Global Market Insights added New South Korea Aerial Work Platform (AWP) Rental Market report which provides in-depth information about market overview, top vendors, industry statistics, key market highlights, product types, market drivers, challenges, trends, South Korea Aerial Work Platform (AWP) Rental industry landscape, size forecast, five forces analysis and Key leading countries/Region.
The dramatic improvement in present-day communication technology can be credited to leading innovations like SDN, IoT, NFT, and 5G among others. However, they can’t be deployed without appropriate telecommunication infrastructure. South Korea has invested significantly in telecommunication over the past decades and will continue its initiatives throughout the foreseeable with 5G being a key component of its 4th industrial revolution.
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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.
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.
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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.
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.
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