Press Release Description
Global Construction Scaffolding Market to Thrive at a CAGR of 5.3% During 2024-30
The Global Construction Scaffolding Market size was valued at USD 44.2 billion in 2023 & is estimated to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The boost in market growth is fueled by the surging construction of residential units across the globe. The growing population has fueled a heightened demand for urban residential structures, augmenting a notable surge in housing construction activities. Additionally, advancing economic growth and development have bolstered household incomes, enabling individuals to actively invest in housing projects further proliferating the construction.
Diverse construction activities, including plastering and window installation in residential construction projects, require construction scaffoldings. Scaffolding emerges as a crucial component, facilitating access to elevated areas, aiding in the installation of structural elements, and enabling the execution of various tasks. Thus, the rising demand for construction scaffolding in the residential sector is expected to boost the market growth.
Moreover, the rising public infrastructure development in regions such as Asia, the Middle East, etc., owing to the rapid investments by the government is further augmenting the growth of the construction scaffolding market. With the increasing construction of educational institutes, public spaces, commercial buildings, etc., in various countries such as the UAE, India, etc., owing to rising population and economic expansion the market is poised to grow.
Steel Segment is Expected to Hold Major Market Share
Based on the material type, the market is segmented into Steel, Aluminum, and Wood. Among them, the Steel segment is expected to account for the majority of the market share owing to high strength & durability. The major construction projects require scaffolding material with weight-bearing properties and stability. The steel scaffolding, owing to these properties is preferred by construction stakeholders, augmenting its market growth. Moreover, the fire-resistance properties & enduring nature, are further expected to drive the growth of the steel segment in the upcoming nature.
Asia-Pacific is Anticipated to Account for a Prominent Market Share
The Asia-Pacific segment is expected to hold a considerable share driven by surged construction in the region. The government initiatives such as smart city projects, and pan-city initiatives further surge the construction activities in the region. Construction scaffoldings are largely utilized in construction activities for various purposes such as elevated access, structure installation, etc. The increasing construction activities in the region are expected to create the demand, thus enhancing the Asia-Pacific Construction Scaffolding Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Atlantic Pacific Equipment (AT-PAC), LLC, PERI GmbH, Wilhelm Layher GmbH & Co KG, ULMA C Y E. S Coop, ADTO Inc, ALTRAD, MJ-Gerust GmbH, Brisko Metal Resources, Changli XMWY Formwork Scaffolding Co Ltd, Brand Safway, World Scaffolding Co., Ltd, Yagmur Scaffolding Systems, OZLER TURKEY, Caspian Group Ltd, Gilray Plant Ltd., and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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