The scaffolding market size was $52.2 billion in 2021 and the market is estimated to reach $81 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.
There is a rise in construction activities globally for residential and commercial buildings brought into conclusion during scaffolding market analysis. In addition, there is a surge in urbanization in developing countries such as India, Brazil and Africa. For instance, urbanization in Africa is expected to grow at a rate of 5.5% from 2020 to 2025. Thus, all such factors drive the growth of the market and helped in expansion of scaffolding market.
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In addition, as per scaffolding market trends, government investment in renovation and home remodeling activities increase the demand for scaffolding products, which fuels the growth of the market. For instance, according to data published by government of Canada, the Canadian construction industry value in 2021 was $424.8 billion, which includes home improvement, renovations, and remodeling of commercial & residential buildings.
In addition, rise in spending on construction and renovation activities in countries such as Germany, the U.S., and Japan fosters the market growth. For instance, the U.S. Government spending on public and private infrastructure activities increased by about 10% from 2020 to 2022.
Furthermore, Construction, manufacturing, hotel, and tourism industries were majorly affected, during the outbreak of the COVID-19 pandemic. Manufacturing activities were halted or restricted. This led to decline in construction activities, thereby restraining the growth of the market.
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There is a surge in urban population in the emerging countries such as India and China that lead to growth in demand for increased residential and commercial spaces. For instance, the residential construction industry in the UK increased by 2.9% from 2020 to 2021. Moreover, the construction industry in the U.S. is expected to grow at a rate of 5% and reach $1,428.5 billion by 2024. In addition, the commercial construction sector reported a notable rise in the past years especially in developing economies such as Brazil and Eastern European countries. Asia-Pacific is expected to witness higher growth rate owing to an increase in spending in countries such as India and China, thereby driving the growth of the global scaffolding market.
Key Benefits For Stakeholders
• By type, supported scaffolding segment generated the highest revenue in 2021.
• By material, steel segment generated the highest revenue in 2021.
• By end user, residential segment generated the highest revenue in 2021.
• Region wise, Asia-Pacific generated the largest scaffolding market share in 2021.
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