Aerial Work Platforms Market is Expected to Surpass US$ 14.5 billion by 2028
Posted: Mar 16, 2019
Construction has been shifting towards innovation since the past few decades. A majority of massive constructions have arisen from a zeal to look different and stand out. A recent example of this shift can be seen in newly constructed vibrant murals at the World Trade Center. Aerial work platforms play a pivotal role in construction. The lifts that are a part of the aerial work platforms, are witnessing promisingly progressive growth prospects, with rising demand following a surge in infrastructural development projects worldwide.
Future Market Insights, in a recent research on the global aerial work platforms market, predicts construction industry in developing regions to majorly support the market growth over the next decade. The market is expected to expand at 6% CAGR over 2018-2028, attaining a value of over US$ 14.5 billion by 2028 end.
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Improved Financing Systems & Sustainable Solutions to Back the Shift from Traditional Aerial Work Practices
State and private steel producers operating in many regions are rapidly migrating from traditional maintenance practices towards more advanced methods. The latter have managed to gain rapidly growing popularity, against the backdrop of significant capacity additions undertaken in the past few years. The advanced maintenance practices that are carried, utilize higher levels of mechanization, including powered access. On the other side, aerial work platforms such as scissor lifts, and boom lifts tend to offer greater safety and allow faster maintenance.
Electric Device Systems to Aid the Market Move towards Sustainable Growth
A growing number of companies are renting various types of AWPs to industrial plants, which also includes those AWPs with the functionality to clean up the dust accumulated on the roof of construction sites. Companies related to maintenance activities have been procuring a large number of AWP units over the years. For long-term advantage, companies seem to purchase their own equipment. Furthermore, the future will be dominated by electric device systems. There is a higher demand for solutions which are equipped with electric systems as it is considered to be eco-friendly. As electrically powered systems incorporate efficiency and extended battery life, prominent construction companies are increasingly incorporating sustainable equipment. Companies are focusing on meeting environmental norms to reduce carbon footprint, which will in turn boost the demand for sustainable AWPs in near future.
Hybrid Technology to Gather More Investments in Near Future
Hybrid AWP has emerged as the most cost effective and eco-friendly alternative for companies participating in the aerial work platforms market. While the current scenario still depicts the dominance of diesel powered scissor lifts, the demand for hybrid technology is gradually increasing in terms of popularity and acceptance. The market projections depict optimistic prospects owing to growing use in a multitude of applications. Other benefits include cost efficiency, noise reduction, and lower contribution to pollution.
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Companies are also working on development of innovative machine types, to ease the work and enhance functions. Numerous companies specializing in low-weight machines are concentrating on delivering improved safety through innovations, such as crush-protection, sustainable involuntary operation prevention systems, and sensitive hybrid power systems. Electric scissor lifts which are suitable for warehousing and high bay applications are being developed by European manufacturers, such as Holland Lift.
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