February 11, 2020
According to the research report titled ‘South Korea Aerial Work Platform (AWP) Rental Market Size By Product (Boom Lift, Scissor Lift, Vertical Mast Lift, Personal Portable Lift), By Application (Construction, Telecommunication, Transportation & Logistics, Government), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the South Korea AWP (aerial work platform) rental market is expected to cross USD 350 million by the year 2025.
According to the report, surging need for maintenance and inspection of skyscrapers is a major factor driving the growth of South Korea aerial work platform rental industry. There has been an upsurge in reconstruction and renovation activities of existing infrastructure in the country due to increased pervasiveness of tsunamis, floods, winter storms, and landslides. This factor along with rising reconstruction projects owing to increasing cross-border conflicts are further aiding the market expansion. Increasing awareness pertaining to the importance of aerial work platform along with growing demand for the product from construction, manufacturing, and warehousing facilities are also stimulating the industry outlook.
Elaborating on the application spectrum, the South Korea aerial work platform rental industry from government applications is expected to register substantial growth during the forecast period. These platforms offer a safe and reliable way to gain access to overhead power lines which makes them ideal for government applications. Additionally, introduction of various government initiatives aimed at offering water, power, and other utilities across South Korea has enhanced infrastructure development. Thus, aforementioned factors are augmenting the demand for aerial work platform rentals in government applications across South Korea.
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The prominent companies operating in the South Korea aerial work platform rental industry are Terex Corporation (Genie), Skyjack, Manitou, Korea Rental Corporation, JLG Industries, Horyong Co. Ltd., Haulotte Group, and AJ Networks Co. Ltd.
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