Global Silos Market Report and Forecast 2024-2032

Global Silos Market Size

The global silos market reached approximately USD 199.80 million in 2023. The market is projected to grow at a CAGR of 3.5% between 2024 and 2032, reaching a value of around USD 271.83 million by 2032.

Global Silos Market Outlook

• Agriculture accounts for 4% of the global GDP, and in certain least-developed countries, it can represent more than 25%, resulting in an increased need for silos.

• In 2023, the Indian government planned to invest INR 1 trillion ($14bn) to establish the world's largest food grain storage programme, increasing capacity by 700 lakh tonnes.

• In April 2024, Aionos, the collaboration between Interglobe Enterprises (IGE) and Assago Group, agreed to construct silos in the aviation and hospitality sectors by leveraging AI technology.

Global Silos Market Growth

The growth of the agricultural sector is expected to provide sustenance for an estimated 10 billion individuals by the year 2050. As of mid-November 2022, the global human population had reached 8.0 billion. Projections indicate that the world's population will rise to 9.7 billion by 2050 and could potentially peak at nearly 10.4 billion in the mid-2080s. Consequently, there is a growing need for silos in the agricultural sector to facilitate the storage, safety, space efficiency, and nutrient preservation of grains.

Silos are essential structures in agriculture, primarily utilised for the storage of bulk materials such as grains, feed, and silage. These silos play a crucial role in maintaining the quality of grains by shielding them from moisture, pests, and adverse weather conditions. They enable the long-term storage of grains, ensuring a consistent supply throughout the year and safeguarding against price fluctuations in the market. Additionally, silos are utilised for the storage of animal feed, including corn, soybeans, and other grains, thereby ensuring a reliable and readily available source of nutritious feed for livestock.

Advancements in agricultural practices and technologies are driving the need for modern silos, which offer efficient storage and management of grains and other agricultural products. Moreover, the use of innovative materials like advanced steel and concrete, along with improvements in silo design, is enhancing the durability and effectiveness of silos. The incorporation of automation and monitoring systems is further enhancing the functionality and user-friendliness of silos.

Global Silos Industry Segmentation

“Global Silos Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Tower Silos

• Bunker Silos

• Bag Silos

Market Breakup by Material

• Wood Staves

• Concrete Staves

• Steel Panels

• Aluminium

Market Breakup by Capacity

• Below 500 Tons

• 500 – 1000 Tons

• 1000 – 1500 Tons

• Above 1500 Tons

Market Breakup by End Use

• Food and Beverage Industry

• Agriculture Industry

• Chemical Industry

• Tyre Industry

• Others

Market Breakup by Distribution Channel

• Direct

• Indirect

Market Breakup by Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa

Global Silos Market Share

Based on end use, the market is segmented into the food and beverage industry, agriculture industry, chemical industry, and tyre industry, among others. The food and beverage industry is projected to grow at a CAGR of 3.3% during the forecast period of 2024-2032. Silos play a vital role in the food and beverage industry, offering necessary storage options for a range of materials utilised in food manufacturing and processing. They help keep moisture levels low, which is essential for safeguarding dry ingredients such as grains and flour from mould and spoilage.

Leading Companies in the Global Silos Market

Major players are focusing on the integration of smart technology and automation to gain a competitive edge in the market.

• GEA Group AG 

• Kreyenborg GmbH & Co. KG 

• Moretto S.p.A 

• Paul Mueller Company 

• Wabash National Corporation 

• P+W Metallbau GmbH & Co. KG 

• BM Silo ApS 

• Conair Group 

• Heavy Projects Private Limited 

• Prado Storage Solutions SL 

• Others

Key Highlights of the Report