Global Construction Lifts Market to Grow by $ 426.9 Million During 2020-2024 | Featuring Alimak Group AB, Fraco Products Ltd., and GEDA USA LLC among others | Technavio

LONDON--(BUSINESS WIRE)--Technavio estimates the global construction lifts market to grow by USD 426.9 million, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

The market is driven by increasing investments in the construction of high-rise buildings. However, the unavailability of skilled labor might challenge growth.

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Construction Lifts Market: Product Landscape

Based on the product, the market saw maximum growth in the construction hoists segment in 2019. The segment is driven by the increasing demand for construction hoists for maintenance and repair works in mature and old buildings. The market growth in the segment will be significant over the forecast period.

Construction Lifts Market: Geography Landscape

36% of the market’s growth originated from APAC in 2019. The rising construction of high-rise buildings led by rapid urbanization and increase in disposable incomes is the major factor fueling the growth of the construction lifts market in APAC. China is the key market for construction lifts in APAC.

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Major Three Construction Lifts Market Vendors:

Alimak Group AB

Alimak Group AB operates its business through segments such as Construction Equipment, Industrial Equipment, After Sales, and Rental. The company offers a range of construction lifts for all construction requirements such as ALIMAK SCANDO 650, ALIMAK SCANDO 450, HEK TPM 3000T2, and HEK TPM 3000TD.

Fraco Products Ltd.

Fraco Products Ltd. operates its business through segments such as Products and Rental and Services. The company offers construction lifts in two distinctive work platforms - the ACT-8 and the FRSM-20K. Both models are completely versatile to any designs and states of structures and non-building structures.

GEDA USA LLC

GEDA USA LLC operates its business through segments such as Products, Services, and Rentals. The company offers a range of construction lifts and material hoists such as solar lift, scaffolding hoists, MH 440 material hoist, MH 660 material hoist, MH 660 boiler hoist, and temporary custom lifts.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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