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Global Aerial work platforms market expected to reach USD 14,100 Mn By 2022, Key players - Caterpillar, MEC Aerial Work Platforms, Terex, Bosch Rexroth, Bronto Skylif, Shen Yang North Traffic Heavy Industry Group.
Global Aerial work platforms market
Aerial work platforms (AWPs), also known as aerial platforms, are mechanical devices that workers and technicians can use to physically or manually reach inaccessible areas, known as aerial platforms. AWPs are widely used in the construction and mining industries due to the nature of the work, structural design difficulties and height. Aerial work platforms (AWPs) are also used in the repair and maintenance of high voltage power lines, disaster management operations and defense sectors. AWP has become a necessity in all metropolitan cities and has found extensive use in some areas, such as engineering, electrification, maintenance and emergency services. The market for aerial work platforms is mainly due to factors such as the increase in investment in construction and the increase in the number of safety equipment and time saving.
The global aerial equipment market was valued at around USD 8,200 million in 2016 and is expected to reach over USD 14,100 million by the end of 2022, growing at a CAGR of 8.5% between 2017 and 2022.
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Global Aerial work platforms market Drivers and Restraints:
The growth of the aerial market sector is mainly due to large-scale construction projects, the development of street lighting installation and maintenance activities, electrical cables and transformers, the modernization of fire-fighting stations and associated infrastructure, as well as the growing festival organization. Large-scale corporate concerts and events make AWPs necessary around the world. The main drivers of the market are the economic growth of developing countries, the increase in investment in real estate, the development of telecommunications networks, the increase in urbanization, the safety of workers and the adoption of best practices for the construction methods. The increased use of heavy machinery in the mining sector has also driven the demand for aerial work platforms (AWPs), since it reduces the risk of workers working at heights. In addition, the increasing use for maintenance and repair of high-voltage power lines is expected to result in the AWP request. In addition, with the growing trend of music concerts and major public events, it is expected that the event management sector will become a profitable platform for the growth of the aerial work platforms market in the future.
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Global Aerial work platforms market Geographic Segmentation:
Based on geography, the market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. It is estimated that North America will dominate the global market for aerial work platforms in the future due to the rapid growth of construction, skyscrapers and growing concern for the maintenance and repair activities of the North American aerospace industry. In addition, the Asia-Pacific market is expected to experience the fastest growth in the world during the forecast period due to the presence of emerging economies such as India, China, Malaysia and South Korea.
List of Key Players in Global Aerial work platforms market :
Some of the prominent players of the market include Caterpillar, MEC Aerial Work Platforms, Terex, Bosch Rexroth, Bronto Skylif, Shen Yang North Traffic Heavy Industry Group, Ruthmann, and Galipoglu Hidromas.
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