The global grain silos and storage system market size was US$ 1.29 billion in 2021. The global grain silos and storage system market is forecast to grow to US$ 4.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2030.
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Silos play an essential role in post-harvest management by serving as grain collectors and distribution units. Silos regulate the purpose of initial grain processing by drying, fumigating, and cleaning grains in order to protect them. All of these features enable the demand for storage systems to grow in an upward direction.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Growing demand for large-capacity grain storage systems will primarily contribute to the growth of the market. Furthermore, the market may witness favorable growth opportunities due to the increasing demand for low-cost grain storage facilities.
The grain storage silos market is forecast to grow significantly due to the growing global population leading the demand for grains. In addition to that, rising input costs and the need for significant investment in grain storage will boost the growth of the grain silos and storage system market. Further, the rising demand for technologically advanced grain silos will offer myriad growth opportunities to the market players.
Grain silos and storage systems are widely used in developing countries like India to cultivate large-scale agricultural land and store large quantities of crops. Thus, it will benefit the grain silos and storage system market. On the contrary, the high initial cost associated with grain silos and storage systems may limit the growth of the market.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for grain silos and storage systems increased substantially. The pandemic pushed the demand to protect grains and storage units. Thus, it has positively affected the global grain silos and storage market.
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Regional Analysis
The Asia-Pacific grain silos and storage system market is forecast to emerge as the largest market, owing to the presence of highly populated countries such as China and India, which are driving the demand for grains. In addition, growing support by government bodies through investments and incentives will also contribute to the growth of the grain silos and storage system market during the study period. Further, the rising population and increasing income levels will benefit the grain silos and storage system market during the study period.
Competitors in the Market
? Rostfrei Steels
? Titan (FB Industries Inc.)
? Superior Silo LLC
? Silos Cordoba
? Sioux Steel Company
? Hanson Silo Company
? Nelson
? Symaga
? P+W Metallbau GmbH & Co. KG
? Ahrens Agri
? Other Prominent Players
Market Segmentation
The global grain silos and storage system market segmentation focuses on Type, Commodity, and Region.
By Type:
? Flat bottom silos
? Hopper silos
? Grains bins
? Other
By commodity type:
? Ruminant
? Poultry
? Swine
? Aquaculture
? Pets
? Horses
? Others
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On the basis of region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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