March 1, 2024

The Aerial Work Platform (AWP) Market Is Expected To Be Propelled By Growing Construction Industry

The aerial work platform, commonly known as AWP, is a mechanical device used to provide temporary access for people or equipment to inaccessible areas, usually at height. AWPs are commonly used in construction, ship building, wind turbine and infrastructure maintenance. Aerial work platforms include boom lifts, scissor lifts, vertical mast lifts and personnel portable lifts. Boom lifts, also known as cherry pickers, include telescopic and articulating arm equipment used for maintenance, construction and window cleaning work. Scissor lifts use a scissor-like mechanism to raise a working platform. Vertical mast lifts are similar to scissor lifts but use a vertical mast instead of scissors to lift the platform. Personnel portable lifts include vertical portable lifts and vehicle-mounted portable lifts that are highly maneuverable and easy to transport.

The global aerial work platform market is estimated to be valued at US$ 40.95 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

The growing construction industry around the world is driving demand for aerial platforms for building construction and maintenance activities. Increasing investments in infrastructure projects such as roads, bridges, railway lines and power transmission lines are also propelling the aerial work platform market.

Market Dynamics:

Growing Construction Industry- As mentioned in the heading, one of the key drivers of the Aerial Work Platform Market Scope is the steady of the global construction industry. According to research, the global construction output is expected to grow by 85% to over $15.5 trillion by 2030. The demand for aerial platforms from construction sites for activities such as insulation, cladding, glazing and window cleaning is growing consistently which is boosting the AWP market.

Focus on Infrastructure Development- Many countries are investing heavily in developing transport, energy and social infrastructure to boost long-term economic growth. For instance, the U.S government has earmarked $1 trillion under the Infrastructure Investment and Jobs Act 2021 towards modernizing infrastructure over the next five years. Increasing infrastructure development worldwide has led to rise in demand for maintenance equipment such as aerial platforms for inspection, refurbishment and upgrades of transportation systems, bridges, buildings and utility networks. This is expected to drive the aerial work platform market during the forecast period.

Segment Analysis
The aerial work platform (AWP) market includes four key segments – boom lifts, scissor lifts, vertical mast lifts and personnel portable lifts. Among these, boom lifts segment accounts for over 40% share and is the dominant segment. Boom lifts provide stable and elevated work platforms for tasks at height through extendable articulating or telescoping booms. Their versatility and ability to access difficult areas make them preferable for various construction, maintenance and repair activities.

PEST Analysis
Political
: AWP market is positively impacted by stringent workplace safety regulations in major economies that mandate the use of elevated work platforms for tasks at height.

Economic: Growth in infrastructure development, construction industry and investment in warehouse upgrades and facility management is driving demand for aerial lifts.

Social: Rising awareness about workplace safety and prevention of fall hazards is boosting adoption of powered access equipment over conventional unsafe methods.

Technological: Equipment manufacturers are focusing on technology enhancements like electro-hydraulic controls, stability features, remote monitoring and diagnostic systems to improve safety, efficiency and productivity.

Key Takeaways
The global aerial work platform (AWP) market is expected to witness high growth over the forecast period of 2023 to 2030. The global aerial work platform market is estimated to be valued at US$ 40.95 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030.

Regional analysis
North America is currently the largest and fastest growing regional market for AWPs. Stringent workplace safety norms and early adoption of powered access equipment in construction and industrial applications are driving sales. Europe and Asia Pacific are other major regions with significant growth potential.

Key players
Key players operating in the aerial work platform (AWP) market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Major players are focusing on product innovation, automation and aftermarket service & support to strengthen market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it