 AWP rental market growth |
A new research report by Global Market Insights estimates the aerial work platform (AWP) rental market will reach USD24 billion by 2024.
Increasing commercial and residential construction projects coupled with the rise in investments in public infrastructure worldwide are expected to support the AWP rental market over the forecast timeline. Government administrations in several emerging economies have renewed their focus on the development of urban infrastructure projects, such as airport developments and smart cities, owing to which the access platform rental market is witnessing a sharp increase in demand.
Moreover, growing safety concerns in workplaces following the surge in fatal injury rates is compelling various authorities to make more utilisation of this equipment.
Growing installation and maintenance activities for the upgrade of fire stations, street lights, transformers and power cables and other associated infrastructure will drive the mobile elevated work platform (MEWP) rental market growth, according to the analysis.
In addition, demand for this machinery is on the rise for providing temporary access to workers usually in elevated locations and inaccessible areas. In the heavy equipment industry, the rental model is a better alternative due to the frequently changing requirements. For instance, the type of access equipment needed for a particular task on a job site may change from day to day and, to address such requirements, renting is considered much more feasible for a contractor.
Factors such as predicting the demand in advance coupled with optimising the fleet utilisation pose significant challenges to the AWP rental market growth. Planning for equipment lifecycle management along with anticipating equipment repairs are among the other challenges faced by the industry players. Less focus on providing online as well as onsite training to workers operating this equipment is impacting the access platform rental market growth negatively. Certified training courses for efficient and safe operations must be provided by companies that deal with the equipment.
North America is anticipated to dominate the AWP rental market as a result of repair and maintenance of existing structures, and the rapid development of the construction industry in the region. Other major trends in the industry that are contributing significantly to the regional growth include strict adherence to human safety concerns by companies offering rental equipment. In addition, competition between leading players to offer enhanced after sales and maintenance services and certified training courses for the safe operation of access equipment is expected to propel the US access platform rental market.
The rental forecast has been prepared by Global Market Insights, a global market research and consulting service provider headquartered in Delaware.