Boom Lifts Market Size & Share, by Product Type (Telescopic, Articulating, Trailer Mounted, Bucket Trucks, Towable); Power Source (Engine Powered, Hybrid, Electric); End-user (Construction, Oil & Gas, Mining, Aerospace) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 352
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


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Boom Lifts Sector: Growth Drivers and Challenges

Growth Drivers

  • Development Of New Telecommunication Towers Worldwide- Telecom towers have played a pivotal role in advancing connectivity. The number of towers has increased by more than twofold between 2007 and 2020 with a compound annual growth rate of 7%, reaching 600,200 by 2020.
  • 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. 
  • Surge In Number Of Projects For Smart Cities- For instance, Under India's smart city initiative, more than 2000 projects have been completed worth more than 5 billion dollars. Currently, approximately 4,500 projects worth USD 20 billion are in progress.
  • Rise In The Number Of Bridges That Need To Be Replaced Or Repaired - It was observed that in the US, there are more than 590,000 bridges. A total of 590,000 bridges across the nation need to be replaced, repaired, or rehabilitated. There is a need for urgent repairs on about 7.5% of these bridges due to their poor structural integrity.
  • Increasing Residential Construction Activities- For instance, there was an estimate 7% growth in residential construction in 2021. Residential construction represents 43% of total global construction in 2020, making it the biggest sub-sector and a major contributor to market growth.
  • Rapidly Growing Urbanization Worldwide- Urbanization is on the rise around the world. In 2030, approximately 5 billion people will live in towns and cities, an increase of over 50% over today.

Challenges

  • High Cost Associated With Boom Lifts
  • Increased Interest Among End Users In Maintaining Used Machines
  • Time Consuming Manufacturing Process of Machines

Boom Lifts Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

6%

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Boom Lifts Segmentation

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:

         By Product Type

  • Telescopic Boom Lifts
  • Articulating Boom Lifts
  • Trailer Mounted Boom Lifts
  • Bucket Trucks
  • Towable Boom Lifts

         By Power Source

  • Engine Powered Boom Lifts
  • Hybrid Boom Lifts
  • Electric Boom Lifts

         By End User

  • Construction Industry
  • Oil & Gas Industry
  • Mining Industry
  • Aerospace
  • Others

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Boom Lifts Industry - Regional Synopsis

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. 

Research Nester
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Companies Dominating the Boom Lifts Landscape

top-features-companies
    • Terex Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Genie
    • JLG Industries, Inc
    • Prangl
    • Sinoboom
    • MEC Co., Ltd.
    • Nifty Lift
    • Snorkel Lift
    • Skyjack
    • Haulotte Group

In-the-news

In The News

  • JLG Industries, Inc., has expanded its network of Authorized Service Providers in the United States in order to provide its customers warranty services, maintenance, inspection, parts and other support services across the country.
  • TEREX Corporation has acquired Steelweld, a Northern Ireland-based manufacturer of heavy fabrications. Steelweld's purchase strengthens Materials Processing's ability to fabricate in Northern Ireland, which is an important part of its growth strategy.

Author Credits:  Mohd Shadab, Yashika Karodiwal


  • Report ID: 352
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2033.

Increased interest among end users in maintaining used machines is anticipated to hinder market growth.

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.

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.

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.

The market is segmented by product type, power source, end user and, by region.

The oil and gas industry is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Boom Lifts Market Report Scope
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