Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Aerial Work Platforms Market - By Product Type, By Application, and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global aerial work platforms market was valued at USD 9,500 Million in 2019 and is expected to reach over USD 17,605.7 Million by 2026, growing at a CAGR of around 9.2% during the forecast period from 2020 to 2026.
It is also called an aerial device which is a type of elevator work platform and is a mechanical device which gives temporary access for equipments or people for inaccessible work areas, mainly heights. Due to increase in government spending towards the agenda of building smart cities across the globe and also development of technologically advanced platforms, the market for aerial work platform is growing at a higher pace.
Global Aerial Work Platforms Market: Overview
An aerial work platform is a mechanical device used to provide temporary access for people or equipment to inaccessible areas at height.
It is generally used for maintenance and construction work or by firefighters when required during emergency situations. These products are devised to lift weights weighing less than a ton.
Global Aerial Work Platforms Market: Growth Factors
Increase in the number of urban and rural infrastructure ventures to fulfill the needs of escalating population across the globe are creating myriad growth avenues for the aerial work platforms market. These days, the demand for aerial work platforms is rapidly escalating across general infrastructure & industrial sectors. Beneficial features such as enhanced safety of the equipment has made it popular among small & giant construction firms, workers, and maintenance agents.
Furthermore, massive government funding in the infrastructural projects such as roads, rails, water, and power generation are likely to generate profitable avenues for the market over the coming years. However, low availability of skilled machine operators along with massive costs incurred during the equipment purchase are few of the factors obstructing the growth of aerial work platforms market.
Nonetheless, the increased demand for the equipment from myriad industries has forced manufacturers to offer technically-equipped instruments like electrification & hybridization technology, thereby further scaling up the scope of growth for aerial work platforms market over the foreseeable future.
Global Aerial Work Platforms Market: Segmentation
The global aerial work platforms market can be classified into product type, platform height, type, and application. Product Type wise, the aerial work platforms market is sectored into vertical mass lifts, boom lifts, scissor lifts, and personal portable lifts. On the basis of type, the aerial work platforms market is segmented into electric and engine powered types. Based on the platform height, the market is classified into less than 10 meters, between 10 and 20 meters, ranging from 20 and 25 meters, and more than 25 meters. Based on the application, the aerial work platforms market is classified into rental, transportation & logistics, construction & mining, government, and utility.
Global Aerial Work Platforms Market: Regional Analysis
Based on region, the global aerial work platforms market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific aerial work platforms market is likely to expand over the coming years, subject to escalating awareness of consumers pertaining to cost-effectiveness of the equipment and massive funding by the government authorities in countries such as China, Malaysia, and India in Asia.
Furthermore, these nations are also experiencing a slew of construction activities in myriad business verticals in need of efficient platforms for carrying out elevated constructions. Rise in the number of collisions occurring in the factories as a result of usage of outdated equipment and manual labor in APAC are compelling the owners to install the equipment for preventing loss of life due to accidents & destruction of the property/assets of the firm. In addition, the evolution of several rental firms in the Asia Pacific region is a key towards regional market growth.
Various building maintenance and construction activities and huge investments in the manufacture of the products are likely to impel the aerial work platforms market growth in North America. Additionally, the escalating product demand as a result of the presence of tech-savvy and financially stable populace will contribute notably towards the growth of the regional market. Also, high government support for utilizing newly manufactured products along with the reduction of worker collisions in factories is likely to drive the market demand in North America.
Europe, LATAM, and MEA have huge market growth prospects and will contribute lucratively towards the market size over the forthcoming years.
Global Aerial Work Platforms Market: Competitive Players
Some of key players in global aerial work platforms market are
Global Aerial Work Platforms Market: Regional Segment Analysis
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