February 14, 2018
Photo of a boom truck via Pixabay
The market for boom and bucket trucks is expected to exceed $500 million by 2024 due to steady demand from utility, electrical contracting, signage, and lighting applications as well as the rapid pace of warehousing and industrialization, according to a report from Global Market Insights, Inc.
According to the report, global developments in the utility and telecom sectors offer ample opportunities for the boom truck market. Increased investments to improve infrastructure and the rising consumption of electricity have contributed to this increase in demand.
Graph of boom truck market growth courtesy of Global Market Insights
Changing regulations are factored into this projection. The U.S. Department of Labor, for example, has issued regulations that require employees to provide a safe work environment, which applies to power-operated equipment that lower, hoist, and horizontally move a suspended load. This includes articulating cranes, crawler cranes, cranes on barges, floating cranes, locomotive cranes, and boom trucks.
Many manufacturers are upgrading their equipment to better meet the changing demand across utility, telecom, and other industry verticals. Mergers and acquisitions have become part of this strategy, as manufacturers are able to expand their product portfolios.
Click here to view the whole report.