The Business Research Company has updated its global market reports with the latest data for 2024, providing projections through 2033.
Market Size and Growth:
The boom lifts market has shown robust growth, increasing from $11.03 billion in 2023 to $11.89 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%. This growth is driven by factors such as construction and infrastructure development, maintenance and repair operations, demand from the film and entertainment industry, urbanization trends, and warehouse and distribution center operations.
Looking ahead, the boom lifts market is expected to continue its strong growth, reaching $15.85 billion by 2028, with a CAGR of 7.4%. This future growth is attributed to the expansion of renewable energy projects, telecommunication network upgrades, a focus on workplace safety, the growth of e-commerce and logistics, and smart city initiatives.
Trends and Innovations:
Key trends in the forecast period include the development of all-terrain boom lifts, adoption of hybrid power systems, enhanced outreach and working heights, the implementation of lithium-ion battery technology, and a focus on operator comfort and ergonomics.
Lift & Access is part of the Catalyst Communications Network publication family.
