Middle East's Derrick and Crane Market to Reach 93K units by 2035, Valued at $9.8B - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: Middle East - Derricks, Cranes, Mobile Lifting Frames, Straddle Carriers And Work Trucks Fitted With A Crane - Market Analysis, Forecast, Size, Trends and Insights.

Driven by rising demand, the Middle East market for lifting equipment is set to grow steadily over the next decade. The market is expected to see a moderate increase in both volume and value, reaching 93K units and $9.8B by 2035. This growth is anticipated to be driven by factors such as increasing construction projects and infrastructure development in the region.

Driven by increasing demand for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in the Middle East, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market volume to 93K units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2024 to 2035, which is projected to bring the market value to $9.8B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 1.5% to 71K units, rising for the fourth consecutive year after two years of decline. The total consumption indicated a remarkable increase from 2013 to 2024: its volume increased at an average annual rate of +5.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +40.9% against 2020 indices. Over the period under review, consumption reached the peak volume in 2024 and is expected to retain growth in the immediate term.

The size of the crane market in the Middle East totaled $6.3B in 2024, picking up by 3.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a strong increase. The level of consumption peaked in 2024 and is likely to see gradual growth in the near future.

Turkey (30K units) remains the largest crane consuming country in the Middle East, accounting for 42% of total volume. Moreover, crane consumption in Turkey exceeded the figures recorded by the second-largest consumer, Yemen (9.3K units), threefold. Saudi Arabia (7.2K units) ranked third in terms of total consumption with a 10% share.

From 2013 to 2024, the average annual growth rate of volume in Turkey stood at +10.2%. In the other countries, the average annual rates were as follows: Yemen (+4.0% per year) and Saudi Arabia (+0.8% per year).

In value terms, Turkey ($3.4B) led the market, alone. The second position in the ranking was taken by Saudi Arabia ($863M). It was followed by Yemen.

From 2013 to 2024, the average annual growth rate of value in Turkey amounted to +11.4%. The remaining consuming countries recorded the following average annual rates of market growth: Saudi Arabia (+1.0% per year) and Yemen (+4.7% per year).

The countries with the highest levels of crane per capita consumption in 2024 were Lebanon (835 units per million persons), Kuwait (588 units per million persons) and Jordan (584 units per million persons).

From 2013 to 2024, the biggest increases were recorded for Turkey (with a CAGR of +8.9%), while consumption for the other leaders experienced more modest paces of growth.

Crane production expanded sharply to 57K units in 2024, with an increase of 8.9% compared with the year before. In general, production recorded a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 32% against the previous year. Over the period under review, production reached the peak volume in 2024 and is expected to retain growth in the immediate term.

In value terms, crane production rose modestly to $4.7B in 2024 estimated in export price. Over the period under review, production saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 38%. The level of production peaked in 2024 and is likely to see steady growth in years to come.

Turkey (27K units) constituted the country with the largest volume of crane production, accounting for 47% of total volume. Moreover, crane production in Turkey exceeded the figures recorded by the second-largest producer, Yemen (9.2K units), threefold. The third position in this ranking was taken by Jordan (6K units), with an 11% share.

In Turkey, crane production expanded at an average annual rate of +10.9% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Yemen (+4.0% per year) and Jordan (+6.9% per year).

In 2024, crane imports in the Middle East contracted to 19K units, which is down by -9.6% against 2023. In general, imports showed a slight shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 30%. The volume of import peaked at 28K units in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

In value terms, crane imports reached $2B in 2024. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 when imports increased by 43%. Over the period under review, imports attained the peak figure at $2.3B in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

Saudi Arabia represented the largest importing country with an import of around 7.6K units, which amounted to 39% of total imports. It was distantly followed by Turkey (4.1K units), the United Arab Emirates (4K units) and Iraq (1.2K units), together committing a 49% share of total imports. The following importers - Qatar (858 units) and Israel (720 units) - each resulted at an 8.2% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +4.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crane importing markets in the Middle East were Saudi Arabia ($929M), Turkey ($517M) and the United Arab Emirates ($276M), with a combined 86% share of total imports.

Turkey, with a CAGR of +3.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, the import price in the Middle East amounted to $105 thousand per unit, picking up by 14% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 35%. The level of import peaked in 2024 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Turkey ($126 thousand per unit), while Qatar ($38 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Qatar (+5.5%), while the other leaders experienced mixed trends in the import price figures.

In 2024, exports of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in the Middle East soared to 4.8K units, jumping by 46% against 2023. Total exports indicated a mild increase from 2013 to 2024: its volume increased at an average annual rate of +1.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -9.7% against 2022 indices. Over the period under review, the exports hit record highs at 6.9K units in 2015; however, from 2016 to 2024, the exports remained at a lower figure.

In value terms, crane exports skyrocketed to $309M in 2024. Over the period under review, exports showed a mild expansion. The growth pace was the most rapid in 2022 when exports increased by 38%. As a result, the exports attained the peak of $331M. From 2023 to 2024, the growth of the exports remained at a lower figure.

The biggest shipments were from Qatar (1.5K units), the United Arab Emirates (1.2K units) and Turkey (1.1K units), together reaching 79% of total export. Saudi Arabia (319 units) held a 6.6% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (6.4%). Bahrain (190 units) held a relatively small share of total exports.

From 2013 to 2024, the biggest increases were recorded for Qatar (with a CAGR of +9.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($140M), the United Arab Emirates ($71M) and Qatar ($32M) constituted the countries with the highest levels of exports in 2024, together comprising 79% of total exports.

In terms of the main exporting countries, Qatar, with a CAGR of +8.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The export price in the Middle East stood at $64 thousand per unit in 2024, with a decrease of -19.7% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 when the export price increased by 29%. As a result, the export price reached the peak level of $80 thousand per unit, and then declined markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($125 thousand per unit), while Qatar ($21 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.7%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crane market in the Middle East. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles