The aerial work platform, also known as an aerial device or aerial lift, is a mechanical device used to provide temporary access for people or equipment to inaccessible areas, usually at height. Aerial work platforms are useful for construction, repair, and maintenance of buildings, bridges, and other structures. They extend, rotate, and lift workers and equipment vertically or horizontally to work areas. Common types of AWPs include boom lifts, scissor lifts, mast lifts, and personnel portable lifts.
The global aerial work platform (AWP) market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing construction and infrastructure projects across the globe is a major driver for the growth of AWP market. Rapid urbanization and industrialization especially in emerging economies like India, China, Brazil etc. is boosting infrastructure development which requires commercial as well as residential construction. As per World Bank, the share of developing countries to the global construction market is expected to rise from 54% in 2020 to 57% in 2030. Construction activities involve work at height such as installation, repair and maintenance which continues to push the demand for aerial work platforms. Rising availability of rental and leasing options for aerial work platforms is another factor propelling market growth as small construction firms now have easy access to such equipment.
However, strict emission regulations and increasing awareness about zero-emission equipment may hamper the sales of diesel and petrol powered aerial work platforms in coming years. Development of electric AWPs offers new growth opportunities for manufacturers.
SWOT Analysis
Strength: The aerial work platform (AWP) market is growing due to the increase in construction activities across the globe. The rental service providers offer AWP solutions at affordable prices to support infrastructure projects. Additionally, continuous product innovations allow manufacturers to improve safety features and operator convenience.
Weakness: High initial investment requirements pose significant challenges for small construction companies to adopt AWP equipment. Moreover, lack of trained operators can lead to safety issues while operating these machines.
Opportunity: Rising demand for aerial solutions from telecommunication companies to manage and maintain cellular towers presents an opportunity. Furthermore, growing adoption of aerial lifts in marine applications such as shipbuilding creates scope.
Threats: Slowdown in infrastructure spending due to economic uncertainties can negatively impact the demand. Stringent safety regulations regarding the use of aerial lifts also restrict market growth. High maintenance costs of these equipment are another concern.
Key Takeaways
The Global Aerial Work Platform (AWP) Market Size is expected to witness high growth. The global Aerial Work Platform (AWP) Market is estimated to be valued at US$ 40.95 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
The APAC region currently dominates the market owing to massive investments in infrastructure projects across countries like China and India. China represents over 25% of the global AWP market share. Major players are expanding their manufacturing facilities in the region to tap the business opportunities. North America is another prominent market for AWP driven by powerful construction and telecom industries. Presence of multiple Telecom tower companies and major construction equipment manufacturers boosts sales. The US and Canada collectively account for around 30% of worldwide AWP demand.
Key players operating in the aerial work platform market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. They are focusing on new product launches catering to diverse industries to strengthen their market position. For instance, JLG Industries rolled out an all-electric scissor lift in 2023 targeting green construction activities.
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