Truck mounted concrete pump market to hit US$ 169.9m valuation by 2024

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The truck mounted concrete pump market is estimated to hit US$ 169.9m in valuation by the year 2024, according to a report released by Transparency Market Research.

According to the report, Putzmeister, Schwing, and The Liebherr Group are the major manufactures of the pumps in the MENA region.  Moreover, companies are currently employing the use of aggressive marketing strategies as well as acquisitions to get ahead of their competitors.

An instance of the same dates back to 2012 when Sany acquired the German company Putzmeister. The move was in a bid to boost Sany’s presence in the MENA truck-mounted concrete pump market. This is owing to Putzmeister’s 28.3% stake in revenue of truck mounted concrete pump market in 2015.

On the other hand, the report also noted the need to enhance the productivity as well as quality at construction projects. This, in turn, will aid in revenue growth of the MENA Truck Mounted Concrete Pump Market.

Also Read: Liebherr unveils the 50 M5 XXT Truck Mounted Concrete Pump

Truck mounted concrete pumps increase productivity and quality in the construction projects. This makes them preferable to the conventional pumps. The pumps enable the movement of robotic arms using remote control. This is as a result of the modern advanced computer simulation techniques taken into account during their development. Furthermore, truck mounted concrete pumps are able to transfer concrete to the exact location horizontally and vertically.

The increased construction pace as well as enhanced quality of construction serves as a boost to the growth of truck mounted concrete pump market in the MENA region. Presently, the UAE continues to witness high growth in the construction industry in the last few years. This is owing to large construction projects and industrial activities. The market for truck-mounted concrete pumps in the UAE is anticipated reach US$ 83m by 2024.

Unfortunately, the prolonged instability in prices of oil in Middle East & Africa is likely to prompt companies to cancel or delay their construction projects. This is likely to adversely affect the truck mounted concrete pump market.