Six Out of Every Ten Ariel Work Platform Sold Worldwide is Reported From Asia Pacific
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NEW YORK, Oct. 29, 2021 /PRNewswire/ -- As per the latest data released by Fact.MR, a leading market research and competitive intelligence provider, the aerial work platforms (AWPs) market is estimated to reach US$ 9.3 Bn in 2021. With increasing focus on infrastructural expansion worldwide, the overall market is projected to expand at 6% CAGR between 2021 and 2031, surpassing a valuation of US$ 16.6 Bn by the end of 2031.
The rising demand for AWPs across various industries such as construction, mining, transport & logistics, aerospace, and defense will aid the growth of the market. Aerial work platforms are mechanical equipment used to provide temporary access for people and equipment to inaccessible areas, usually at height. They are commonly used for temporary and flexible access in maintenance and construction work or by firefighters for emergency access.
Sometimes they also provide additional features beyond transport and access. For instance, they can be equipped with electrical outlets or compressed air connections for power tools.
Increasing worker safety concerns across the world are acting as a catalyst for the swift growth of AWPs market. Working at height remains the biggest causes of fatalities and severe injuries across labor intensive industries. AWPs are ideal alternatives for ladders and scaffolding, which allow workers to complete tasks at heights without any risk.
According to the National Institution for Occupational Safety and Health (NIOSH) and Centers for Disease Control and Prevention (CDC), more than 500,000 people are treated while more than 300 people die from ladder related injuries annually in the United States. Moreover, the country recorded 113 deaths and 34,000 non-fatal injuries due to work-related ladder fall injuries in 2011.
Introduction of advanced technologies such as tilt sensors and automatic self-checking instruments in AWPs is revolutionizing the market. Manufacturers are continuously focusing on developing smart AWPs to decrease the risk of accidents and enhance the overall performance of the equipment.
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For instance, in August 2021, Toyota Material Handling Japan developed SEnS+ operator assist system that detects and distinguishes pedestrians and objects behind the forklifts and automatically controls the travelling speed and prevents the truck from moving backward.
Construction remains the most attractive end-use industry for AWPs. Rapidly growing population and urbanization are encouraging countries to develop both private and public infrastructure. As a result, demand for AWPs is projected to rise during the forecast period.
As per the report, boom lifts will continue to remain the most preferred products due to their versatility and flexible nature. Rising sales of boom lifts will create an incremental opportunity of US$ 2.5 Bn during the forecast period. These lifts can be used for diverse applications, ranging from utilities and construction to manufacturing and storage.
"Increasing investments towards the expansion of public and private infrastructure, especially across developing regions will create a plethora of opportunities for key market players. In order to increase their sales, AWP manufacturers are focusing on production of hybrid and electric systems," says the Fact.MR analyst.
Key Takeaways from Aerial Work Platforms Market Survey
Key Drivers
Key Restraints
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Competitive Landscape
Key companies operating in the aerial work platforms market are focusing on developing new AWPs with additional features. They have adopted various strategies such mergers, partnerships, establishment of new facilities, and integration of new technologies in systems to gain a competitive edge in the global market.
Some of the prominent players operating in the aerial work platforms market profiled by Fact.MR are:
More Insights on the Global Aerial Work Platforms Sales Outlook
Fact.MR provides an unbiased analysis of aerial work platforms market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for aerial work platforms with a detailed segmentation on the basis of:
Product
End Use Industries
Key Questions Covered in the Aerial Work Platforms Market Outlook Report
Explore Fact.MR's Coverage on the Industrial Goods Domain –
Forklift Work Platforms Market- Forklift work platforms are commonly used to elevate or lift personnel to accomplish a variety of tasks that must be completed at specified heights. Forklift work platforms give the utmost support required in accordance with safety requirements, resulting in high demand from a variety of industries. Forklift work platforms are desired for a variety of reasons, including safety and operational efficiency. This is one of the driving forces behind the increased demand for forklift work platforms. New technology developments are assisting providers in establishing a strong presence in the market for forklift work platforms.
Aerial Work Platform Truck Market- The construction sector has seen increased demand for aerial work platform trucks, and the worldwide aerial work platform truck market is expected to have increased demand in the near future due to increased new construction in developing nations. Increases in urban and rural infrastructure transformation projects are expected to fulfil the world's expanding population needs, resulting in robust market potential for aerial work platforms. Aerial work platform trucks are utilized in the maintenance and safety of aircraft, hence demand for aerial work platform trucks has come from the aviation sector.
Loading Platform Canopies Market- Loading Platform Canopies are metal structures with an overhead roof that protect railcar and truck loading and unloading activities from the elements. Product security is provided by loading platform canopies, which provide protection from harsh weather conditions when products are loaded and unloaded at loading terminals. Loading platform canopies are in high demand in areas where the weather is unpredictable. Rail and road transportation of goods is predicted to grow at a rapid pace as a result of rising economic demand and expanding rail and road network connectivity across developing nations, which will enhance the market for loading platform canopies.
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