New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- Construction Lift Market Overview
The MRFR analysis reports suggest that the Construction Lift Market Information by Product, Region, and Application– Forecast to 2030, the global market for construction lifts is predicted to showcase considerable development over the assessment era from 2022 to 2030 at a healthy growth rate of approximately 7.10%. The reports further project the market to acquire around USD 3,363 million by the end of 2030.
Construction Lift Market Scope
the market has a broad range of construction lifts available today. The market is home to laser levels or construction lifts. The construction lift market has expanded immensely in recent years. The main parameter catalysing the development of the market is the rapidly growing construction activities across the globe. Furthermore, the swift rise in the global population is another prime parameter supporting the development of the global market.
Competitive Analysis
The leading participants across the global market for construction lifts includes players such as:
- Ningbo Hongda Elevator Co. Ltd. (China)
- Alimak Group AB (Sweden)
- Maber (Nottingham)
- KONE Corporation (Finland)
- GEDA USA, LLC (U.S.)
- Fraco Products Ltd (Canada)
- STROS(Czech Republic)
- KAISAB Company Ltd. (Saudi Arabia)
- GAOLI Engineering Machinery Co. Ltd (Jiangsu)
- XL Industries (France)
- Electroelsa SRL (Italy)
- Among others.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3,363 Million |
| CAGR | 7.10% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Demand for residential and non-residential constructions |
Market USP Covered
Market Drivers
The vital parameter catalyzing the expansion of the market is the rapidly growing construction activities across the globe. Furthermore, the swift rise in the global population is another prime parameter supporting the development of the global market. In addition, factors such as ongoing commercial and residential projects, changing consumer needs, the government's contribution, the rise of smart cities, and rising demand for efficient cities are also likely to positively impact the market's development over the coming years.
Market Restraints
However, several aspects may restrict the development of the market's performance. The field has several safety concerns associated with it, which is considered the primary challenge for the market's growth. In addition, some laser levels are predicted to release harmful rays, which can negatively impact health in the long run, particularly during the assessment era from 2022 to 2030.
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COVID-19 Impact
The global industrial activities and business operations experienced a major setback given to the rise of global health crisis in the form of COVID-19. Along with all the industry operations, the pandemic also affected public health nearly across 225 countries around the world. All of these situations led to the imposition of full or partial lockdowns across majority regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic, along with the halt on the majority of the industrial operations, the construction lifts market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the capacity ranges, the more than 6000 lbs segment is predicted to ensure the top spot across the global market for construction lifts over the assessment era. The reports by MRFR further predict that the segment will likely showcase the maximum growth rate over the review period.
The residential segment is predicted to lead the global construction lift market over the coming years based on the end-users.
Among all the business types, the new equipment sales segment is predicted to secure the top position across the global market for construction lifts over the coming years. On the other hand, the aftermarket sales segment is anticipated to display the highest expansion over the coming years.
Based on the construction types, the new construction segment is expected to lead the global market for construction lifts over the assessment era. At the same time, the renovation segment is anticipated to ensure maximum development over the coming years.
Among all the business types, the mid- & high-rise segment is ensured to secure the top place across the global market for construction lifts over the review period.
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Regional Analysis
The MRFR research document suggests that the Asian Pacific region is predicted to showcase the maximum growth rate across the global market for construction lifts during the assessment era from 2022 to 2030. The prime aspect supporting the development of the regional market is the increasing disposable incomes across the region. Furthermore, the rapidly growing construction sector across emerging economies is also considered one of the crucial parameters boosting regional market development. The region has experienced a massive rise in urbanization followed by the escalating degree of industrialization in the developing nations is also predicted to positively influence the growth of the regional market over the coming years.
The North American regional market for construction lifts is predicted to experience considerable development over the coming years. A massive manufacturing base for construction lifts is believed to be the major aspect supporting regional market development.
The construction lifts market for the European region is anticipated to showcase substantial development over the forecasted timeframe. The rapidly growing construction sector across the region is the main aspect causing a rise in the regional market's performance.
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