Global Scaffolding Market to witness a disruption driven by COVID 19 | Market Size, Share, Growth, Analysis, Trends, Future Industry Analysis
Global Scaffolding Market by Type (Supported Scaffolding, Suspended Scaffolding and Rolling Scaffolding), By Material (Steel, Aluminum, Wood and Others), By Application (Construction Industry, Electrical Maintenance, Temporary Stage, Others) by Region (North America, Europe, Asia Pacific and Rest of World) – Global Forecast to 2023.
Pune, India – June 4, 2020 /MarketersMedia/ —
As per the report published by Market Research Future (MRFR), the global market is slated to acquire a substantial market valuation at a moderate 5.14% CAGR over the review period.
Drivers and Restraints
The scaffolding market is driven by numerous factors such as increasing construction FDI in the Asia Pacific region, and policy reforms and policies that support them. Governments across all regions are observed, their construction sector supported, and created. The emerging economies are the ones that put in various reforms and regulations in particular to fuel their infrastructure growth and the real estate market. Such expansion is slated to increase scaffolding’s market growth. The scaffolding market has constraints such as fluctuating prices of raw materials and slower economic growth, which hinder market development.
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Segmental Analysis
The Global Scaffolding Market is segmented by form as suspended scaffolding, scaffolding sponsored, and scaffolding rolling. The sponsored category of scaffolding accounted for the largest market share of about 68.81 percent in 2016, with a market value higher than USD 9.700 million. Over the forecast period it is projected to grow at the highest CAGR. The scaffolding market is segmented according to type as aluminum , steel, wood and others. The steel segment accounted for the largest market share of approximately 46.28 percent in 2016, with a market value greater than USD 6.500 million, projected to grow at the highest CAGR over the forecast period. The global scaffolding market was segmented, based on the application, as the construction industry, electrical maintenance, temporary stage, and others. Construction Industry accounted for the largest market share of approximately 67.65 per cent in 2016, with a market value of over USD 9.5 million. During the forecast period it is projected to grow at the highest CAGR.
Regional Analysis
Global market geographic analysis was carried out in four major regions, namely North America , Europe Asia Pacific, and the rest of the world (including Latin America and the Middle East and Africa).
Construction was expected to witness growth in North America after an extended period of stagnation. This has been the most pronounced in the residential sector, where the demand for new home construction has been curbed by household deleveraging, sluggish labor markets and flat hourly wages. North America is expected to see steady growth in the construction industry, which will, in addition, affect scaffolding market growth.
Asia Pacific is expected to continue to account for the global scaffolding industry’s largest market share, as it includes large markets in China, India , and Japan. On the other hand, the pace of growth will be slower given China’s construction industry ‘s relative sluggishness, whose development will be undermined by the glut of new residential properties. As As Asian economies continue to industrialize and urbanise, the global scaffolding market is likely to grow at a faster pace than the world’s GDP over the forecast period due to growth in the global construction industry. The scaffolding market in Latin and the Middle East and Africa are also slated to witness gradual growth over the foreseeable future, due to the constant economic growth along with the rapid urbanization in these regions.
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