Global Aerial Work Platform Market Overview
Work platforms are used by technician, engineers and workers to reach inaccessible zones in order to maintain or fix the glitches. Aerial work platform enables workforce to reach manually and physically to operate tasks such as fixing technical problems of ed telecommunication towers.
Aerial work platform also employed for installation and maintenance of high tension power lines, street lights and transformers. The rapid growth in power sector along with rising maintenance and repair activities across the globe are some of the major factors which are driving importance of aerial work platforms.
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Major Key Players of Global Market
Aichi Corporation, Time Benelux, Teupen, Ruthmann, Bronto Skylift, Haulotte, Tadano, Things to know
Market size and forecast
The global aerial work platform market is projected to reach USD 14.2 Billion by 2023 from USD 7.8 Billion in 2015. Further, the market is predicted to index a CAGR of 6.2% over the forecast period i.e. 2016-2023. The market of aerial work platform is majorly driven by the factors such as rising investment in construction and increase in adoption of time savings and safe equipment.
Apart from this, the construction applications accounted the highest revenue share of 28% of the overall global aerial work platform market in 2015 and expected to flourish over the forecast period 2016-2023. Rising infrastructure development in growing economies is the major key driver for the growth in near future.
North-America is estimated to dominate the global aerial work platform market in near future owing to rapid pace in building construction, skyscrapers and rising concern towards maintenance and repair activities of constructed structures. The market of North-America is expected to garner USD 3.6 Billion by the end of 2016 and believed to expand at a CAGR of 5.9% over the forecast period i.e. 2016-2023.
Asia-Pacific market for aerial work platform is anticipated to be the fastest growing market across the globe over the forecast period. Presence of emerging economies such as India, China, Japan, Malaysia, South Korea and rapid urbanization heating the infrastructure and telecommunication facilities are some of the prime driving factors for the growth of aerial platform market in near future. Moreover, the market in Asia-Pacific region is estimated to flourish at a CAGR of 11.5% over the forecast period i.e. 2016-2023.
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