AWPs are often used in construction, maintenance, and repair activities and provide a safe alternative to ladders or scaffolds. Common types of AWPs include boom lifts, scissor lifts, cherry pickers, and vehicle-mounted platforms. The growing construction industry worldwide has significantly increased the demand for AWPs for various applications such as construction, painting, and glazing. Furthermore, the trend of renting construction equipment instead of ownership is on the rise, owing to advantages such as lower upfront costs and operational flexibility. This has boosted the equipment rental industry, which in turn, is expected to drive the demand for AWPs.
The global Aerial Work Platform Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics:
Increasing demand for equipment rental services: As mentioned in the heading, the demand for renting construction equipment has increased significantly over the years owing to benefits such as lower upfront costs, operational flexibility, and reduced maintenance responsibilities. The construction equipment rental industry has witnessed steady growth and is further expected to drive the demand for AWP rentals during the forecast period.
Growth of the construction industry: The global construction industry has witnessed robust growth over the past couple of years. Mega infrastructure projects, especially in developing regions are propelling the demand for construction vehicles and equipment. Furthermore, increasing urbanization and investments in public infrastructure are also driving construction activities. This is expected to boost the demand for AWPs for various construction applications.
Segment Analysis
The aerial work platform (AWP) market is segmented into boom lifts, scissor lifts, vertical mast lifts, and personnel portable lifts based on product type. Among these, the boom lifts segment holds the largest share of over 35% in the market owing to its ability to elevate personnel and equipment to 360 degrees along with their high load capacity. The scissor lifts segment is the second largest segment and is dominating due to their compact design and higher flexibility.
PEST Analysis
Political: Stringent safety standards and regulations defined by Occupational Safety and Health Administration (OSHA) and American National Standards Institute (ANSI) for AWPs are positively impacting the market growth.
Economic: Infrastructural development across industries like construction, transportation and utility is fueling the demand for AWPs. Rapid urbanization is also propelling the aerial work platform market size.
Social: Increasing construction of buildings, bridges, roads and other infrastructure projects are driving the need for lifting personnel and equipment to higher platforms safely, thus augmenting the market.
Technological: Advancements in material science and engineering have led to the development of lighter, stronger and more durable AWPs. Hybrid-electric and battery-powered platforms are gaining traction.
Key Takeaways
The Global Aerial Work Platform (AWP) Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Aerial Work Platform (AWP) Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis comprises
North America is dominating the global AWP market with over 30% share majorly driven by the ongoing and upcoming highway, road and bridge construction projects in the US. Rising skyscrapers and commercial construction in major cities is further catalyzing the demand.
Key players related content comprises
Key players operating in the aerial work platform (AWP) market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Quest Diagnostics and SYNLAB International are the market leaders due to their wide global footprint and expertise in diagnostic services.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it