What Has Been The Evolution of the Lattice And Telescopic Boom Market in Recent Years?
The lattice and telescopic boom market has seen considerable growth due to a variety of factors.
• The lattice and telescopic boom market has seen steady growth in recent years. It is expected to rise from $1.89 billion in 2024 to $1.97 billion in 2025, growing at a CAGR of 4.4%.
This growth is due to factors such as increasing urbanization, rising infrastructure development projects, growth in renewable energy ventures, more investment in mining and extraction, and the expansion of the oil and gas sector.
What Is the Forecasted Market Size and Growth Rate for The Lattice And Telescopic Boom Market Size In The Coming Years?
The lattice and telescopic boom market is expected to maintain its strong growth trajectory in upcoming years.
• The lattice and telescopic boom market is anticipated to grow to $2.31 billion by 2029, at a CAGR of 4.0%.
The growth will be driven by the expansion of the shipbuilding and marine industries, heightened workplace safety, increased logistics and warehousing demand, rising rental costs of heavy equipment, and greater government spending on public infrastructure. Trends include the use of lightweight materials, advanced sensor technology for real-time monitoring, autonomous features, remote operation capabilities, and the adoption of electric and hybrid power systems.
What Factors Are Driving Growth In The Lattice And Telescopic Boom Market?
The growing demand for construction is expected to stimulate the lattice and telescopic boom market. With infrastructure projects on the rise, lattice and telescopic booms are essential for providing reach and versatility on construction sites. In November 2023, the UK's Office for National Statistics reported an 11.4% increase in construction orders in 2022, signaling a surge in demand for these machines.
What Are The Main Segments Of The Global Lattice And Telescopic Boom Market?
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
Subsegments:
1) By Lattice and Telescopic Boom: Lattice Boom Cranes, Telescopic Boom Cranes, Hybrid Boom Cranes
2) By Crawler: Crawler Crane with Lattice Boom, Crawler Crane with Telescopic Boom, All-Terrain Crawler Cranes
3) By Rough Terrain: Rough Terrain Cranes with Telescopic Boom, Rough Terrain Cranes with Lattice Boom
4) By All-Terrain: All-Terrain Cranes with Telescopic Boom, All-Terrain Cranes with Lattice Boom, Multi-Purpose All-Terrain Cranes
5) By Truck Loader: Truck-Mounted Cranes with Telescopic Boom, Truck-Mounted Cranes with Lattice Boom, Articulating Truck Loader Cranes
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What Trends Are Reshaping The Future Of The Lattice And Telescopic Boom Market?
Leading firms in the lattice and telescopic boom sector are innovating with self-leveling boom lift technologies to boost flexibility, increase reach, and optimise efficiency for diverse construction and industrial tasks. The said technology pertains to a high-end feature in boom lifts, also known as aerial work platforms or cherry pickers, which autonomously maintains platform levels, irrespective of the varying boom positions or operating terrains. For example, JLG Industries Inc., a manufacturer based in the US, introduced the JLG 670SJ self-leveling boom lift technique for telescopic boom forklifts in November 2022. Constructed for construction, maintenance, and industrial applications, the JLG 670SJ Self-Leveling Boom Lift is a diesel-sourced telescopic boom lift. It auto-corrects the platform’s position to maintain a flat work surface, even on uneven grounds. The system, which contributes to improved safety and productivity, helps the operators perform tasks with greater efficiency. Employing sensors to identify alterations in the boom's angle, the system adjusts the platform’s position. Located at the boom's base, these sensors transmit signals to the lift's hydraulic system.
Who Are the Key Players In The Lattice And Telescopic Boom Market?
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
What Is The Most Dominant Region In The Lattice And Telescopic Boom Market?
Asia-Pacific was the largest region in the lattice and telescopic boom market in 2024, 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.
