GCC Mini Cranes Market is Estimated to Create an Absolute Dollar Opportunity of US$ 17.8 Mn During the Forecast Period of 2022-32 | Deep Data Insights from Future Market Insights, Inc.
Mini cranes are expected to become more popular as the electrical and utility industries develop in the Gulf countries. Pick and Carry Cranes is expected to grow over the projected period and create an absolute dollar opportunity of about US$ 8.20 Mn.
NEWARK, Del, Oct. 27, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights report, the GCC Mini Cranes Market is anticipated to reach US$ 23.3 Mn in 2022 while expanding at a CAGR of 5.8% from 2022 to 2032. Mini cranes are made to go to locations that regular or large cranes cannot, or where using them would be unreasonably expensive.
Due to the expansion of public infrastructure and the popularity of entertainment venues like museums, galleries, and theme parks that must make considerable use of goods lifting equipment due to space constraints, the need for mini cranes has expanded. This is spurred on by the increased investment in leisure time in Gulf region nations. For instance, the UAE is concentrating on creating large-scale projects like the Abrahamic Center to boost its hospitality and tourism industries.
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Rubber-tired mini cranes are another product that manufacturers are concentrating on creating because of their interior applications in GCC nation skyscrapers and high-rise structures. The demand for light lifting equipment with safety features has grown as a result of a recent wave of incidents in the area. Due to their ease of operation in small and constrained spaces, mini cranes have superior components and more safety measures, which is increasing demand for these tools in the region.
The use of mini cranes has grown significantly over the past few years, as has their manufacture all over the world. The capacity of tiny cranes to operate well in small places and compact regions is predicted to significantly increase demand, despite the fact that they are niche products.
Key Takeaways of Mini Cranes Market Study
- Over the course of the forecast period, the value of the mini cranes with lifting capacity between 2 to 4.9 tons is estimated to account for about 15.4 Mn in 2022.
- In terms of Type, Pick and Carry Cranes is anticipated to account for more than 52% of the GCC market and grow at a value CAGR of about 5.3% during the projected period.
- In the GCC market, demand for fuel-operated mini cranes is increasing at a value CAGR of 5.7%.
- The Construction industry in GCC Mini Cranes is projected to expand at 6.2%, making it a prominent sector as a result of increased investment in real estate and commercial infrastructure development.
- By Ownership, the rented segment is estimated to hold a significant share of about 89.7% in 2022.
“Growing governmental and private investment in the GCC region, particularly in Saudi Arabia and the UAE markets, is driving up demand for mini cranes therein. Mini crane operators and rental companies in the area have a strong preference for affordable, effective, and secure construction machinery. Manufacturers are boosting their partnerships and collaborations with mini-crane rental companies, contractors, and machine owners in the region in order to get into the market.” says Future Market insights analyst
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Competitive Landscape
The top manufacturers dominate the Mini Cranes market in the GCC region, which is moderately consolidated. Market players are attempting to increase their market share by partnering and collaborating with rental companies and contractors in the region. Furthermore, the key players are launching new products in the market such as battery-powered mini cranes to abide by indoor emission regulations by the government. UNIC Cranes, Maeda Seishakuso Ltd., Jekko Srl, Henan SPT Machinery Equipment Co. Ltd., and XCMG group are a few of the market’s major participants.
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The research report analyzes the market demand trends of Mini Cranes. The GCC Countries market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of Mini Cranes. As per Future Market Insights research scope, the Mini Cranes Market has been studied and segmented on the basis of lifting capacity, type, operation, end use sector, and ownership. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
Key Segments Covered in Mini Cranes Industry Analysis
Mini Cranes Market by Lifting Capacity:
- Up to 1 Ton
- 1 to 1.8 Ton
- 2 to 2.4 Ton
- 2.5 to 4.9 Ton
- 5 to 10 Ton
- 11 to 22 Ton
Mini Cranes Market by Type:
- Spider Cranes
- Crawler Cranes
- Articulated
- Telescopic
- Telescopic Pick and Carry Cranes
Mini Cranes Market by Operation:
- Fuel Operated
- Battery Operated
Mini Cranes Market by End Use Sector:
- Industrial
- Foundries
- Power Plants
- Others
- Construction
- Residential and Commercial
- Industrial
- Civic Infrastructure
- Facility Management
- Commercial
- Industrial
- Marine
- Material Handling and Logistics
- Others
Mini Cranes Market by Ownership:
- Direct Owned
- Rented
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Table of Content
1. Executive Summary
1.1. GCC Countries Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
1.5. Technology Roadmap
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
Sales in the global crane market are slated to top US$ 43.9 Bn in 2022. Expanding at a steady h 3.8% CAGR, the market size is projected to total US$ 57.1 Bn by 2029: https://www.futuremarketinsights.com/reports/crane-market
Mini cranes market is estimated to grow by 2.2 times between 2021 and 2031. The market is expected to be primarily driven by the growing demand from construction activities, both commercial and residential, and civic infrastructural activities. https://www.futuremarketinsights.com/reports/mini-cranes-market
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Stacker Crane Market Forecast: Sales of stacker cranes are projected to grow at a CAGR of 7.0%, totaling around US$ 2.02 Billion by 2032.
Mobile Cranes Market Size: The mobile cranes market is predicted to grow at a moderate CAGR of 6% during the forecast period covering 2022 to 2032. The mobile cranes market share is estimated to reach a value of nearly US$ 27.2 Billion by 2032 expanding from a total worth of US$ 15.2 Billion in 2022.
Truck Mounted Cranes Market Trends: The global truck mounted cranes market size is expected to reach US$ 3,769.7 Mn by 2032. It is set to exhibit growth at a CAGR of 4.5% between 2022 and 2032. Stiff boom models occupy over 67% of the global truck mounted cranes market.
Marine Cranes Market: The global marine cranes market is forecasted to be appraised at US$ 7945.2 million by 2032, up from US$ 3868.2 million in 2022, advancing at a CAGR of 7.5% during the forecast period.
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