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South Korea Aerial Work Platform (AWP) Rental Market Study by Trends & Growth Drivers by 2025

Author : Rahul Varpe | Published Date : 2019-09-19 

A detailed analysis of the South Korea Aerial Work Platform (AWP) Rental Market is entailed in this research report. The driving forces responsible for propelling the growth graph of this vertical in addition to the regional and competitive trends are mentioned in the study. A comprehensive document comprising details about vital parameters such as the industry ecosystem analysis, market segmentation, and the vendor matrix, the South Korea Aerial Work Platform (AWP) Rental Market report also contains information on the pivotal industry insights for core players to look out for.

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The South Korea AWP rental market is slated to gain immense momentum over the ensuing years owing to a large number of ongoing and upcoming construction and infrastructural development projects. The government, as well as the private sector, are a part of the financing and operation of several infrastructure projects and services. By 2020, the South Korean government is slated to spend over $300 billion on projects like roads, airports, railways, and mega resorts.

Moreover, the nation will also be spending billions of dollars on the construction of numerous power-generation facilities. Recently, in an effort to expand diplomacy with Central and South America, South Korea agreed to expand bilateral cooperation in the area of information and communication technology as well as infrastructure construction with Colombia. The agreement will enable South Korean companies to be a part of infrastructure development projects in Columbia. Such initiatives would present major business opportunities for AWP rental companies in South Korea. Besides international liaisons, the government is also investing in national infrastructural projects, which will further boost the South Korea AWP rental market growth over the forecast years.

South Korea AWP Rental Market, By Product:

  • Boom lift,
  • Scissor lift
  • Vertical mast lift
  • Personal portable lift

South Korean AWP Rental Market, By Application:

  • Construction
  • Telecommunication
  • Transportation & Logistics
  • Government

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Pertaining to the abovementioned backdrop, it can be presumed that the construction and maintenance of new base stations for supporting the expansion of the 5G technology will generate massive demand for aerial work platforms over the future. According to a research report, the South Korea AWP rental market demand from the telecommunication sector had exceeded $6 million in 2018 and is projected to further grow over the foreseeable years.

It has been only a few months since the country began deploying necessary infrastructure for 5G wireless networks and it has already attracted over 260000 subscribers from three of the nation’s biggest telecom firms – Korea Telecom, SK Telecom, and LG U+. Despite the rapid adoption of 5G technology, the industry is surrounded by many challenges. For example, the South Korean Ministry of Information and Communication Technology claims the technology will require a significant number of base stations in order to be effective and deliver optimum coverage.

Other important pointers encompassed in the report:

  • The South Korea Aerial Work Platform (AWP) Rental Market study presents a 360-degree synopsis of the industry in question, covering all the latest aspects possible.
  • The numerous pricing trends prevalent in the South Korea Aerial Work Platform (AWP) Rental Market are presented in the report.
  • Pertaining to the competitive landscape, the report also includes a snippet about the financial data of the companies included.
  • A gist of the regulatory norms governing the South Korea Aerial Work Platform (AWP) Rental Market across the developed and developing economies has been enumerated in the study.
  • For the sake of convenience, the South Korea Aerial Work Platform (AWP) Rental Market report also explicates on the market definitions referred to in the document.

Government data unveiled that the construction arm POSCO had the maximum number of workplace fatalities among local builders last year. The ministry further claimed that 485 construction workers died on the job in 2018. Moreover, falls accounted for 60 percent of the total deaths in the construction industry last year. To counter this problem, construction companies use products like scissor lifts and vertical mast lifts which offer various advantages including enhanced safety features compared to traditional construction equipment. In light of the abovementioned statistics, it is certain that companies will invest heavily on worker safety in the coming times and will adopt rental services to keep workers aloof from hazardous operations, thereby propelling the South Korea AWP rental market growth.

Related News: https://www.marketwatch.com/press-release/truck-loader-crane-market-global-industry-growth-analysis-and-share-report-2019-2025-2019-09-19

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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