The global aerial work platform (AWP) market is estimated to witness significant growth owing to increasing integration of advanced access and control technologies in aerial platforms. Aerial work platforms, also known as aerial lifts or bucket trucks, are specialized industrial equipment designed for lifting personnel and tools and equipment to height for various applications like construction, maintenance, infrastructure repair and tree care. AWPs provide safer and more efficient alternative to ladders for high-altitude operations. Growing demand from construction, utility and telecommunication industries is driving the need for efficient and durable lifting platforms for projects related to painting, repairing, inspection and installation activities.
The Global Aerial work platform (AWP) Market is valued at US$ 9.81 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030.
Key Takeaways
Key players operating in the aerial work platform (AWP) are JLG Industries, Aichi Corporation, Haulotte Group, MEC Aerial Work Platforms, Terex Corporation, Oshkosh Corporation, Linamar Corporation, Tadano Ltd and Ltd.
Aerial work platform (AWP) Market opportunities in the include lucrative avenues in emerging economies due to increasing construction activities and infrastructure development projects. Additionally, rising deployment of AWPs for commercial applications such as events, facility management is also creating new revenue streams.
Technological advancements such as integration of telematics, remote controls, sensors and cameras in aerial platforms is enhancing safety, efficiency and productivity. Development of new battery-powered electric AWPs with zero emissions is also gaining traction for green building projects.
Market Drivers
Stringent safety regulations regarding working at height by organizations like Occupational Safety and Health Administration (OSHA) is a major factor propelling the demand for accredited aerial work platforms. Rise in global mega construction projects for buildings, roads, bridges and other civil infrastructure is driving the aerial work platform rental business. Increasing repair and maintenance needs of existing infrastructure and utilities is another key aspect augmenting the market growth.
Current challenges in the Aerial work platform (AWP) Market
The AWP market is currently facing challenges due to disruptions caused by the COVID-19 pandemic across the globe. Implementation of lockdowns and movement restrictions have severely impacted construction activities which is one of the major end-users of AWPs. This has led to a steep decline in demand from the construction sector in 2020. Along with this, travel bans have also disrupted supply chains resulting in delays in delivery timelines. Furthermore, the pandemic has led to rising economic uncertainties which is discouraging capital investments in new infrastructure projects. Infrastructure development companies are delaying or cancelling projects to cut costs which is negatively impacting procurement of new AWP equipment.
SWOT Analysis
Strength: AWPs offer versatility and flexibility for working at heights safely. They provide efficient access to spaces which are difficult to reach through conventional means.
Opportunity: Increasing investments in infrastructure development globally especially in developing countries will drive the demand for AWPs over the forecast period. Governments are focusing on urbanization and renewable energy projects which will augment the market size.
Weakness: High initial investment and maintenance costs associated with AWP equipment is a major concern. They also have limitations regarding the maximum height that can be achieved.
Threats: Strong competition from rental services is putting pressure on equipment prices. Technological advancements are leading to shorter replacement cycles which is a challenge.
Geographical regions with high market concentration
North America currently holds the largest share of the global AWP market owing to high adoption across various end-use sectors like construction, energy and utility in the US and copyright. Europe is another major region supported by ongoing infrastructure development projects especially in the UK, Germany and France. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rapid urbanization and growing construction activities in China and India.
The Asia Pacific region is projected to be the fastest growing region for the AWP market during 2020-2027. This can be attributed to rising investments by governments in this region towards development of smart cities and renewable energy infrastructure. Countries like China, India and Indonesia are undergoing rapid urbanization which is generating high demand for AWP equipment in construction applications. Additionally, growing electrification efforts will propel the utility sector to adopt AWPs for maintenance of transmission lines.
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