July 22, 2024
Scaffolding Accessories Market
Ict

The Anticipated Growth In The Infrastructural Development Activities Is Expected To Open Up New Avenues For The Scaffolding Accessories Market

The Scaffolding Accessories Market is estimated to be valued at US$ 1.45 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Scaffolding accessories comprise of boards, couplers, brackets, guardrails, and other equipment that are used to construct temporary structures for supporting workers and materials during construction, renovation, and repair activities. Scaffolding accessories provide safety and stability to various types of scaffoldings such as supported scaffold, suspended scaffold, cantilevered scaffold among others. The increased usage of scaffolding for constructing residential, commercial and industrial buildings is expected to drive the demand for scaffolding accessories over the forecast period.

Market Dynamics:

Infrastructure development activities: Growing infrastructural development projects such as construction of roads, highways, railways, bridges, airports and other public utilities across both developed and developing regions is the key driver for the scaffolding accessories market. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030.

Strong industrialization: Rapid industrialization has boosted construction activities of manufacturing plants, warehouses and other industrial facilities which is contributing to the demand for scaffolding structures and accessories. Emerging economies in Asia Pacific and Middle East are witnessing strong industrialization which is propelling the scaffolding accessories market growth.

Segment Analysis

The scaffolding accessories market can be segmented based on end-use into construction industry and manufacturing industry. The construction industry dominates the market and accounted for around 75% share globally in 2022 due to rising construction activities across both residential and non-residential sectors worldwide. Factors such as increasing population, growth of urbanization, and government investments towards infrastructure development are fueling the demand for scaffolding accessories from the construction industry.

PEST Analysis

Political: Government investments in infrastructure development projects across countries are positively impacting market growth. Supportive policies and regulations regarding workplace safety are also favoring the scaffolding accessories market.

Economic: Rising construction spending worldwide coupled with growing economic conditions are fueling market demand. However, economic slowdowns can restrain market growth.

Social: Increasing safety awareness at construction sites and implementation of stringent workplace safety standards are driving the adoption of scaffolding accessories.

Technological: Advancements in material used for manufacturing scaffolding accessories as well as integration of technologies like AI for monitoring scaffolding structure safety are providing new opportunities to market players.

Key Takeaways

The Global Scaffolding Accessories Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing construction spending globally. The market size for 2023 is US$ 1.45 Bn.

Regional analysis: Asia Pacific region dominates the scaffolding accessories market and is expected to grow at the highest CAGR during the forecast period due to rapid urbanization and infrastructure development activities in developing economies like China and India.

Key players analysis: Key players operating in the scaffolding accessories market are Brand Energy & Infrastructure Services, Layher Holding GmbH & Co. KG, Safway Group Holding LLC, ULMA Construction, PERI GmbH, Altrad Group, MJ-GerĂ¼st GmbH, Waco Kwikform Limited, Turbo Scaffolding, Simplified Scaffolding Pty Ltd., Hunan World Scaffolding Co., Ltd., Tianjin Wellmade Scaffold Co., Ltd., Apollo Scaffold Services Ltd., Pilosio S.p.A., Instant Upright. These players are focusing on new product launches and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it