GCC Crane Market Overview:
The GCC Crane market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. The market is projected to register a CAGR of X% during 2023-2028, reaching US$ XX Billion by 2028. A crane is a machine used for lifting and transporting heavy loads and designed with sheaves, wire ropes, and hoist ropes that offer support and allow the machine to transport products from one location to another. It is generally powered manually by workers using pulleys and ropes to lift objects. At present, key players operating in the GCC region are introducing advanced variants that use hydraulic and internal combustion engine systems and provide greater lifting capabilities.
The increasing number of remodeling and upgradation projects for shopping malls, hospitals, stadiums, offices, airports, and railway stations represents one of the major factors driving the demand for cranes in the GCC region. Moreover, there is a rise in the utilization of cranes for constructing roads, highways, bridges, dams, and sewage tunnels. This, along with the launch of construction equipment rental services, is contributing to the market growth. Besides this, cranes are employed in the oil and gas industry for drilling, lifting, and moving heavy loads in offshore environments. Along with this, the rising oil and gas exploratory activities are favoring the market growth in the GCC. region In addition, cranes are used in the mining industry to perform maintenance and repairs on heavy equipment and machinery. Apart from this, the increasing use of online shopping platforms for purchasing imported goods is driving the need for shipping containers to facilitate cross-border e-commerce activities. This is catalyzing the demand for cranes to improve the reliability and productivity of port terminals. Furthermore, leading manufacturers are introducing special-purpose cranes that can easily remove overburden from tunneling or shaft excavation in hydel power projects. They are also incorporating safety features, such as load sensing devices and emergency stop buttons, to help prevent accidents and injuries. Additionally, the growing usage of cranes in the automotive industry for lifting, positioning, and assembling various parts of the vehicle is creating a positive market outlook in the region.
Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC crane market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC crane market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC crane market in detail for latest trends, outlook and opportunities.
The report analyses the competitive structure of the GCC crane market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC crane market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC crane market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC crane market industry. Furthermore, the value chain analysis of the GCC crane market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution.
GCC Crane Market Segment Insights:
The GCC crane market has been analysed as followed:
By Product Type:
Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Highlights of the GCC Crane Market Report:
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