Lattice And Telescopic Boom Forecast Report – Designed for Decision Makers and Product Teams
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#What Is the Growth Rate of the Lattice And Telescopic Boom Market?#_x000D_
The market size for lattice and telescopic boom has seen a consistent surge in recent times, with a projection to expand from $1.89 billion in 2024 to around $1.97 billion in 2025, boasting a compound annual growth rate (CAGR) of 4.4%. This upswing during the historical phase is linked to an escalation in urbanization, surge in infrastructure development endeavors, an increase in renewable energy projects, as well as an upswing in investments in the mining and extraction industries, paired with growth in the oil and gas domain._x000D_
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#What Growth Rate Is Forecasted for the Lattice And Telescopic Boom Market by 2029?#_x000D_
Steady expansion is predicted for the lattice and telescopic boom market size in the coming years, increasing to $2.31 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%. This projected growth during the forecasted period is due to the resurgence in the shipbuilding and marine sectors, an increasing focus on safety and efficiency in the workplace, the expansion of the logistics and warehousing sectors, increased heavy equipment rental rates, and heightened public infrastructure expenditure from government. Key trends anticipated during this forecast period encompass the incorporation of lightweight materials, advancements in sensor technology enabling real-time surveillance, the evolution of autonomous features, the establishment of remote operational capabilities, and the switch to electric and hybrid power systems._x000D_
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#Which Key Companies Are Shaping the Future of the Lattice And Telescopic Boom Market?#_x000D_
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 _x000D_
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#Which Factors Are Driving Demand in the Lattice And Telescopic Boom Industry?#_x000D_
Advancements in the construction sector are anticipated to fuel the expansion of the lattice and telescopic boom market. The construction sector comprises various tasks associated with the design, construction, and upkeep of infrastructure. This sector also accounts for the construction of new structures as well as the renovation, destruction, and repair of pre-existing infrastructures. Lattice and telescopic booms contribute to the construction sector by ensuring extended reach, operational flexibility, and efficient mobility in complex work-site scenarios. For example, the UK-based Office for National Statistics (ONS) reported in November 2023 that annual new construction orders witnessed a growth of 11.4% in 2022, relative to 2021, reaching an unprecedented high of £80.837 billion ($102.16 billion). There was also an increase driven by the signing in private infrastructure, private commercial projects, and other public non-housing sectors, which noted growth rates of 85.1%, 10.2%, and 17.5%, respectively. Consequently, the escalating demand in the construction sector is set to boost the lattice and telescopic boom market._x000D_
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#How Is the Lattice And Telescopic Boom Market Segmented by Several Divisions?#_x000D_
The lattice and telescopic boom market covered in this report is segmented – _x000D_
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1) By Mobile Cranes: Lattice And Telescopic Boom, Crawler, Rough Terrain, All Terrain, Truck Loader_x000D_
2) By Fixed Cranes: Industrial, Tower, Ship To Shore_x000D_
3) By Operation: Hydraulic, Electric_x000D_
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Subsegments:_x000D_
1) By Lattice and Telescopic Boom: Lattice Boom Cranes, Telescopic Boom Cranes, Hybrid Boom Cranes _x000D_
2) By Crawler: Crawler Crane with Lattice Boom, Crawler Crane with Telescopic Boom, All-Terrain Crawler Cranes _x000D_
3) By Rough Terrain: Rough Terrain Cranes with Telescopic Boom, Rough Terrain Cranes with Lattice Boom _x000D_
4) By All-Terrain: All-Terrain Cranes with Telescopic Boom, All-Terrain Cranes with Lattice Boom, Multi-Purpose All-Terrain Cranes _x000D_
5) By Truck Loader: Truck-Mounted Cranes with Telescopic Boom, Truck-Mounted Cranes with Lattice Boom, Articulating Truck Loader Cranes _x000D_
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#What are the Emerging Market Trends Driving the Growth of the Lattice And Telescopic Boom Industry?#_x000D_
Leading businesses in the lattice and telescopic boom market are innovating with the introduction of self-leveling boom lift technology, aiming to boost flexibility, extend reach and enhance efficiency in different construction and industrial applications. Essentially, this advanced technology in boom lifts, also referred to as aerial work platforms or cherry pickers, automatically ensures that the work platform remains level, regardless of the boom’s positioning or the nature of the terrain the machine runs on. For example, JLG Industries Inc., an American manufacturing company, introduced its JLG 670SJ self-leveling boom lift technology specifically for telescopic boom forklifts in November 2022. The JLG 670SJ Self-Levelling Boom Lift is a diesel-operated telescopic boom lift engineered for construction, maintenance, and various industrial uses. The system autonomously modifies the platform’s position to sustain an even working surface, even under operations on irregular terrain. This delivers superior safety and productivity attributes, aiding operators to execute their tasks with increased efficiency. The mechanism employs sensors to identify alterations in the boom’s angle and rearranges the platform’s position suitably. These sensors are installed at the base of the boom and relay a signal to the lift’s hydraulic system._x000D_
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#Which Regions Are Driving Growth in the Lattice And Telescopic Boom Market?#_x000D_
Asia-Pacificwas 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._x000D_
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#This Report Delivers Insight On: #_x000D_
1. How big is the lattice and telescopic boom market, and how is it changing globally?_x000D_
2. Who are the major companies in the lattice and telescopic boom market, and how are they performing?_x000D_
3. What are the key opportunities and risks in the lattice and telescopic boom market right now?_x000D_
4. Which products or customer segments are growing the most in the lattice and telescopic boom market?_x000D_
5. What factors are helping or slowing down the growth of the lattice and telescopic boom market?_x000D_
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