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Impact of Covid-19 Outbreak on Construction Lift Market

07.29.2020 · Posted in Writing and Speaking

Construction lifts market help in the speedy transport of workers and in the effortless conveyance of construction materials from one floor to another. These benefits of a construction lift help in smoothing the task and increasing the efficiency of workers. For example, construction lifts, such as mast climbers are in great demand owing to its advantages. Such advantages are triggering the global construction lift market growth. Currently, the increase in demand for residential and non-residential construction is likely to continue in the upcoming years. Old construction that require mending has created a great scope for infrastructural innovations. Governments, around the world, are making huge investments in building refurbishment and are passing stringent norms for the safety of the workers. These factors are anticipated to spur the construction lift market growth. Reduction in framework expenses and high sustainability of construction lifts are some other factors casting a positive impact on the market growth.

Market Research Future reports (MRFR) the global construction lift market growth is expected to witness a 7% CAGR during the forecasted period of 2017-2023.

Certain challenges which are predicted to bar the market proliferation are; availability of skilled labors, random price fluctuation of raw materials, and high maintenance costs of construction lifts. 

Segmental Analysis 

MRFR offers a detailed segmental analysis of the construction lifts market based on products, applications, and region.

Based on products, the construction lifts market study is segmented into construction hoists, material hoists, work platforms, and others.

Based on applications, the construction lifts market study is segmented into residential and non-residential. The non-residential segment is anticipated to grow at a rapid pace due to stable monetary circumstances, solid macroeconomic conditions and developments in the global economy which are resulting in great demand for office places. Owing to developmental projects in small and medium size enterprises (SMEs), the residential segment is likely to spur the market growth.

Based on region, the global construction lifts market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

Regional Analysis

North America is likely to dominate the global construction lift market in the forthcoming years. The US is anticipated to lead the market in the region. The country boasts advanced technologies that provide a wide manufacturing base for constructing lifts. This is prompting more investments for research and development activities in the region, thereby, propelling the regional market growth during the forecast period. 

MRFR asserts, Europe to have great potential for manufacturing construction lifts. The wide manufacturing base is likely to contribute to propel the construction lift market in this region.

According to MRFR, the construction lift market in the Asia Pacific region is expected to grow with the fastest pace. The rise in disposable income is boosting the construction industry. Also, increasing urbanization and industrialization in developing countries like India, Japan, and China is anticipated to fuel the market growth in this region.

 Key Players 

Crucial players in the global construction lift market listed by MRFR are Alimak Group AB (Sweden), Fraco Products Ltd (Canada), XL Industries (France), Maber (Nottingham), STROS(Czech Republic), Electroelsa SRL (Italy), GAOLI Engineering Machinery Co. Ltd (Jiangsu), GEDA USA, LLC (U.S.), Ningbo Hongda Elevator Co. Ltd. (China), KAISAB Company Ltd. (Saudi Arabia), KONE Corporation (Finland), GmbH, CABR Construction Machinery Technology Co, Ltd (China), De-Jong Hoists (Australia), and Electroelsa srl (Italy).

Industry Update

April 2019: Sandhills Global announced the launch of LiftsToday.com. It is an online market place that deals in new and used lifts, and lift equipment.

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