Press release
Aerial Work Platform Market Size To Grow At A CAGR Of 6% In The Forecast Period Of 2023-2028
Aerial Work Platform Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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Aerial Work Platform Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 11.2 billion
Forecast CAGR (2023-2028): 6%
The construction sector is a key end user of aerial work platforms, owing to their heightened deployment to ensure safety of lives, bolstered comfort at workplaces, smoother building maintenance operations, and time effectiveness of projects. Hence, the surge in building and construction activities across emerging economies is driving the aerial work platform market growth. In addition, rapid urban development initiatives, rising standards of living, and increasing awareness about worker safety are some of the factors fuelling the demand for aerial work platforms. Meanwhile, several types of aerial work platforms, such as boom lifts and scissor lifts, are used across various projects for roofing and cladding and maintenance.
The media and entertainment and sporting sectors are emerging revenue generators for the aerial work platform market. This can be attributed to the growing demand for aerial work platforms to hang lights and make sets at maximum heights and for maintaining the structure and lighting systems of sporting stadiums. Over the forecast period, the anticipated increase in deployment of aerial work platforms in the power and energy sector, to move and fix pipelines, is likely to play a pivotal role in the market for aerial work platforms.
Aerial Work Platform Industry Definition and Major Segments
An aerial work platform refers to an equipment which is used to mechanically elevate personnel. This equipment is designed in such a way that it is safe, economical, portable, and has the capacity to lift more than one person at a time. Modern aerial work platforms have advanced components installed in them including window glass frames and underbridge units.
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Based on product type, the market is segmented into:
Boom Lifts
Scissors Lifts
Vertical Mast Lifts
Personal Portable Lifts
Others
By platform height, the market is categorised into:
Below 10 Metres
10 to 20 Metres
20 to 25 Metres
Above 25 Metres
On the basis of engine type, the market is bifurcated into:
Electric
Engine Powered
Based on end use, the market is divided into:
Construction
Mining
Transportation and Logistics
Manufacturing
Others
On the basis of region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Aerial Work Platform Market Trends
The key trends in the global aerial work platform market include the increasing usage of aerial work platforms in the oil and gas sector. The demand for different types of aerial work platforms, such as boom and scissor lifts, is increasing rapidly in oil and gas exploration activities to drill rigs and to position moving pipelines. Meanwhile, the thriving mining sector across the emerging economies is likely to be another key trend in the aerial work platform market. Aerial work platforms are gaining traction in the mineral mining sites to profile low, medium, and large tunnels, while performing different lifting and installation applications.
In geographical terms, North America accounts for decent share of the aerial work platform market. The favourable regulations of the governments in the region aimed towards improving safety standards across various end use sectors such as construction, oil and gas, and transportation, among others, are driving the demand for aerial work platform in North America. In addition, technological upgradations and development of advanced components, supported by the strong foothold of leading market players, are likely to increase the applications of aerial work platforms in the forecast period.
Key Market Players
The major players in the global aerial work platform market report are :
Haulotte Group
MEC Aerial Work Platforms
Tadano Ltd.
Aichi Corporation
others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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