Research Nester recently published a report titled “UAE Aerial Work Platform Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2027” that delivers detailed overview of the UAE aerial work platform market in terms of market segmentation by product, power-source, platform, and application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force analysis.
The UAE has established itself as a major country for the AWP market, in the Middle East region, after the Kingdom of Saudi Arabia. The market growth is sustained by a suitable number of construction projects that are ongoing in the country or have been planned to be commenced in the near future. According to a survey conducted by the Emirates NBD Bank PJSC, there are over 3,200 active projects in the urban construction sector in Dubai, which aggregate to a combined estimated value of over USD 245 billion. Additionally, the government of UAE along with the private investors have delineated consistent investments in the infrastructure for enhanced economic development.
Furthermore, the growing presence of multinational companies in the country along with the increasing necessity of maintaining clean health and safety sheets on their sites has substantially resulted in the development of AWP market in the country, with the induction of high safety regulations.
In 2018, the UAE aerial work platform market was valued at USD 285.34 million. The market is further predicted to grow at a robust CAGR of 3.46%, over the forecast period (2020-2027).
In the past few years, various initiatives have been undertaken by the government of UAE, concerning the growth of infrastructure. The objective of these programs is to establish a national consensus for the UAE’s infrastructure including roads, housing, construction, and urban planning, which is projected to drive the growth of the market. Concurrently, the government of Dubai is focused on developing infrastructure ahead of the 2020 World Expo. It has assigned a total budget of USD 2.44 billion, out of which, USD 6.26 billion (70%) will be invested in infrastructural projects. In addition, the government of Dubai also plans to increase the overall spending through expansionary fiscal policy. It aims for the exhibition and development of Dubai South, an important construction project for Expo 2020
However, the cost constraints concerning the purchase of new AWP for the construction activities is expected to be a significant restraint for market. Purchase of AWP is not observed to be a feasible alternative by many end-users, instead renting of AWP has witnessed a significant growth in the recent years. Moreover, the UAE construction industry has experienced a low growth on account of the critical slump in the oil prices. This can be attributed to lesser number of the construction contract awards required for the diversification of the economy, substantially affecting the construction of oil & gas projects.
This report also provides the existing competitive scenario of some of the key players of the UAE aerial work market which includes company profiling of Haulotte Group, Terex Corporation, Oshkosh Corporation, Manlift, LOXAM, Safelift, Al Walid Equipment Rental, Quality Equipment Rental, Access Rental Gulf LLC, and Ascend Scaffolding. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts detailed overview of the UAE aerial work platform market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.