Boom Lifts Market Set for 18.22% CAGR to 2021

2021 Boom Lifts market Research Report is the new Manufacturing & Construction report now available with ReportsnReports.com. The report covers the market landscape and its growth prospects over the coming years.

October 9, 2017 /MarketersMedia/ —

The titled “Global Boom Lifts Market 2017-2021″ added by research report offers an in-depth analysis of the boom lifts market. One trend in the boom lifts market is integration of IoT. The prime focus of construction or aerial work platform manufacturers has always been hardware. Internet of Things (IoT) is slowly being adopted in this sector as well. The Industrial Internet of Things (IIoT) is gradually shifting focus toward data, analytics, and software. Human interaction is slowly being replaced by communication and integration between machines.

Browse Boom Lifts Market report with 33 Exhibits, Top 16 Companies Profile, Spread across 73 pages available @ http://www.reportsnreports.com/reports/1204896-global-boom-lifts-market-2017-2021.html .

Global boom lifts market to grow at 18.22% CAGR during 2017-2021. According to the boom lifts market report, one driver in the market is rising construction of high-rises. The rate of urbanization in recent times has been ascending. Thus, it is expected that cities will utilize the land to their maximum by building high-rises or sky scrapers. As more people shift from rural areas to urban surroundings, the land is becoming scarce. This problem can only be addressed by the construction of high-rise buildings. Developing nations are setting new limits every day in the construction of new high-rises. Boom lifts have gained immense popularity in the construction of high-rise buildings due to their compact nature and ease of handling and accessibility.

Boom lifts belong to the aerial work platform market. An aerial work platform is a mechanical device that provides access to people or equipment to elevated areas that are usually inaccessible. They are generally used for temporary access for maintenance and construction work by mechanics or firefighters. This distinguishes them from permanent access equipment, such as elevators. They are designed to lift a limited range of weight, usually less than a ton, unlike many cranes. Some aerial work platforms have a higher safe working load (SWL) and can lift heavier weights.

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Top players in the global boom lifts market are AICHI, Altec Industries, HAULOTTE GROUP, Tadano, and Terex. Other Prominent Vendors in the market are: ASPAC Group, Elliott Equipment Company, JLG Industries (Oshkosh), Manitex International, MEC, XCMG Group, Niftylift, Skyjack, Dinolift, TEUPEN, and Snorkel.

Further, the report states that one challenge in the boom lifts market is volatility in steel prices. The widely and most used raw material in the manufacture of boom lifts is steel. Raw materials and other varied supplies for manufacturing boom lifts are readily available from a host of competing suppliers. During 2011-2016, steel prices were low due to the oversupply in China. Cheap metal inputs also invaded the market during that period. All these factors allowed manufacturers to offer products at competitive prices to consumers while still being in profit.

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Release ID: 247348