World cement equipment market to reach USD 8bn by 2024

 
 
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GREENWICH, Conn. - Feb. 20, 2020 - PRLog -- According to CW Research's World Cement Equipment Market and Forecast Report 2020, the market for cement manufacturing equipment and services is projected to decline to an estimated USD 8 billion by 2024. Fewer greenfield and brownfield capacity additions are expected to contribute to the negative trend.

"For Western equipment manufacturers, from a cost perspective, turnkey projects are becoming less frequent," notes Prashant Singh, Associate Director at CW Group. "On the other hand, the market size for upgrades and spares is expanding, primarily driven by a combination of the Chinese government's reforms to increase the efficiency of the cement sector, and rising global concerns about climate changes leading to increasingly stringent environmental standards."

Competition increases on project scarcity

The cement plant equipment sector is and will continue to be competitive, playing out on three fronts: pricing, quality of equipment & engineering sophistication, and value-added services that include customer support and training on- and off-site.

"The current relative scarcity of projects means that a large number of suppliers are competing intensely for the same client, making the cement equipment market very much a buyer's market. Buyers are increasingly focused on process efficiency, leading to a greater demand for automation, control and testing," observes Carolina Pereira, Manager, Advisory & Research at CW Group.

The cement manufacturer's geographical location determines, to a large degree, the nature of value-added services being procured. For example, a large cement manufacturer based in a remote location is likely to intensively seek a combination of off-site training and automation to increase productivity. The same could be said for manufacturers located in developed markets that are focused on reducing personnel costs.

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More information about the report can be found here: https://www.cwgrp.com/research/research-products/product/294-world-cement-equipment-market-and-forecast-report-2020-forecast-through-2024

For more information, placing an order, or interview inquiries, please contact Mihnea Manea, Media and Market Services Executive, CW Group, by phone at +40 723 281 704, or e-mail at mm@cwgrp.com.

About CW Group
The Greenwich (Conn.), USA headquartered CW Group is a leading advisory, research and business intelligence boutique with a global presence and a multi-industry orientation.

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