Market Insights 2024: Global Lattice and Telescopic Boom Size, Growth Rate, and Segment Trends

Global lattice and telescopic boom market size is expected to reach $2.22 billion by 2028 at a rate of 4.1%.

Aug 22, 2024 - 20:08

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Market Insights 2024: Global Lattice and Telescopic Boom Size, Growth Rate, and Segment Trends

The lattice and telescopic boom global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Lattice And Telescopic Boom Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The lattice and telescopic boom market size has grown steadily in recent years. It will grow from $1.82 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 4%. The growth in the historic period can be attributed to increasing urbanization, rise in infrastructure development projects, growth in renewable energy projects, increasing investment in mining and extraction industries, growth in the oil and gas sector.

The lattice and telescopic boom market size is expected to see steady growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to growth in the shipbuilding and marine industries, increasing emphasis on workplace safety and efficiency, growth in the logistics and warehousing sectors, rising rents of heavy equipment, increasing governmental spending on public infrastructure. Major trends in the forecast period include adoption of lightweight materials, advancements in sensor technology for real time monitoring, development of autonomous functionalities, implementation of remote operation capabilities, adoption of electric and hybrid power systems.

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Scope Of Lattice And Telescopic Boom Market

The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Lattice And Telescopic Boom Market Overview

Market Drivers -
The growing demand for construction is expected to propel the growth of the lattice and telescopic boom market going forward. The construction industry encompasses a wide range of activities related to infrastructure design, building, and maintenance. It includes both the creation of new structures and the renovation, repair, and demolition of existing ones. Lattice and telescopic boom support the construction industry by providing extended reach, operational versatility, and effective maneuverability in challenging job site environments. For instance, in November 2023, according to the Office for National Statistics (ONS), a UK-based non-ministerial department, annual new construction orders surged by 11.4% in 2022 compared to 2021, marking a historic peak of £80.837 billion ($102.16 billion). Moreover, there was a rise driven by signing in private infrastructure, private commercial projects, and other public non-housing sectors, which experienced growth rates of 85.1%, 10.2%, and 17.5%, respectively. Therefore, the growing demand for construction will drive the lattice and telescopic boom market.

Market Trends -
Major companies operating in the lattice and telescopic boom market are developing self-leveling boom lift technology to enhance flexibility, extend reach, and improve efficiency across various construction and industrial uses. Self-leveling boom lift technology refers to an advanced feature in boom lifts (also known as aerial work platforms or cherry pickers) that automatically keeps the work platform level regardless of the boom's position or the terrain on which the machine operates. For instance, in November 2022, JLG Industries Inc., a US-based manufacturing company, launched the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts. The JLG 670SJ Self-Levelling Boom Lift is a diesel-powered telescopic boom lift designed for construction, maintenance, and industrial applications. This system automatically adjusts the position of the platform to maintain a level working surface, even when operating on uneven terrain. This offers advanced safety and productivity features to help operators work more efficiently. The system uses sensors to detect changes in the boom's angle and adjust the platform's position accordingly. These sensors are located at the boom's base and send a signal to the lift's hydraulic system.

The lattice and telescopic boom market covered in this report is segmented –
1) By Mobile Cranes: Lattice And Telescopic Boom, Crawler, Rough Terrain, All Terrain, Truck Loader
2) By Fixed Cranes: Industrial, Tower, Ship To Shore
3) By Operation: Hydraulic, Electric

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Regional Insights -
Asia-Pacific was the largest region in the lattice and telescopic boom market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the lattice and telescopic boom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the lattice and telescopic boom market are Kobleco Kobe Steel, The Liebherr Group, Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Terex Corporation, Mammoet, The Manitowoc Company Inc., Palfinger AG, Tadano Ltd., Sarens n.v./s.a, Kato Works Co. Ltd., Link-Belt Cranes, Manitex International Inc., Favelle Favco Berhad, SANY Group, Lampson International LLC, Jekko s.r.l., XCMG Group, Sennebogen Maschinenfabrik GmbH, Cormach Srl

Table of Contents
1. Executive Summary
2. Lattice And Telescopic Boom Market Report Structure
3. Lattice And Telescopic Boom Market Trends And Strategies
4. Lattice And Telescopic Boom Market – Macro Economic Scenario
5. Lattice And Telescopic Boom Market Size And Growth
…..
27. Lattice And Telescopic Boom Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix