High initial costs coupled with huge maintenance expenses are expected to hamper the Boom Trucks Market growth.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- The industry is expected to witness growth with the growing demand from the energy, power, and the telecom sectors. Several government organizations are refurbishing the existing infrastructure for the overall economic development. Insulated trucks are gaining importance as they offer enhanced safety & security in jobs related to power grids. Stringent government regulations focusing on fostering a healthy working environment at workplaces are compelling construction companies to incorporate technologically-advanced machines for construction activities contributing to the Boom Trucks Market growth.
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High initial costs coupled with huge maintenance expenses are expected to hamper the Boom Trucks Market growth. Manufacturers use high-quality materials for the construction of Boom Trucks to comply with the standards and regulations. This further increases the overall cost of trucks thereby restricting its demand from businesses that have budgetary constraints. In addition, the high maintenance cost of insulated buckets is also limiting their adoption thereby hindering the industry demand.
Boom Trucks Market is projected to exceed USD 1 billion by 2024. The construction sector is witnessing growth owing to the rapid urbanization in several regions in Asia Pacific, Europe, and the Middle East & Africa, thereby propelling the demand for these trucks.
Boom Trucks (Bucket Trucks) Market, By Type
Boom Trucks (Bucket Trucks) Market, By Application
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Europe Boom Trucks Market is experiencing growth with manufacturers focusing on safety standards operating in the industry coupled with the growing demand from the utility and construction industries. Energy-efficient products, such as electric trucks, will witness high adoption in Germany as end users are seeking to reduce costs. The presence of major rental companies, such as Haulotte Group, Kiloutou, and Riwal in France is anticipated to drive the regional industry demand.
Increasing demand for insulated trucks from the utility sector is anticipated to contribute to the Boom Trucks Market growth. These trucks are used in the utility sector for safely placing the linemen to great heights to manage, maintain, and enhance the overall electrical power distribution network. The flow of electricity into the boom can electrocute the truck operator and can even damage the equipment. The lower and upper sections of the Boom Trucks are insulated using a fiberglass coating that prevents electricity from flowing into the platform.
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The booming telecommunication sector globally will provide ample growth opportunities for the Boom Trucks Market. Several countries are trying to expand their existing telecommunication sector. The sturdy structure of Boom Trucks and the wide variety of designs available make this equipment a convenient option for applications in the telecommunication sector. Increasing number of smartphones and the need for improved telecom infrastructure for enhanced connectivity are further propelling the Boom Trucks Market growth. Furthermore, there is a rising utilization of Boom Trucks by tree-care workers to travel to the project site easily and for trimming away branches & limbs from power lines. The insulated lift in the Boom Trucks provides protection and protection to workers from electrical hazards.
Key players in the Boom Trucks Market include Versalift, Socage S.R.L., Palfinger AG, Terex Corporation, CTE Group, Dur-A-Lift, Inc., Tadano Corporation and Altec Corporation. Major players are trying to incorporate advanced technologies in these trucks to enhance the operator safety and are stressing about providing online & onsite training courses. These players are also trying to expand their distributor network to strengthen the Boom Trucks Market presence.