Analysis by Product Type (Telescopic Boom Lifts, Articulating Boom Lifts, Trailer Mounted Boom Lifts, Bucket Trucks and Towable Boom Lifts); by Power Source (Engine Powered Boom Lifts, Hybrid Boom Lifts, Electric Boom Lifts); and by End User (Construction Industry, Oil & Gas Industry, Mining Industry, Aerospace and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global boom lifts market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 owing to increasing constructional activities and investments in existing infrastructure in emerging economies such as China and India. For instance, the Indian government intends to invest USD 1.3 trillion in infrastructure in the next five years through its 'National Infrastructure Pipeline'. The Infrastructure sector accounted for 12% of the total FDI inflows in 2021, which totaled USD 80 billion. Further, major companies in the region have been producing advanced boom lifts with higher capabilities, and demand for boom lifts in Asia Pacific region is anticipated to increase in near future, where India and China are expected to be major contributors to the growth of the global boom lifts market.
The global boom lifts market is further classified on the basis of region as follows:
A boom lift is the most reliable way to maintain and repair towers. Operation at height is made easier with this. Large boom arms and extendable baskets of boom lifts are the only equipment that can reach the tower's top and sides. Basic precautions and proper use of the equipment make this type of equipment absolutely safe. In addition, the construction of new telecommunication towers, skyscrapers, and their ongoing maintenance of them are some of the major factors predicted to foster the demand for boom lifts in construction.
The global boom lifts market is segmented and analyzed for demand and supply by end user into construction industry, oil & gas industry, mining industry, aerospace and others. Among these segments, the oil & gas industry segment is anticipated to capture the largest market size in the global boom lifts market owing to the rising production of oil and gas in emerging countries along with the increasing investment in the oil and gas industry. It was observed that India's oil and gas sector is one of its eight core industries and by 2022, USD 24 billion is expected to be invested in exploration and production within the industry. Moreover, oil and gas projects require the construction of drilling rigs, the transportation and placement of heavy pipes, and the safe operation of pipelines and drilling rigs, which is anticipated to drive segment growth over the forecast period.
Our in-depth analysis of the global boom lifts market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing construction activities, rising utilization of boom lifts in various end use industries along with growing investments in infrastructure development are the major factors driving the growth of the boom lifts market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Increased interest among end users in maintaining used machines is anticipated to hinder market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Terex Corporation, Genie, JLG Industries, Inc, Prangl, Sinoboom, MEC Co., Ltd., Nifty Lift, Snorkel Lif, Skyjack and Haulotte Group.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, power source, end user and, by region.
Ans: The oil and gas industry is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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