Generative AI in Healthcare Market Assessment, By Component [Solutions, Services], By Function [Virtual Nursing Assistants, Robot-Assisted AI Surgery, Administrative Process Optimization, Medical Imaging Analysis], By Application [Treatment, Diagnosis, Dr

Generative AI in Healthcare Market Assessment, By Component [Solutions, Services], By Function [Virtual Nursing Assistants, Robot-Assisted AI Surgery, Administrative Process Optimization, Medical Imaging Analysis], By Application [Treatment, Diagnosis, Drug Discovery and Development, Research], By End-user [Hospitals and Clinics, Healthcare Companies, Diagnostic Centers, Clinical Research, Others], By Region, Opportunities and Forecast, 2017-2031F

Global boom lifts market is projected to witness a CAGR of 7.07% during the forecast period 2024-2031, growing from USD 12.11 billion in 2023 to USD 20.92 billion in 2031. Rapid construction and landscaping projects due to urbanization fuel the adoption of machines that cater to a broader range of industries. Boom lifts are crucial construction and mining machines as they help in navigating places which are hard to reach. Boom lifts are essential for accessing elevated work areas safely during construction projects, making them indispensable in residential and commercial sectors. The ongoing investments in infrastructure development, especially in North America and Asia-Pacific, are significant contributors to market growth.

Electric and hybrid boom lifts have major attraction at the global level as they minimize pollution and save fuel consumption. Moreover, they are ideal for indoor operations as they are quieter and do not carry fumes. Usage of artificial intelligence is growing in boom lifts and their operations. It implies lifts that can support operators in working more safely and efficiently. For instance, AI can detect when to perform maintenance or even position the boom lift to avoid accidents. Newer boom lifts are made to have new features such as automatic stabilization to prevent the boom from shaking and sensors that inform it whether there are objects ahead. All these developments reduce accidents and protect the workers.

For instance, in March 2022, nLink AS launched a new boom lift robot with artificial intelligence. The first prototype of the Robolift project was finished last fall when nLink and access distribution company Hybeko installed it on a Genie S-80 J telescopic boom lift. Using additional techniques, Robolift has also shown that there are a few potential application areas that need a software update from nLink.

Construction and Logistics Activities Along with Technological Advancements Fuel Market Growth

Boom lifts play a vital role in getting to safe construction heights. It caters its services to residential or commercial construction. They substituted the old scaffold systems and, therefore, made it possible to complete more efficient jobs such as painting and electrical work. With many nations investing heavily in infrastructure, boom lifts are likely to be a significant aid for governments around the world, especially in North America and Asia-Pacific.

Online shopping has extended to a great degree and needs an effective method of dealing with heavyweight products. Boom lifts prove helpful in moving all products safely and efficiently as the chances of workers’ injury become dim and productivity increases. Boom lifts with artificial intelligence can further ensure the safety and efficiency of operations as it would help the operators manage the boom lift better. Hybrid and electric boom lifts are being popularized nowadays due to their efficiency in saving fuels and hence are environmentally friendly. These models help companies cut down costs and achieve their sustainability goals.

For instance, in May 2024, Skyjack Inc., a Linamar Corporation, launched a new electric boom range. Many of the design elements that end-users have come to anticipate from Skyjack included new SJ45 AJE + and SJ60 AJE + models, which are appropriate for both indoor and outdoor use and come in 51 feet (15.7-meter) and 66 feet (20.1-meter) operating heights.

Rental Market is Likely to Fuel Market Growth

Construction machinery equipment is fueled by the advent of the rental market. Many firms end up renting boom lifts rather than purchasing them for better ROI. The reason is that most enterprises demand only the best equipment, which usually has immense upfront costs for a purchase. Projects often require specialized equipment for short periods. In such cases, rental companies may offer immense benefits, such as leasing a wide range of boom lifts, from type to size. This variety allows companies to pick the right lift for their operations, be it construction, maintenance, or logistics without a need for a particular type of lift.

Given that construction is taking place at an alarming rate worldwide, especially in cities characterized by skyscrapers, the boom lifts required will be paramount. Rental companies can easily fulfill this requirement by coming up with the relevant boom lifts without further delay. Renting companies expand their business across regions, eventually increasing the demand for boom lifts and other construction machinery. These rental companies also end up acquiring aerial equipment brands.

