According to the latest market study released by Technavio, the global construction lifts market is expected to grow at a CAGR of more than 7% during the forecast period.
“Lifts are essential equipment for the transportation of laborers, equipment, and material in construction activities. They are important and necessary equipment as they enable lifting of workers and materials in an efficient manner. The number of lifts is based on the height of the building and the construction sequence. Thus, the construction of new skyscrapers will have a direct impact on the construction lifts industry,” says Likhitha Bandla, a lead analyst at Technavio for construction research.
The market research analysis categorizes the global construction lifts market into three major product segments. They are:
• Construction hoists
• Material hoists
• Work platforms
• Global construction lifts market by construction hoists segment
The construction hoist segment is the largest segment of the global construction lifts market accounting for a value of USD 510 million in 2016. The strong demand for construction hoists is firmly identified with repeating fluctuations in the construction industry. Also, the segment is expected to be driven by strong demand in maintenance and repair works, which develop with the volume and maturing age of buildings. The global trend of constructing high-rise buildings is also likely to drive the growth of the segment.
Global Construction Lifts Market by Material Hoists Segment
The strong demand for material hoists is firmly identified with the global trend of construction of high-rise buildings. Material hoists are suitable only for the vertical transportation of equipment and material on construction sites. They offer extra capacities than conventional construction lifts. The material hoists are assembled with similar fundamental components such as mast, drive units, and cabs. They work mostly on rack-and-pinion technology. The strong demand for material hoists is firmly identified with the global trend of construction of high-rise buildings.
Global Construction Lifts Market by Work Platforms Segment
The work platform is the smallest segment in the global construction lifts market, contributing around 17% of the entire market in 2016. Work platforms offer stable and safe workspaces for construction workers when working at a range of heights. In this type of equipment, the work platform is mounted on either one or two mast structures.
“They are preferred over traditional scaffolding systems as they are quicker to assemble and their height can be adjusted. The demand for work platforms in the maintenance and repair activities is expected to be driven by stringent regulations imposed in developed economies,” says Likhitha.
The top vendors highlighted by Technavio's market research analysts in this report are:
• Fraco Products
• XL Industries