The global forecast of the boom lift market is growing for the demand of constructions across the whole world. The government and the private sectors are investing in the big construction projects and for that boom lifts market is growing constantly. The boom lifts are widely used in the airports, shipyards, mining operation, road construction, etc.
The regions like Latin America, North America, Europe, Middle East, Africa & Asia - Pacific is experiencing a growth in boom lifts market. The countries like India, China, and Japan are the key contributors to the revenue growth of bloom lifts market.
Market Scope and Structure Analysis
Boom lifts are basically used to lift people and materials up into the air, it is mainly used in the construction areas of airports and high building because of their height factor. In modern market of construction boom lifts plays a key role, a type of boom lifts which is known as hybrid boom lifts are very fuel efficient which saves operational cost and causes less harm to the environment this encourages the key to adopt this kind of boom lifts technology.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down large number construction sites. This has hampered the growth of boom lifts market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of boom lifts in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for boom lifts was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for boom lifts.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Key players of boom lifts are expected to afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their service activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
Top Impacting Factors
The growth in the telecommunication and construction sector is main reason for the growth of boom lifts market. The rapid growth of the urbanization in the developing nations of Asia-Pacific is the driving factor for boom lifts market. The government of India is relaxing the restrictions for the foreign direct investment (FDI) which led to the foreign investment to get high and it is the driving factor for boom lifts market growth. In addition, the technology of boom lifts provides safe access for the working at a height, due to which the workforce is getting attracted to the construction job due to which the economic stabilization is taking place.
The biggest restraint of the boom lifts market is COVID-19, because of the pandemic the construction market is not growing faster, the workforce is not able to join the sites but in the recent times of 2021 the market is rising as the relaxation has been given for the reopening of the industries.
- Dual capacity boom is the new market trend for boom lifts and the need for electric and hybrid equipment are just two trends which is self-propelled in the boom sector.
- At ConExpo, Don Ahern, owner of Snorkel, told the market is facing a trend of using Artificial Intelligence in the boom lifts, and need a large boom lift hence 210ft (64m) platform height Snorkel 2100SJ was born
- More recently, at APEX Asia last year, Sinoboom launched the world’s largest articulating boom. At 46.3m platform height, the GTZZ46J just tops JLG’s 45.72m platform height 1500AJP
Key Benefits of the Report
- This study presents the analytical depiction of the boom lifts market with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the boom lifts market share.
- The current market is quantitatively analyzed to high boom lifts market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides details boom lifts market analysis based on competitive intensity and how the competition will take shape in coming years.
Boom Lifts Market Report Highlights
By Product Type
By Movement Type
By End User Industry
Key Market Players
Galmon (Singapore), Tadano Ltd., FURUKAWA UNIC CORPORATION,, Zoomlion Heavy Industry Science and Technology Co., Ltd, Kobelco Construction Machinery Co. Ltd., Altech Industries, Sany Heavy Industry Co. Ltd, KATO WORKS CO., LTD, Terex Corporation, XCMG Construction Machinery Co. Ltd