For instance, in June 2024, Herc Holdings Inc., an equipment rental company, expanded with its new facility at Fort Mayers, Florida, United States. The company rents out different types of boom lifts. As construction projects across Southwest Florida continued, Herc Rentals needed to expand to meet the demand for its equipment. Furthermore, in February 2024, the company also acquired Aerial Work Platforms Inc. (AWP). Scissor lifts, boom lifts, telehandlers, and forklifts are among the aerial lift equipment that AWP specializes in renting, servicing, and selling.

Higher Accessibility and Higher Durability to Make Non-electric the Dominating Segment

Based on the power source, the non-electric segment leads the market share. Fuel and other oil derivatives enabling the use of engine-driven boom lifts even in regions and areas where electric power sources may not be available. This allows for their use in many industries, such as construction and logistics. There is an evident preference for engine-powered boom lifts driven by the outdoor applications of diesel gears.

Boom lifts are built to carry heavy loads and work under harsh conditions, making them suitable for construction sites, mining sites, and other rough terrains. Their capacity to operate favorably under extreme conditions increases their market share. Boom lifts with engines-type propulsion deliver exceptional performance, durability, and adaptability. They can work in taller buildings and lift heavier objects than electric versions, which makes them used in different fields. This dependability on the performance of this equipment is another factor increasing the contract of tenders for these machines.

For instance, in November 2023, J.C. Bamford Excavators Limited (JCB) launched a T 65D-powered telescopic boom platform in India. Higher reliability, efficiency, comfort, and above all safety requirements are provided by the machine. The machine is produced in JCB's cutting-edge Jaipur facility.

Asia-Pacific Holds the Major Boom Lifts Market Share

Based on regions, Asia-Pacific leads the market share in terms of revenue. The rising construction with higher economic activities and projects are anticipated to fuel the regional growth in the market. The development of new metro cities, rapid urbanization, and the production of innovative machinery by local companies are likely to propel the expansion of the boom lift market. APAC is experiencing a surge in construction and infrastructure projects, particularly in countries such as China and India.

This includes residential, commercial, and public infrastructure developments, which directly increase the demand for boom lifts as essential equipment for reaching elevated work areas. The APAC market is seeing advancements in boom lift technology, including electric and hybrid models that offer better fuel efficiency and lower emissions. These innovations make boom lifts more attractive to environmentally conscious businesses.

For instance, in May 2024, a Chinese company, Zhejiang Dingli Machinery Co., Ltd., launched T-series articulated boom lifts with a modular design. With all diesel, electric, and hybrid vehicles being created on the same platform and 85% of parts being similar, the new T-series has a modular architecture that lowers prices for consumers. This new T-series has a maximum gradeability of 45%. Four steering styles are available on the chassis with large U-turn, crab steering, and front and rear wheel steering. These distinct modes can be modified to accommodate different work locations for increased flexibility.

Future Market Scenario (2024 – 2031F)

There is a growing demand for electric and hybrid boom lifts due to their lower emissions and fuel efficiency. These models are becoming increasingly popular in urban areas.

The incorporation of artificial intelligence (AI) is expected to enhance operational efficiency and safety.

New boom lifts are being equipped with improved safety features such as automated stabilization systems, collision detection, and real-time monitoring.

Key Players Landscape and Outlook

The global boom lift market is characterized by strategic maneuvers aimed at enhancing competitive advantage and market share. Major companies are heavily investing in research and development to innovate and improve product offerings, particularly focusing on hybrid and electric models that cater to the growing demand for environmentally friendly solutions. These players are pursuing collaborative strategies with local manufacturers to strengthen their regional presence and adapt to specific market needs. The competitive landscape is further shaped by mergers and acquisitions, allowing companies to expand their portfolios and enter new markets. Additionally, the ongoing recovery from pandemic-induced disruptions has prompted firms to optimize their supply chains and workforce management, addressing the skilled labor shortage that poses a challenge to operational efficiency.

For instance, in April 2023, Xuzhou Construction Machinery Group Co., Ltd. (XCMG) launched a 60 feet hybrid XGA20H articulated boom lift. A two-section telescopic boom and a 1.85-meter jib with 135 degrees of flexibility than a classic sigma type dual riser for a maximum working height of 20.18 meters. With an unrestricted platform capacity of 320 kilograms and an up-and-over height of 8.47 meters, the maximum outreach is 11.14 meters.