ALBANY, New York, Feb. 5, 2020 /PRNewswire/ -- Supported by myriad of applications and growing infrastructural developments in several developing countries, the global aerial work platforms market is set to witness a robust growth during the duration of 2018 to 2026 - says a recent study by Transparency Market Research. As per the report, the market is projected to witness a substantial 6.1% CAGR during the mentioned time frame. Moreover, the lucrative opportunities captured by the players are anticipated to stimulate the aerial work platform market to surpass the mark of US$ 8.7 Bn by the end of 2026, claims the report.
"Involvement of several medium and large scale businesses in construction industry has created a massive demand for aerial work platforms. Owing to these demand the manufacturers of these platforms are in the midst of a race for getting at the top. This competition shall draw major revenue for the players and support the growth of global aerial work platform market from 2018 to 2026" –Transparency Market Research.
Key Findings from Aerial Work Platform Market
- Boom lifts are expected to emerge as the leading segment in the global aerial work platform market. This dominance of the segment is attributed to the benefits they offer to the workers with its flexible yet strong designs. The lift can carry a massive load of worker and equipment to a great height and provide them a stable platform to work upon.
- The report predicts that the construction industry is expected to be the most prominent end-user of the global aerial work platform market. This is because, countries and cities are now building massive projects. The aerial work platforms are heavy duty and can help the stakeholders to reach to the highest point of the building. This flexibility of applications makes the aerial work platforms highly suitable for construction industry.
Explore the actionable insights from the report on global aerial work platform market available under the title: Aerial Work Platform Market (Product - Scissor Lift, Boom Lift (Articulated Boom Lifts, Telescopic Boom Lifts); End user - Construction (Commercial, Residential), Industrial and Manufacturing, Maintenance and Repairs; Structure - Standard, Insulated) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 at https://www.transparencymarketresearch.com/aerial-work-platform-market.html
Global Aerial Work Platform Market: Key Drivers
Transparency Market Research's report states that the global aerial work platform market is majorly driven by the growth and progression of construction industry across the globe. However, the massive push recognized in developing countries by the construction industry is also a key aspect that is propelling the growth of global aerial work platform market during the estimated time. Moreover, factors like growing demand for platforms that can extend the reach of the workers to take care of the tasks related to heights is also anticipated to boost the growth of global aerial work platform market from 2018 to 2026.
Some other drivers responsible for the growth of the market are:
- Massive application in sectors such as firefighting and emergency response. These work platforms are designed to reach to great heights which come in handy in cases of fire in a building. It allows the fire-fighters to reach to the floor to extract the survivors and take control of the fire. Due to this application, the aerial work platforms are extensively used in such sectors.
- Governments are funding private organizations to develop new projects in their countries, this allows them to incorporate new tools for their business. These government investments further allow the construction companies to avail new aerial work platforms, which consequently propels the growth of global aerial work platform market from 2018 to 2026.
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Major Challenges in Global Aerial Work Platform Market
Though the global aerial work platform market has a remarkable growth potential, there are certain challenges that might impede the growth of the market –Transparency Market Research. According to the experts, the market might face challenges in terms of pricing, safety, and lack of awareness. The report also describes the degree at which these primary challenges might affect the market's growth.
- Pricing is one of the major challenge that might impede the growth of the market. This is because the platforms are expensive which restrict their sales.
- Looking at some of the past accidents, there are several critics that are oppose the use of the aerial work platforms. Owing to these safety concerns the global aerial work platform market might face a marginal downfall in its growth.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/55863
Global Aerial Work Platform Market: Regional Analysis
- North America and Europe are expected to dominate the regional segment of global aerial work platform market as these regions account for more than 35% of shares.
- Asia Pacific is the latest point of focus for the players that are willing have a good future in the global aerial work platform market. The emergence of the region is due to stabilizing economy and strengthening construction and public service sectors in China and India.
Analyze aerial work platform market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Between 2018 and 2026, the global aerial work platform market is expected to witness a moderately fragmented scenario. This landscape is consequent to the presence of a handful of prominent players that control the dynamics of the market. Since, none of the player has a significant stronghold over the market, the competition to reach to the top has become intense over the period of time.
In order to stay ahead of the curve, the players are adopting strategies like mergers, partnerships, and collaborations that might help them acquire essential resources for a better future in the global aerial work platform market.
Some of the players profiled in the Transparency Market Research's report are:
- MEC Aerial Work Platforms
- Bronto Skylift
- Haulotte Group
- Aichi Corporation
- Oshkosh Corporation
The global aerial work platform market is segmented on the basis of:
Global Aerial Work Platform Market Product Outlook (Revenue, USD Million 2018-2026)
- Scissor Lift
- Boom Lift
- Articulated Boom Lifts
- Telescopic Boom Lifts
Global Aerial Work Platform Market End-Users Outlook (Revenue, USD Million 2018-2026)
- Industrial & Manufacturing
- Maintenance & Repairs
Global Aerial Work Platform Market Structure Outlook (Revenue, USD Million 2018-2026)
Global Aerial Work Platform Market Regional Outlook (Revenue, USD Million 2018-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research