Global Aerial Work Platform Market Overview
Work platforms are used by technician, engineers and workers to reach inaccessible zones in order to maintain or fix the glitches. Aerial work platform enables workforce to reach manually and physically to operate tasks such as fixing technical problems of ed telecommunication towers.
Aerial work platform also employed for installation and maintenance of high tension power lines, street lights and transformers. The rapid growth in power sector along with rising maintenance and repair activities across the globe are some of the major factors which are driving importance of aerial work platforms.
Market size and forecast
The global aerial work platform market is projected to reach USD 14.2 Billion by 2023 from USD 7.8 Billion in 2015. Further, the market is predicted to index a CAGR of 6.2% over the forecast period i.e. 2016-2023. The market of aerial work platform is majorly driven by the factors such as rising investment in construction and increase in adoption of time savings and safe equipment.
Apart from this, the construction applications accounted the highest revenue share of 28% of the overall global aerial work platform market in 2015 and expected to flourish over the forecast period 2016-2023. Rising infrastructure development in growing economies is the major key driver for the growth in near future.
North-America is estimated to dominate the global aerial work platform market in near future owing to rapid pace in building construction, skyscrapers and rising concern towards maintenance and repair activities of constructed structures. The market of North-America is expected to garner USD 3.6 Billion by the end of 2016 and believed to expand at a CAGR of 5.9% over the forecast period i.e. 2016-2023.
Asia-Pacific market for aerial work platform is anticipated to be the fastest growing market across the globe over the forecast period. Presence of emerging economies such as India, China, Japan, Malaysia, South Korea and rapid urbanization heating the infrastructure and telecommunication facilities are some of the prime driving factors for the growth of aerial platform market in near future. Moreover, the market in Asia-Pacific region is estimated to flourish at a CAGR of 11.5% over the forecast period i.e. 2016-2023.
Furthermore, massive construction projects and rise in number of skyscrapers in Middle-East countries is further anticipated to beef up the demand for aerial work platforms in near future.
Rising infrastructure and building construction in growing economies and offering of numerous type of aerial work platform according to the needs of technicians and workers are some of the major key factors gaining traction of builders and other end-use industry. Moreover, adoption of aerial work platforms in the rising skyscrapers across the globe and advancement in telecommunication sector to carry out the work in distant zones are providing impetus to the aerial platform market.
Demand Analysis By Market Segmentation
Our in-depth analysis segmented the global aerial work platform market in the following segments:
By Product Type
By Fuel Type
By Platform Height
Global aerial work platform market is further classified on the basis of region as follows:
Growth Drivers and challenges
Rapid expansion in infrastructure and building construction across the globe, setting-up of new telecommunication towers and increasing concern towards periodic maintenance of skyscrapers, installed towers and high tension power lines are some of the major catalysts for the growth of aerial work platform market.
Factors such as technological advancements in aerial work platforms, wide scale applications in end-use industry for maintenance, repair and installation activities, diversification in work platforms, availability of aerial work platform on rental basis, rising concern towards workers and technicians safety and growing adoption of aerial work platforms in public events for security and recording purposes are swelling the demand for aerial work platforms in near future.
In addition to this, economic growth in developing nations, rising infrastructural facilities along with rising investment in construction, advancements in telecommunication sector to provide better services and rapid pace in urbanization are some of the underlying dynamics which are expected to upsurge the market of aerial work platforms during the forecast period i.e. 2016-2023.
However, high cost of aerial work platforms, lack of skilled machine specific engineers, technicians and operators, unawareness in underdeveloped nations and high maintenance cost of aerial work platforms are the major factors hindering the growth of aerial work platform market across the globe.
The key vendors of aerial work platform market are as follows:
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