Lattice And Telescopic Boom Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Lattice and telescopic boom is a type of crane structure, characterized by an intricate network of intersecting metal beams. It is used in heavy construction projects that require high lifting capacities and a long reach, providing robust structural integrity and exceptional load-bearing capabilities ideal for demanding construction tasks.

Sizing and Forecast
The lattice and telescopic boom market size has grown steadily in recent years. It will grow from $1.82 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 4%. The growth in the historic period can be attributed to increasing urbanization, rise in infrastructure development projects, growth in renewable energy projects, increasing investment in mining and extraction industries, growth in the oil and gas sector.

The lattice and telescopic boom market size is expected to see steady growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to growth in the shipbuilding and marine industries, increasing emphasis on workplace safety and efficiency, growth in the logistics and warehousing sectors, rising rents of heavy equipment, increasing governmental spending on public infrastructure. Major trends in the forecast period include adoption of lightweight materials, advancements in sensor technology for real time monitoring, development of autonomous functionalities, implementation of remote operation capabilities, adoption of electric and hybrid power systems.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the lattice and telescopic boom market in 2023, 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.

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Major Driver Impacting Market Growth
The growing demand for construction is expected to propel the growth of the lattice and telescopic boom market going forward. The construction industry encompasses a wide range of activities related to infrastructure design, building, and maintenance. It includes both the creation of new structures and the renovation, repair, and demolition of existing ones. Lattice and telescopic boom support the construction industry by providing extended reach, operational versatility, and effective maneuverability in challenging job site environments. For instance, in November 2023, according to the Office for National Statistics (ONS), a UK-based non-ministerial department, annual new construction orders surged by 11.4% in 2022 compared to 2021, marking a historic peak of £80.837 billion ($102.16 billion). Moreover, there was a rise driven by signing in private infrastructure, private commercial projects, and other public non-housing sectors, which experienced growth rates of 85.1%, 10.2%, and 17.5%, respectively. Therefore, the growing demand for construction will drive the lattice and telescopic boom market.

Key Industry Players
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

The lattice and telescopic boom market report table of contents includes:
1. Executive Summary

2. Lattice And Telescopic Boom Market Characteristics
3. Lattice And Telescopic Boom Market Trends And Strategies
4. Lattice And Telescopic Boom Market – Macro Economic Scenario
5. Global Lattice And Telescopic Boom Market Size and Growth
   .
   32. Global Lattice And Telescopic Boom Market Competitive Benchmarking
6. Global Lattice And Telescopic Boom Market Competitive Dashboard
7. Key Mergers And Acquisitions In The Lattice And Telescopic Boom Market
8. Lattice And Telescopic Boom Market Future Outlook and Potential Analysis
9. Appendix

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