Global Lattice And Telescopic Boom Market Poised for 4% Growth, Surpassing $2.31 Billion by 2029
The lattice and telescopic boom market size is expected to see steady growth in the next few years. It will grow to $2.31 billion in 2029 at a compound annual growth rate (CAGR) of 4.0%. 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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What are the top drivers to the rising demand in the lattice and telescopic boom market?
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.
How is the lattice and telescopic boom market segmented?
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
Subsegments:
1) By Lattice and Telescopic Boom: Lattice Boom Cranes, Telescopic Boom Cranes, Hybrid Boom Cranes
2) By Crawler: Crawler Crane with Lattice Boom, Crawler Crane with Telescopic Boom, All-Terrain Crawler Cranes
3) By Rough Terrain: Rough Terrain Cranes with Telescopic Boom, Rough Terrain Cranes with Lattice Boom
4) By All-Terrain: All-Terrain Cranes with Telescopic Boom, All-Terrain Cranes with Lattice Boom, Multi-Purpose All-Terrain Cranes
5) By Truck Loader: Truck-Mounted Cranes with Telescopic Boom, Truck-Mounted Cranes with Lattice Boom, Articulating Truck Loader Cranes
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Who are the top competitors in the lattice and telescopic boom market?
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
What significant trends should we anticipate in the lattice and telescopic boom market over the forecast period?
Major companies operating in the lattice and telescopic boom market are developing self-leveling boom lift technology to enhance flexibility, extend reach, and improve efficiency across various construction and industrial uses. Self-leveling boom lift technology refers to an advanced feature in boom lifts (also known as aerial work platforms or cherry pickers) that automatically keeps the work platform level regardless of the boom's position or the terrain on which the machine operates. For instance, in November 2022, JLG Industries Inc., a US-based manufacturing company, launched the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts. The JLG 670SJ Self-Levelling Boom Lift is a diesel-powered telescopic boom lift designed for construction, maintenance, and industrial applications. This system automatically adjusts the position of the platform to maintain a level working surface, even when operating on uneven terrain. This offers advanced safety and productivity features to help operators work more efficiently. The system uses sensors to detect changes in the boom's angle and adjust the platform's position accordingly. These sensors are located at the boom's base and send a signal to the lift's hydraulic system.
Which regional trends are influencing the lattice and telescopic boom market, and which area dominates the industry?
Asia-Pacific was 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.
What Does The Lattice And Telescopic Boom Market Report 2025 Offer?
The lattice and telescopic boom market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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