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Aerial Work Platform Rental Market Technological Innovations and Future Opportunities 2030
Aerial Work Platform Rental Market
The aim of these systems is to provide equipment and personnel with access to previously inaccessible places at a predetermined height. Other features include installation of compressed air and power tool sockets as well as windowpane frame support systems.
The aerial work platform rental market size was valued at $41.4 billion in 2020, and is estimated to reach $69.0 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
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There is increase in government investments for road, communications, power generation, transportation, and other infrastructure development. Development is due to increase in population in the developing nations like China and India. Growth in population increases the need for rural and urban infrastructure projects. This leads the government to invest in infrastructural development.
For instance, the Indian Union budget for 2022 proposes spending around $131 billion on infrastructure improvements. Furthermore, technical advancements and features, such as better system security leads to aerial work platform rental market growth.
Top Players:
The major players profiled in the aerial work platform rental market analysis include Ashtead Group plc. (Sunbelt Rentals Ltd), Aktio Corporation, AFI Uplift Ltd., Herc Rentals Inc., Haulotte Group, H&E Equipment Services, Inc., Loxam, Riwal, Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc.
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New battery technologies are expected to increase the demand for electric aerial work platform rental market trends in the future.
New and improved emission standards as well as restrictions on the use of engine-powered aerial work platforms indoors open up new opportunities for electric and hybrid aerial work platforms. Hence this will allow the aerial work platform business to expand.
On the other hand, manufacturers invest on cutting-edge technologies that can be controlled remotely. Furthermore, internet of things(IoT) integration reduces the labor required for operating as well as provide safety. These factors are predicted to create opportunities for global market improvement throughout the forecasted period.
The aerial work platform rental market forecast is carried on the basis of product type, application, propulsion type, and region.
On the basis of product type, it is classified into boom lift, scissor lift, vehicle-mounted platforms, and others. Depending on application, the market is fragmented into utility, manufacturing, construction and others. By propulsion type, it is categorized into, diesel, electric and hybrid.
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