Global Aerial Work Platform (AWP) Market is Estimated to Witness High Growth Owing to Increasing Construction Activities and the Growing Emphasis on Safety
The global Aerial Work Platform (AWP) market is estimated to be valued at USD 9.81 billion in 2022 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Aerial work platforms, also known as elevating work platforms, are mechanical devices used to provide temporary access to inaccessible areas or heights for various construction and maintenance activities. These platforms offer a safer alternative to ladders and scaffolding, reducing the risk of falls and ensuring greater efficiency. Aerial work platforms find applications in various industries such as construction, manufacturing, logistics, and entertainment.
B) Market Dynamics:
1. Driver: Increasing Construction Activities
The global construction industry is witnessing significant growth, driven by factors such as urbanization, infrastructure development, and commercial and residential construction projects. Aerial work platforms are essential equipment for various construction activities such as painting, maintenance, and installation. The demand for AWP is expected to surge due to the growing need for efficient and safe working conditions.
Example: The construction industry in emerging economies like China and India is experiencing rapid growth due to urbanization and increased government investment in infrastructure development.
2. Opportunity: Growing Emphasis on Safety
With the increasing focus on worker safety, companies are actively implementing strict regulations and guidelines to ensure safe working conditions. Aerial work platforms provide a safe and stable working platform, reducing the risk of falls and accidents. The growing awareness and implementation of safety regulations will boost the demand for AWP in various industries.
Example: The Occupational Safety and Health Administration (OSHA) in the United States mandates the use of aerial work platforms for activities performed at elevations greater than six feet.
C) Segment Analysis:
The Aerial Work Platform (AWP) Market can be segmented based on product type, power source, and end-use industry. A dominant sub-segment in the market is the scissor lifts, which are widely used for construction, maintenance, and installation tasks. Scissor lifts provide a stable and secure platform, making them suitable for working at heights.
Example: Scissor lifts are extensively used in the construction industry for painting exteriors of buildings and installation of windows.
D) PEST Analysis:
Political:
Government regulations and policies regarding worker safety and building codes influence the adoption and use of aerial work platforms in various countries.
Economic:
Economic growth, infrastructure development projects, and investment in construction activities impact the demand for aerial work platforms.
Social:
Growing awareness and emphasis on worker safety and welfare drive the adoption of aerial work platforms across industries.
Technological:
Advancements in technology, such as integration with IoT and telematics systems, enhance the safety and efficiency of aerial work platforms.
E) Key Takeaways:
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The global Aerial Work Platform (AWP) market is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period, due to increasing construction activities and the growing emphasis on safety. The demand for safer and efficient working conditions is driving the adoption of aerial work platforms in various industries.
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The Asia-Pacific region is expected to be the fastest-growing and dominating region in the AWP market, primarily due to rapid urbanization, infrastructure development, and government initiatives to attract foreign investments in the construction sector.
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Key players operating in the global Aerial Work Platform (AWP) market include Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co., Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd.