives towards sustainable agriculture, ability to withstand the impacts of climate change, and an increase in vertical farming methods. Key trends to look out for during the forecast period include the implementation of IoT and sensor technologies, aeration systems designed to maintain grain quality, automation and digitization in silo operations, grain management software, customization for specialty grains, and storage solutions that emphasize energy efficiency.
Claim Your Free Sample of the Global Grain Silos and Storage System Market Report Today!
https://www.thebusinessresearchcompany.com/sample.aspx?id=10294&type=smp
What Factors Are Responsible for the Growth of the grain silos and storage system Market?
The surge in crop consumption is predicted to spur the expansion of the grain silos and storage system market in the future. A crop refers to a plant that is extensively cultivated or grown, such as a grain, vegetable, or fruit produced in bulk on a farm. The rise in crop consumption is a result of the swift increase in population. Rising consumption triggers a surge in crop production and storage, which in turn propels the grain silos and storage system market. To elaborate, as per an April 2023 report by the Food and Agriculture Organization, a Canada-based international organization committed to combating hunger and enhancing nutrition and food security, worldwide wheat use escalated from approximately 762 million tons in 2020/2021 up to roughly 773 million tons in 2021/2022. It’s projected to further rise to 780 million tons in 2022/2023. Thus, the escalating crop consumption is fuelling the expansion of the grain silos and storage system market.
Which Segments Are Important for Insight into the Grain Silos and Storage System Market?
1) By Silo Type: Flat Bottom Silos, Hopper Silos, Grain Bins, Other Silo Types
2) By Commodity Type: Rice, Maize, Wheat, Soybean, Sunflower, Other Commodity Types
3) By Product Type: Steel Silos, Metal Silos
4) By Applications: Agriculture, Commerce
What Are the Significant Trends Reshaping the Grain Silos and Storage System Sector?
Key players in the grain silo and storage system industry are leveraging advanced technologies such as grain handling robots to bolster their market profitability. These innovative robots are engineered to automate numerous tasks within the agriculture and food sectors, including activities related to grain storage, grain bin management, storage conditions optimization, and inventory level monitoring. For example, in April 2023, agricultural tech company Crover, based in Scotland, introduced a revolutionary robot capable of maneuvering around large crop stacks to maintain ideal grain storage conditions. Equipped with moisture and temperature sensors and possessing a distinctive T-shaped design, this cutting-edge technology is intended to aid grain aggregators and farmers in monitoring and safeguarding the quality of storage crops like barley and wheat. As the robot traverses the grain, it gathers crucial crop condition data, which are subsequently communicated to an easy-to-use dashboard that provides immediate insights to grain aggregators. This development could potentially transform grain storage and handling procedures, with the possibility of reducing waste and boosting crop output.
Order Now for Fast Delivery of Your Grain Silos and Storage System Market Report!
Which Regions Are Essential for the Growth of the Grain Silos and Storage System Market?
North America was the largest region in the grain silos and storage system market in 2023. The regions covered in the grain silos and storage system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Grain Silos and Storage System Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the grain silos and storage system market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Grain Silos and Storage System Market Include
1. Grain Silos and Storage System Market Executive Summary
2. Grain Silos and Storage System Market Segments
3. Grain Silos and Storage System Market Size And Template Market Growth Rate
4. Key Grain Silos and Storage System Market Trends
5. Major Grain Silos and Storage System Market Drivers
……
25. Key Mergers And Acquisitions In The Grain Silos and Storage System Market
26. Top Grain Silos and Storage System Companies
27. Grain Silos and Storage System Market Opportunities And Strategies
28. Grain Silos and Storage System Market, Conclusions And Recommendations
29. Appendix
Discover Related Reports by The Business Research Company:
Agricultural Fumigants Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/agricultural-fumigants-global-market-report
Agricultural Implement Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/agricultural-implement-global-market-report
Agricultural Biologics Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/agricultural-biologics-global-market-report
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: