The global aerial work platforms (AWP) market is set to observe massive growth over the forthcoming years owing to the rising need for aerial work platforms across the telecom industry. These platforms are extensively used for electrical line repair, transformer, and telephone wire maintenance activities.
Additionally, apart from the telecom sector, the robustly expansion the construction industry is witnessing across the world is also likely to complement market growth through the forthcoming timeframe.
On that note, a new research report, estimates global aerial work platforms market size is likely to surpass $18 billion through 2026.
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Considering the product segment, the rising need for vertical mast lifts throughout several industry avenues like public buildings, retail centers, and airports are proliferating their demand in the industry. Vertical mast lifts are typically used at these locations for maintenance works.
The vertical mast lifts are also witnessing a rising demand from other maintenance sectors for duct repair, shelving, as well as managing assembly lines, due to their compact size and high portability when compared to other AWP models.
Meanwhile, growing usage of access platforms of height above 25m for industrial applications and outdoor construction is empowering the need for AWP products. AWPs with height more than 25 meters are equipped with a flat telescopic boom to conduct heavy lifting operations in tough conditions.
In addition, the growing prevalence of tight turning radius AWPs along with zero tail swing characteristic to have better maneuverability is generating new industry opportunities. Furthermore, key manufacturers like Aichi Corporation and Genie are providing aerial lift with more than 25 meters height empowered by electric and diesel engines, creating a sophisticated portfolio that can meet different customer requirements.
The construction of new power plants is likely to pave the way for massive deployments of aerial lifts over the coming years. Growing powerplant management projects are fueling the overall demand for aerial platforms across the globe.
Furthermore, the AWP industry is also being propelled by rising government initiatives to develop nuclear powerplants. Access platforms are also being used for indoor powerplant maintenance and installation activities that include pneumatic and electronic machines installed for power generation. Apart from their use in powerplants, the insulated aerial lifts are also being utilized to install and maintain electric-powered transmission grids.
On the regional front, the North America AWP industry is slated to expand exponentially over the coming years due to rising residential and commercial construction projects. Newer investments by government authorities in urban residential buildings are creating a positive outlook towards industry growth in the region.
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Furthermore, the rapidly emerging IT and telecom industries across North America are majorly driving the adoption of access platforms in the region to conduct frequent maintenance operations. Meanwhile, the AWP market is also witnessing significant growth in the Asia Pacific owing to the enhanced flexibility and low cost of the equipment across countries like South Korea, China, India, and Japan.
Some of the key players increasingly contributing to the global share of the AWP market are Zoomlion Heavy Industry Science and Technology Co. Ltd., Zhejiang Dingli, Aichi Corporation, Terex Corporation (Genie), Manitou Group, and JLG Industries among others.