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Kenneth Research, in its repository of market research reports, have recently added a report on Scaffolding Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Scaffolding Market products.
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REPORT HIGHLIGHT
The scaffolding market was valued at USD 29.6 billion by 2017, growing with 4.8% CAGR during the forecast period, 2018-2025
Market Dynamics
Scaffolding is the creation of a makeshift structure or support structure that is used in the construction of more buildings or redevelopment of older ones. It is used as a working platform and also a support structure to the existing framework of the building. A scaffolder is an individual that works on the scaffold, this comes with its own set of risk involved. This industry is directly dependent on the construction industry. Growth of construction sector coupled with growing number of home renovation projects across the globe drives the scaffold industry significantly. Furthermore, advancement in technologies, increasing number of key players entering in this market and favourable government initiatives act as a catalyst for growth of this industry. Besides this, globally the lack of skilled manpower and reduction in construction maintenance cost will hamper the market development.
Product Takeaway
This industry can be broadly categorized into three segments namely supported, suspended and rolling scaffolding. Supported segment is the most common type used among the end-users, accounted for the significant revenue share. It is designed by a network for beams, posts, framework, legs and brackets that support the firm base. This is most common considering it is used in real estate based construction. The ideal application for this is elevated working platforms.
Rolling scaffolding segment is growing with promising CAGR during the study period. Rolling scaffolding is wherein a base is built first, then the entire structure is firm but movable around the work area. This type of scaffolding is beneficial for large construction projects. Whereas, suspended technique is preferred when the creation of a base platform is not feasible. This is when the product is suspended from the roof due to the non –feasibility of having a firm base.
Application Takeaway
Application segment is bifurcated as residential, commercial and others. In terms of revenue generation, residential sectors posted highest share owing to the strong growth of real estate industry across the globe.
Based on the structure of the construction and assembly or disassembly expected, commercial sector comprises of governmental, educational, corporate, industrial and transport structures. The United States Department of Labour introduced the Occupation safety & Health (OSHA) compliance which suggested various safety provisions for construction. There is an entire 'OSHA's scaffolding standard several key provisions' in place for ensuring safety. Such initiatives would in turn support the growth of commercial scaffolding segment over the study period.
Regional Takeaway
Developed regions such as North America and Europe is witnessing a notable development in construction and residential sector which is establishing a healthy platform for this industry growth. Based on the data published by the Associated General Contractors of America, the gross domestic product (GDP) produced in the country—totaled US$19.5 trillion in 2017; of which, construction contributed US$ 781 billion (4.0%). Additionally, Parliament of UK, 2017, stated that 'In 2017, the construction contributed £113 billion to the UK economy, 6% of the total.' Thus throwing some light on the expected growth of this industry in these regions.
From a regional perspective, the Asia Pacific market is forecasted to grow exponential based. Growth in the real estate segment in the Asia Pacific region has impacted consequential development of the market. Based on a report by the Price water company in 2018, around 6% rise in the commercial real estate investment in Asia Pacific will offset a decline in the U.S., the world's largest commercial real estate place. Thus, reaffirming the above statement.
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In addition, consistent urbanization in newer market's like Latin America & Middle East are now flaunting great scope of potential in the near future. Steep rise in the economies of the Asian markets, urbanization and industrialization is an evident outcome. This has been an impetus to boost the scaffolding market in Asia Pacific region.
Key Vendor Takeaway
Some of the prominent players operating in this market are Layher North America, Peri-USA, BETCO Scaffolds, Brock Group, Safway Group Holding, Seaway Scaffold & Equipment Co, Brand Energy and Infrastructure Services Pty Ltd., American Scaffolding, Inc. and others. The notable aspects of most vendors is that prominent players are trying to create product specific USP to create a niche. R&D oriented approach is going to impact the growth of the industry significantly.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Supported Scaffolding
Suspended Scaffolding
Rolling Scaffolding
MARKET, BY APPLICATION
Residential
Commercial
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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James Bullock
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