A bucket elevator consists of buckets attached to a chain or belt that revolves around two pulleys, lifting bulk materials vertically between a few meters to over 50 meters. Bucket elevators are classified as spaced or continuous, and further divided into types based on their discharge method. They are widely used to efficiently convey grains and powders vertically in industries like food processing. Key components include the elevator head, legs, belt, and buckets, which are designed according to the material being conveyed and desired capacity.