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Lattice And Telescopic Boom Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Lattice And Telescopic Boom Market
What Is the Projected Growth of the Lattice And Telescopic Boom Market?
The lattice and telescopic boom market has grown steadily in recent years. It will grow from $1.89 billion in 2024 to $1.97 billion in 2025, with a compound annual growth rate (CAGR) of 4.4%. The growth is attributed to rising urbanization, infrastructure development projects, the growth of renewable energy projects, increased investment in mining and extraction industries, and expansion in the oil and gas sector.
The lattice and telescopic boom market is projected to grow steadily in the next few years. It is expected to reach $2.31 billion by 2029, with a CAGR of 4.0%. The growth is driven by the expanding shipbuilding and marine industries, increased focus on workplace safety and efficiency, growth in logistics and warehousing sectors, rising rental costs for heavy equipment, and increasing government investment in public infrastructure. Trends include the use of lightweight materials, advancements in sensor technology for real-time monitoring, development of autonomous functions, remote operation capabilities, and the adoption of electric and hybrid power systems.
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What Are the Different Lattice And Telescopic Boom Market Segments?
The lattice and telescopic boom market covered in this report is segmented -
1) By Mobile Cranes: Lattice And Telescopic Boom, Crawler, Rough Terrain, All Terrain, Truck Loader
2) By Fixed Cranes: Industrial, Tower, Ship To Shore
3) By Operation: Hydraulic, Electric
Subsegments:
1) By Lattice and Telescopic Boom: Lattice Boom Cranes, Telescopic Boom Cranes, Hybrid Boom Cranes
2) By Crawler: Crawler Crane with Lattice Boom, Crawler Crane with Telescopic Boom, All-Terrain Crawler Cranes
3) By Rough Terrain: Rough Terrain Cranes with Telescopic Boom, Rough Terrain Cranes with Lattice Boom
4) By All-Terrain: All-Terrain Cranes with Telescopic Boom, All-Terrain Cranes with Lattice Boom, Multi-Purpose All-Terrain Cranes
5) By Truck Loader: Truck-Mounted Cranes with Telescopic Boom, Truck-Mounted Cranes with Lattice Boom, Articulating Truck Loader Cranes
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What Are the Primary Drivers Shaping the Lattice And Telescopic Boom Market?
The growing demand for construction is expected to propel the growth of the lattice and telescopic boom market going forward. Construction includes a wide range of activities such as building, renovation, repair, and demolition. Lattice and telescopic booms provide extended reach, maneuverability, and versatility for various construction tasks. According to the Office for National Statistics (ONS), in November 2023, new construction orders in the UK surged by 11.4% in 2022, marking a historic peak. This growth, driven by private infrastructure and commercial projects, will likely continue to drive demand for lattice and telescopic boom equipment.
Which Companies Are Leading in the Lattice And Telescopic Boom Market?
Major companies operating in the lattice and telescopic boom market are Kobleco Kobe Steel, The Liebherr Group, Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., ere*x Corporation, Mammoet, The Manitowoc Company Inc., Palfinger AG, Tadano Ltd., Sarens n.v./s.a, Kato Works Co. Ltd., Link-Belt Cranes, Manitex International Inc., Favelle Favco Berhad, SANY Group, Lampson International LLC, Jekko s.r.l., XCMG Group, Sennebogen Maschinenfabrik GmbH, Cormach Srl
What Lattice And Telescopic Boom Market Trends Are Gaining Traction Across Different Segments?
Leading organizations involved in the lattice and telescopic boom market are introducing self-leveling boom lift technology to increase flexibility, boost reach, and optimize efficiency for a range of construction and industrial applications. Self-leveling boom lift technology is a sophisticated function included in boom lifts, sometimes referred to as aerial work platforms or cherry pickers. This feature automatically maintains the level of the workspace, irrespective of the boom's position or the ground conditions on which the machinery functions. To illustrate, JLG Industries Inc, an American manufacturing firm, unveiled the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts in November 2022. The JLG 670SJ Self-Leveling Boom Lift, which is fuelled by diesel, is tailored for construction, maintenance, and industrial tasks. This autonomous system modifies the platform's position to ensure a steady working surface, even while functioning on uneven ground. The system employs sensors to indicate alterations in the boom's angle and modify the platform's position accordingly. These sensors are strategically situated at the base of the boom and transmit signals to the lift's hydraulic system, offering enhanced safety and productivity features to enable operators to function more effectively.
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What Are the Top Revenue-Generating Geographies in the Lattice And Telescopic Boom Market?
Asia-Pacific was the largest region in the lattice and telescopic boom market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the lattice and telescopic boom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Lattice And Telescopic Boom Market?
2. What is the CAGR expected in the Lattice And Telescopic Boom Market?
3. What Are the Key Innovations Transforming the Lattice And Telescopic Boom Industry?
4. Which Region Is Leading the Lattice And Telescopic Boom Market?
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