Dublin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Crane Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Crane Market was valued at USD 0.99 Billion in 2023, and is expected to reach USD 1.68 Billion by 2029, rising at a CAGR of 9.32%.
The Saudi Arabian crane market is experiencing robust growth, driven by extensive construction and infrastructure projects under Vision 2030. This ambitious development agenda has led to heightened demand for cranes across sectors such as real estate, transportation, and industrial expansion. With large-scale projects like NEOM, The Red Sea Project, and Diriyah Gate, the need for diverse crane types, including mobile, fixed, and marine cranes, has surged. Increasing urbanization and the rise of smart city initiatives are further contributing to market growth, as cranes play a pivotal role in constructing high-rise buildings, bridges, and industrial complexes.
Technological advancements are reshaping the crane market, with the integration of automation, telematics, and safety-enhancing features. Equipment capable of remote monitoring and predictive maintenance is becoming a priority, ensuring operational efficiency and reducing downtime. The adoption of electric and hybrid cranes is emerging as a key trend, aligned with the Kingdom's sustainability goals. Opportunities also abound in the rental market, where construction companies seek cost-effective solutions without the burden of long-term ownership. The expansion of logistics and oil and gas projects provides additional avenues for growth in specialized crane applications.
Challenges persist, particularly regarding high procurement and operational costs, as well as the need for skilled operators and technicians. The harsh desert climate and stringent safety regulations add to operational complexities. Despite these hurdles, the crane market in Saudi Arabia is poised for steady growth, fueled by government support, advancing technology, and increasing demand for versatile lifting solutions across diverse industries.
Key Market Trends
Rise of Electric and Hybrid Cranes
As part of Saudi Arabia's sustainability goals, there is a growing trend toward the adoption of electric and hybrid cranes. These cranes are preferred for their lower emissions and reduced fuel consumption, making them an attractive option for eco-conscious construction projects. The shift to greener technologies aligns with Vision 2030's focus on environmental sustainability. Companies are increasingly investing in electric cranes to meet regulatory requirements and reduce their carbon footprint. The availability of better charging infrastructure supports the growth of electric and hybrid crane use. These cranes are becoming essential for projects in sensitive areas, such as environmental and tourist developments. The demand for hybrid solutions continues to rise in both the construction and industrial sectors.
Technological Integration and Smart Cranes
The integration of advanced technology is transforming the crane market in Saudi Arabia. Smart cranes, equipped with sensors, GPS, and real-time monitoring systems, are gaining popularity for their ability to improve operational efficiency. These technologies help track crane performance, optimize maintenance schedules, and enhance safety by detecting potential issues before they occur. Automation and telematics further support crane operations, reducing human error and improving project timelines. Remote operation and control are becoming more common, allowing operators to manage cranes from a distance, enhancing safety and productivity.
The shift toward digitally advanced cranes is shaping the future of the market, especially for large-scale infrastructure projects. For instance, in September 2024 Zoomlion unveiled the world's largest all-terrain crane, marking a significant breakthrough in heavy lifting technology. The advanced crane offers exceptional capacity and versatility, tailored to meet the demands of large-scale construction projects. This launch reinforces Zoomlion's leadership in the global crane industry. The achievement sets a new standard for all-terrain crane capabilities.
Increased Demand for Crane Rentals
The crane rental market in Saudi Arabia is seeing a notable rise due to the high capital cost of purchasing cranes. Contractors are increasingly opting for rentals as they offer flexibility, cost savings, and access to the latest crane models without the burden of long-term ownership. This trend is driven by the fluctuating nature of construction projects and the desire to minimize operating costs. Rental companies are expanding their fleets to cater to various industries, from construction to oil and gas. The ability to rent specialized cranes for specific tasks, such as marine or heavy-lift cranes, is appealing to project managers. With the growing focus on short-term, high-demand projects, rental services are becoming a vital part of the crane market landscape in Saudi Arabia.
Key Market Players
- Sany Heavy Industries
- Kato Works
- The Manitowoc Company
- Saudi Liebherr Company
- Zoomlion Heavy Industry Science & Technology Co.
- The Tadano Europe Holdings
- Fassi Gru
- Caterpillar
- AB Volvo
- Kobelco Construction Machinery Co.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $0.99 Billion |
| Forecasted Market Value (USD) by 2029 | $1.68 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Saudi Arabia |
Report Scope:
In this report, the Saudi Arabia Crane Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Saudi Arabia Crane Market, By Crane Type:
- Mobile Crane
- Fixed Crane
- Marine and Offshore Crane
Saudi Arabia Crane Market, By End User Type:
- Construction
- Industrial Application
- Energy & Power
- Marine and Offshore
- Mining and Excavation
Saudi Arabia Crane Market, By Application Type:
- Construction and Infrastructure
- Mining
- Oil and Gas
- Other
Saudi Arabia Crane Market, By Region:
- Riyadh
- Jeddah
- Mecca
- Dammam
- Rest of Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/nhb0u6
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