Boom Lifts Market size is estimated to garner significant revenue of by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the market generated modest revenue. The growth of the market can be attributed primarily to the increasing construction activities coupled with the rapid growth of the construction sector worldwide. As per the estimates, the global construction market was worth USD 10 trillion in the year 2020. Moreover boom lifts are known for their rough-terrain capabilities and technical developments with boom lifts to improve its quality and abilities have been attracting consumers towards it which are expected to foster the demand for boom lifts in near future.
Boom lifts are a type of aerial platforms generally used to lift up any person or object to reach at inaccessible places very easily. Boom lifts are generally powered by hydraulic machines and very useful in situation, where a person has to go at some inaccessible places. Boom lifts are usually vehicle or truck mounted and can move in all direction. Boom lifts are capable of working in situation like fire and flood to save peoples life. Apart from this, boom lifts are extremely useful in construction industries also. Boom lifts have a wide range of application includes aerospace, construction, and maintenance of telecommunication towers. On the other hand, steadily rising construction equipment rental services and rising disposable income are anticipated to drive market growth over the forecast period. The Bureau of Economic Analysis reported an increase of USD 47.0 billion (0.2%) in personal income and USD 37.6 billion (0.2%) in disposable personal income in July 2022.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6% |
End-user (Construction, Oil & Gas, Mining, Aerospace)
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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By Product Type |
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By Power Source |
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By End User |
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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.
Author Credits: Shweta Patidar
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