LONDON--(BUSINESS WIRE)--The global grain silos and ancillary equipment market is expected to grow by USD 1.01 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 5%.
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The market is driven by the increase in demand for grain storage. In addition, the increasing government support to expand grain silos is anticipated to boost the growth of the grain silos and ancillary equipment market.
The global population is increasing at a rate of approximately 1.09% every year. This is resulting in an increase in the demand for grain production across the world. In addition, according to the UN Food and Agriculture Organization (FAO), a country’s grain storage capacity should be equal to 1.2 times its annual production. Hence, there is a growing emphasis on increasing grain production. The increasing grain production and the expansion of storage capacities by farmers have further resulted in the construction of high-quality storage facilities with grain silos and ancillary equipment. These factors are fueling the growth of the global grain silos and ancillary equipment market.
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Major Five Grain Silos and Ancillary Equipment Companies:
Ag Growth International Inc.
Ag Growth International Inc. operates its business through a unified business segment. The company offers a wide range of grain bins for storing the world's most valuable resources. Some of its key offerings include Westeel Stiffened Grain Bins, Westeel Unstiffened Grain Bins, MFS On-Farm Grain Storage Systems, AGI EZEE-DRY Roof-Top Grain Drying System, FRAME Flat Bottom Silos, and others.
AGCO Corp. operates its business through segments such as North America, South America, Europe/Middle East, and Asia/Pacific/Africa. The company provides a range of grain storage systems such as grain bins and accessories that meet specific requirements of the companies.
CTB Inc. operates its business through segments such as Food Processing Systems, Grain Preservation Systems, Industrial Applications, Protein-Egg Production Equipment, Protein-Pig Growing Equipment, and Protein-Poultry Growing Equipment. The company offers a range of grain preservative systems such as catwalks, conveyors, elevators, grain dryers, storage bins, and towers through its brand BROCK. These products are used by farmers and commercial businesses.
P+W Metallbau GmbH and Co. KG
P+W Metallbau GmbH and Co. KG operates its business through segments such as Products and Service and Services. The company offers a range of bulk silos for grain storage. Some of the offerings are indoor silos, Large silos, Explosion proof silos, weighing silos, and others.
Rostfrei Steels Pvt. Ltd.
Rostfrei Steels Pvt. Ltd. operates its business through segments such as Grain Storage Silos, Liquid Storage Tank, and Material Handling. The company offers a range of metal silos for storing varied grains and cereals and other materials such as coffee beans, cotton, etc.
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Grain Silos and Ancillary Equipment Market Type Outlook (Revenue, USD Billion, 2020-2024)
- Grain silos
- Ancillary equipment
Grain Silos and Ancillary Equipment Market Regional Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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