PORTLAND, Ore., Jan. 13, 2022
Rapid urbanization and industrialization, growth in construction sector, and increase in spending on home remodeling and retrofitting activities drive the growth of the global Scaffolding market.
PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Scaffolding Market by Type (Supported Scaffolding, Suspended Scaffolding, and Rolling Scaffolding), Material (Aluminum, Wood, and Steel), and End User (Residential, Commercial, and Industrial): Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global scaffolding industry generated $45.76 billion in 2020, and is anticipated to generate $81.22 billion by 2030, witnessing a CAGR of 5.7% from 2021 to 2030.
Prime determinants of growth
Rapid urbanization and industrialization, growth in construction sector, and increase in spending on home remodeling and retrofitting activities drive the growth of the global scaffolding market. However, fluctuation in raw material prices and slow economic growth in developing countries hinder the market growth. On the other hand, increase in government and private investments in the infrastructure sector presents new opportunities in the coming years.
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The steel segment to maintain its leadership status throughout the forecast period
Based on material, the steel segment held the highest market share in 2020, accounting for nearly half of the global scaffolding market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growth in new construction and renovation properties. Moreover, the aluminum segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030. It is best suitable for residential and commercial construction sites.
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The residential segment to maintain its lead position during the forecast period
Based on application, the residential segment accounted for the largest share in 2020, contributing to around half of the global scaffolding market, and is projected to maintain its lead position during the forecast period, owing to the economic growth and high urbanization in developing countries. However, the commercial segment is expected to portray the largest CAGR of 6.5% from 2021 to 2030, owing to increase in commercial construction activities and repair.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue in 2020, accounting for nearly half of the global scaffolding market. This is due to an increase in urbanization and industrialization in emerging countries such as India, Japan, and others. However, the LAMEA region is expected to witness the fastest CAGR of 6.9% from 2021 to 2030, owing to a rise in construction related activities in countries such as Dubai, Brazil, Africa, and others.
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