The global grain storage silos market size is estimated to account for a value of USD 1.3 billion in 2020 and is projected to grow at a CAGR of 4.1% from 2020, to reach a value of USD 1.72 billion by 2027.The growing demand for grain storage from the leading grain-producing countries in the world, namely, the United States, Russia, India, Brazil, and others have driven the grain storage silos industry during the study period.
Further, rising input costs and the need for heavy investments for storage of grains has led to the rise in demand for silos across all the regions. According to the International Grains Council (IGC), the global stocks of wheat have increased from 171 million metric tonnes in 2012-2013 to 271 million metric tonnes in 2017-2018. Silos are cost-effective modes of grain storage owing to the automation of grain transport, resulting in low operational costs in the long run.
The loading and unloading costs of silos are also low than grain warehouses, as the automation is operated by the Supervisory Control and Data Acquisition (SCADA) system. The benefits of cost-effectiveness and large holding capacity of silos are driving the grain storage silos market, globally.
Report : Grain Storage Silos Market - By Product (Flat bottom silos, Hopper bottom silos, Feed hoppers, Farm silos) By Type (Steel Silos, Metal Silos, Concrete Silos, Wood silos. Others) By Commodity Type (Rice, Maize, Wheat, Soyabean, Sunflower, others) By region (North America, Europe, Asia Pacific, South America, Rest of World (RoW)) - Industry Analysis, Opportunity and Forecast 2020 To 2027