The next largest markets include South Africa, Israel, and Turkey, which is anticipated to be closely followed by the rest of MEA.
Valley Cottage, NY -- (SBWIRE) -- 01/19/2017 -- The latest market outlook titled "Rough Terrain Cranes Market: Middle East and Africa Industry Analysis and Opportunity Assessment, 2016–2026" by Future Market Insights offers imperative insights into the Middle East and Africa rough terrain cranes market for the forecast period 2016-2026.
The overall long-term outlook on the growth of MEA market for rough terrain cranes remains optimistic, with the market projected to grow at a promising CAGR of 5.6% through 2026. Over the assessment period, MEA market for rough terrain cranes will gain nearly 100 BPS, reaching a market size of over US$ 231 Mn by 2026 end. GCC countries currently account for a significant share of the MEA market – this will remain the trend throughout the forecast period. The next largest markets include South Africa, Israel, and Turkey, which is anticipated to be closely followed by the rest of MEA.
Key research findings strongly influencing the market growth
High initial capital and expensive maintenance continues to fuel preference for rental cranes over new crane sales.
Lucrative opportunities abound in the high lifting capacity cranes i.e. > 100T capacity segment.
Application in fracking pipe yards, transmission distribution lines, and tank firms will unlock new revenue generation opportunities.
Implementation of automation and advanced telematics are identified to be the top influential developments.
Focus on enhanced operator comfort and efficient fuel economy underpins introduction of new features in rough terrain cranes.
GCC will remain the largest market in rental as well as new sales of rough terrain cranes within MEA.
Maximum new sales will be registered in Turkey over 2016-2026.
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African countries will account for significant demand owing to rapidly developing power generation and distribution infrastructure, and burgeoning mining activities.
The market has been segmented for in-depth analysis over 2016-2026, into MEA rough terrain cranes market – new sales and MEA rough terrain cranes market – rental. While market for rental rough terrain cranes is likely to witness a CAGR of 5.3% reaching a value worth US$ US$ 247.4 Mn in 2026, market for new sales of rough terrain cranes is expected to reach US$ 142.0 Mn by 2026-end, expanding at a healthy CAGR of 5.9% over the assessment period.
MEA Rough Terrain Cranes Market - Rental
Future Market Insights expects this market to reach US$ 248 Mn in 2026.
On the basis of lifting capacity, the highest growth will be observed in > 100 tonnes capacity segment.
50-75T capacity segment will continue to dominate the market throughout the forecast period.
75-100T capacity segment will possibly exceed revenues of US$ 68 Mn in 2026, accounting for more than 27% share of the entire market revenues at the end of forecast period.
By boom length, 25-35 metre segment is projected to remain dominant with a major revenue share contribution of over 43% in 2026. Despite a relatively lower CAGR over 2016-2026, this segment will be evaluated at around US$ 107 Mn in 2026.
35-50 metre segment will retain the second largest segment position with estimated revenue sales worth US$ 80 Mn in 2026, capturing over 31% share of the market value. This segment is expected to demonstrate the fastest growth at a CAGR of 5.6%.
Based on country, GCC will continue its monopoly with over 60% value share by the end of forecast period, eventually approaching US$ 150 Mn by 2026 end.
South Africa and Israel will be the next largest markets, whereas the rest of MEA and Turkey will witness higher growth rates of over 7%.
MEA Rough Terrain Cranes Market – New Sales
This market, according to Future Market Insights, will account for the revenues of nearly US$ 142 Mn by 2026-end.
By lifting capacity, 50-75T capacity segment is projected to attract the maximum revenues.
75-100T capacity segment is likely to account for over 28% market value share in 2026.
> 100T capacity segment is predicted to witness the highest CAGR resulting in almost exponential growth in sales revenues over 2016-2026.
In terms of boom length, 25-35 metre segment will continue to dominate through 2026, accounting for more than 43% value share.
> 50 metre segment will be the fastest growing segment, exhibiting an impressive CAGR of 6.7%, resulting into twofold growth of the market over 2016-2026.
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Country-wise, GCC will retain dominance, followed by South Africa. While the former is foreseen to attract over US$ 81 Mn in terms of 2026 revenues, the latter will reach over US$ 20 Mn in 2026.
GCC reaffirms the leading position with around 58% value share in 2026, whereas the rest of MEA, North Africa, and Turkey are expected to witness higher CAGRs over the assessment period.
Among the leading players in the MEA rough terrain cranes market, Terex Corporation is identified to hold the most prominent share of over 21% in terms of new sales. Other leading companies include The Manitowoc Company, Inc., Tadano Ltd., Zoomlion Heavy Industry Science And Technology Co., Ltd., Liebherr Group, Xuzhou Construction Machinery Group Co., Ltd., Sany Heavy Industry Co., Ltd., and KATO WORKS CO., LTD.