by Aerial work platforms (AWPs), also known as aerial lifts or bucket trucks, are mechanized elevated platforms that are used for temporary access for work positioned at elevation. AWPs assist in the construction, maintenance, repairing, cleaning and other related industrial activities at heights that are not reachable from ground level. They eliminate the need for unsafe and inefficient climbing of ladders or scaffolding and provide quicker and safer access to work areas at elevated heights.
The global Aerial Work Platform (AWP) Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in infrastructure projects, especially in developing nations, has been a major driver for the growth of the AWP market over the years. The increasing spending on infrastructure projects like roads, bridges, tunnels, airports etc fuels the demand for heavy construction equipment and machinery including aerial work platforms. AWPs are an important part of construction activities conducted at heights. They allow efficient and safe execution of tasks like cleaning, repairing and construction work at elevated structures and buildings. Development of new infrastructure as well as modernization and expansion of existing infrastructure in developing economies is expected to propel the demand for AWPs during the forecast period.
SWOT Analysis
Strength: AWPs provide a safe, effective and efficient means of accessing elevated work areas and performing tasks at height. They allow workers to complete tasks faster compared to ladders or scaffolding.
Weakness: AWPs can be heavy and bulky, making them difficult to transport over long distances. Additionally, operating and maintaining AWPs requires special training and certification which increases costs.
Opportunity: Growing construction industry worldwide is leading to higher demand for rental and sales of AWPs. Rapid infrastructure development projects in emerging economies provide new opportunities.
Threats: Stringent safety regulations and certifications increase compliance costs. Introduction of new technologies like drone-based inspection poses threat to replace certain applications of conventional AWPs.
Key Takeaways
The Global Aerial Work Platform (AWP) Market Size is expected to witness high growth in the forecast period of 2023 to 2030. The global Aerial Work Platform (AWP) Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to strong presence of key players and rapid infrastructure growth in the US and Canada. Europe is another major regional market supported by stringent workplace safety regulations. The Asia Pacific region is projected to be the fastest growing market for AWPs during the forecast period. This can be attributed to ongoing massive infrastructure development programs in countries such as China, India as well as construction of new smart cities. Countries in Western Europe and North America are major revenue generators currently due to high equipment replacement demand and stringent workplace safety compliance.
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. They are focusing on new product launches catering to emerging applications as well as expanding rental fleet sizes to tap growth in infrastructure projects worldwide.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
