Kuwait Crane Market (2020-2026) | Companies, Value, Growth, Share, Analysis, Outlook, Revenue, Forecast, Industry, COVID-19 IMPACT, Trends & Size

Market Forecast By Types (Mobile Crane, Fixed Crane, Marine, and Offshore Crane), By Applications (Industrial Applications, Marine and offshore, Mining and Excavation, Construction) and Competitive Landscape

Product Code: ETC131493	Publication Date: Apr 2020	Updated Date: Nov 2023	Product Type: Report
Publisher: 6Wresearch	No. of Pages: 70	No. of Figures: 35	No. of Tables: 5

Kuwait Crane Market Shipment Analysis

Kuwait Crane Market registered a growth of 99% in value shipments in 2021 as compared to 2020 and a decrease of -23.35% CAGR in 2021 over a period of 2017. In Crane Market Kuwait is becoming less competitive as HHI index in 2021 was 4766 while in 2017 it was 1657. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.

Kuwait has reportedly relied more on imports to meet its growing demand in Crane Market. Kuwait is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Crane Market in 2021 was 2.91 while in 2017 it was 5.8. Germany, China, Japan, United Arab Emirates and France were among the top players of the market in 2021, where Germany acquired the largest market share of 62.81% with a shipment value of 32.94 million USD in 2022 Germany also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Crane Market. In 2017 Japan had the largest market share of 24.32% with the shipment value of 24.22 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Japan offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the Kuwait Crane Market in 2017.

Increasing the construction of smart cities, growing commercial and industrial applications, emerging tourism sector, as well as increasing government initiatives towards infrastructure development, are some of the key growth drivers of the Kuwait crane market over the past few years. However, Kuwait's economy has witnessed a slowdown in the first three quarters of 2020, due to the outbreak of COVID-19. Though the economic scenario in Kuwait is expected to recover steadily in the next few years, the crane market in Kuwait is also likely to recover gradually over the years to come.

According to 6Wresearch, the Kuwait Crane Market size is likely to witness growth during 2020-2026. This growth is primarily supported by Kuwait’s government New Vision 2035, which aims at transforming Kuwait from a traditional oil-based economy towards the renewable and green energy-based economy. The government also aims at developing and modernizing the overall infrastructure of the country. These initiatives will support the growth of the crane market in Kuwait. For instance, the recent construction of Kuwait International Airport's new terminal has increased the need for specialized tower cranes to handle large structural components. Kuwait has exported several customized tower cranes from China and other countries for the completion of the construction of the new terminal. Additionally, the construction of five new islands in Warbah, Boubyan, Failaka, Aouha and Maskan” as well as the Madinat Al Harper (City of Silk), development project initiated by the government will further spur the demand for cranes during the forecast period.

In terms of crane type, the mobile crane leads the overall Kuwait crane market due to the increasing number of construction projects in the country. Additionally, the industrial and commercial application is the key revenue-generating segment in the Kuwait crane market. Further, the demand for tower cranes is rising as a result of an increasing number of sophisticated construction projects in Kuwait.

The Kuwait crane market report thoroughly covers the market by types, applications, and regions. Kuwait's crane market outlook report provides an unbiased and detailed analysis of the on-going Kuwait crane market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.

Key Highlights of the Report:

Kuwait Crane Market Overview
Kuwait Crane Market Outlook
Kuwait Crane Market Forecast
Historical Data of Kuwait Crane Market Revenues & Volume for the Period 2016-2019.
Kuwait Crane Market Size and Kuwait Crane Market Forecast of Revenues and Volume, Until 2026.
Historical Data of Kuwait Crane Market Revenues and Volume, By applications, for the Period 2016-2019
Market Size & Forecast of Kuwait Crane Market Revenues and Volume, By applications, Until 2026
Historical Data of Kuwait Crane Market Revenues and Volume, By types, for the Period 2016-2019
Market Size & Forecast of Kuwait Crane Market Revenues and Volume, By types, Until 2026
Historical Data of Kuwait Crane Market Revenues and Volume, By regions, for the Period 2016-2019
Market Size & Forecast of Kuwait Crane Market Revenues and Volume, By regions, Until 2026
Market Drivers and Restraints
Kuwait Crane Market Trends and Industry Life Cycle
Porter's Five Force Analysis
Market Opportunity Assessment
Kuwait Crane Market Share, By Players
Kuwait Crane Market Share, By Regions
Kuwait Crane Market Overview on Competitive Benchmarking
Company Profiles
Key Strategic Recommendations