Middle East and Africa Mobile Crane Market Size to Surpass Significant Value of USD 2.95 Billion by 2030
Middle East and Africa Mobile Crane Market is flourishing due to surging infrastructure growth, an increasing focus on fuel efficiency, and growing adoption of advancements in crane technologies.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated Middle East and Africa Mobile Crane Market size by value at USD 1.92 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects Middle East and Africa Mobile Crane Market size to expand at a CAGR of 6.4% reaching a value of USD 2.95 billion by 2030. The Mobile Crane Market in Middle East and Africa is propelled by increasing demand for high performance, fuel efficient cranes with lower carbon emissions. The trend encourages companies to innovate, particularly in the truck crane segment. Additionally, the surge in global infrastructure projects has heightened the need for cranes featuring advanced mechanization, high loading capacities, low fuel consumption, and ease of maintenance. Modern mobile cranes now incorporate advanced driven and control systems, with features that enhance productivity and reduce fuel usage. For instance, Zoomlion's cranes include an energy-saving system that decreases fuel consumption by 20%, down to 4.5 liters per hour. Increased environmental awareness has led manufacturers to adopt adjustable hydraulic systems and multi-mode power functions, further reducing fuel use and adapting to new trends. Trends such as electrification, renewable energy sources, and advancements in hydrogen production and storage are also shaping the market. These innovations and technologies are expected to attract new customers and expand market presence, is expected to fuel the Middle East and Africa Mobile Crane Market growth during the period in analysis.
Opportunity - Growing market for used cranes
Middle East and Africa Mobile Crane Market is witnessing significant growth, driven by increasing investments in new equipment and technological advancements. Al Faris, a prominent Dubai-based heavy lift and transport specialist, exemplifies this trend with its substantial fleet expansion, boasting around 2,500 cranes valued over USD 1.5 billion. The company's strategic investments in state-of-the-art cranes, such as Liebherr's LTM 1300-6.3 and Tadano's GR-800EX, reflect a broader industry shift towards modernizing equipment to meet growing market demands. This evolving landscape not only highlights the robust demand for mobile cranes but also underscores the opportunities within the used crane market, as firms seek to enhance their capabilities and tackle diverse lifting challenges across the region.
Construction Segment Dominates MEA Mobile Crane Market by Application
The construction application segment holds the major share in Middle East and Africa Mobile Crane Market, primarily due to rapid urbanization and the resultant booming infrastructure development. Developing countries are focusing on infrastructure development to elevate living standards and boost economic competitiveness, thereby expanding market opportunities. Technological advancements are anticipated to increase the use of mobile cranes in the oil and gas industry, enhancing refinery efficiency. Although shipbuilding will see steady growth from ongoing port developments, the demand and application of mobile cranes are expected to grow across countries in Middle East and Africa region.
Impact of Escalating Geopolitical Tensions on Middle East and Africa Mobile Crane Market
Middle East and Africa Mobile Crane Market may face significant challenges from intensifying geopolitical tensions across the world. Political instability and conflicts can disrupt construction projects, resulting in delays and cancellations that directly impact crane demand. Trade restrictions and economic sanctions complicate the acquisition of advanced cranes and spare parts, raising operational costs. Furthermore, fluctuating oil prices, driven by geopolitical uncertainties, strain budgets and restrict investment in new equipment. These factors collectively impede market growth, creating an unpredictable environment for manufacturers and rental companies. Despite opportunities for infrastructure development, the volatile geopolitical landscape remains a crucial challenge for the region's mobile crane market.
Competitive Landscape
Middle East and Africa Mobile Crane Market is fragmented, with numerous players serving the market. The key players dominating Middle East and Africa Mobile Crane Market include Liebherr Group, Terex Corporation, Zoomlion Heavy Industry Science and Technology Co Ltd, Manitowoc Company Inc, Tadano Ltd, Sany Group, Konecranes Plc, XCMG Group, Kobelco Construction Machinery Co Ltd, and Demag Cranes AG. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and Middle East and Africa Mobile Crane Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Middle East and Africa Mobile Crane Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
