Saudi Arabia Tower Crane Market (2024-2030) | Analysis, Value, Revenue, Share, Trends, Industry, Forecast, Size, Companies & Growth

Saudi Arabia Tower Crane Market Synopsis

Saudi Arabia Tower Crane Market was growing modestly before 2020 on account of government expenditure on infrastructure development activities. However, the market witnessed stagnation in 2020 due to the COVID-19 pandemic. In 2021, several projects were impacted due to inadequate funding, which resulted in the suspension of many large-scale construction projects, thereby negatively affecting the demand for tower cranes in that year. However, there has been a rise in government infrastructure spending underpinned by initiatives such as Sustainable Development Vision 2030 coupled with rising FDI, and private sector investment. This has led to a sudden increase in the demand for tower cranes in the country.

According to 6Wresearch, Saudi Arabia Tower Crane Market revenue is projected to grow at a CAGR of 4.5% during 2024-2030. This growth is being fueled by a growing population, rapid urbanization and a rise in tourist arrival as the kingdom seeks to diversify its economy and create more avenues of income other than the sale of oil and gas. As part of the economic diversification efforts outlined in Vision 2030, there has been a notable uptick in investment in public infrastructure projects. In a recent government announcement, the introduction of "The Mukaab" marks a significant development. This ambitious project spans 19 square kilometres and encompasses over 104,000 residential units, 9,000 hotel rooms, more than 980,000 square meters of retail space, and 1.4 million square meters of office space., the need for advanced construction equipment, including tower cranes, is on the rise. This surge in demand underscores the interconnected growth between infrastructure development and tower crane demand, signalling a pivotal phase of expansion and transformation in the Saudi Arabian business landscape.

Market Segmentation by Type

Hammer Head is expected to have the highest revenue share in the Saudi Arabia tower crane industry due to their design which allows them to have greater lifting heights and capacities, making them suitable for large-scale construction projects in Saudi Arabia such as the line, trojena and others. Self-erecting is expected to have the highest volume share in the market due to their efficiency and ease of assembly requiring minimal labor and time compared to other types of tower cranes. This characteristic is particularly appealing in the Saudi construction industry, where speed and precision are crucial for meeting tight project timelines.”

Market Segmentation by Lifting Capacity

Tower cranes with lifting capacities of more than 10 tons are poised to dominate the Saudi Arabia tower crane industry. The robust economic growth and significant investments in large-scale infrastructure projects, especially in the energy, transportation, and real estate sectors, have spurred a heightened demand for cranes capable of handling heavy materials and equipment.

Market Segmentation by End User Industry

The building construction sector holds the highest revenue share in the End User Industry segment of the market due to the country's ambitious urban development initiatives which leads to the surge in demand for high-rise buildings, residential complexes, and commercial spaces. Tower cranes play a pivotal role in facilitating these constructions offering them the necessary lifting capacity and versatility.

Market Segmentation by Key Cities

Riyadh claims the highest revenue share in the Saudi Arabia tower crane market owing to its status as the capital and the epicenter of significant economic and infrastructural developments in the country. The city's strategic importance is underscored by a multitude of mega projects, including expansive urban planning initiatives, commercial complexes, and residential developments.

Key Attractiveness of the Report

• 11 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Saudi Arabia Tower Crane Market Overview
• Saudi Arabia Tower Crane Market Outlook
• Saudi Arabia Tower Crane Market Forecast
• Historical Data and Forecast of Saudi Arabia Tower Crane Market Revenues and Volume for the Period 2020-2030F
• Historical Data and Forecast of Saudi Arabia Tower Crane Market Revenues and Volume, By Types for the Period 2020-2030F
• Historical Data and Forecast of Saudi Arabia Tower Crane Market Revenues and Volume, By Lifting Capacity for the Period 2020-2030F
• Historical Data and Forecast of Saudi Arabia Tower Crane Market Revenues, By End User Industry for the Period 2020-2030F
• Historical Data and Forecast of Saudi Arabia Tower Crane Market Revenues, By Key Cities for the Period 2020-2030F
• Market Drivers and Restraints
• Market Trends
• Industry Life Cycle
• Saudi Arabia Tower Crane Market – Porter’s Five Forces
• Market Opportunity Assessment
• Company Shares
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations
• Saudi Arabia Tower Crane Market – Business Model Assessment (Lease vs Buy)
• Saudi Arabia Tower Crane Market, By Chinese vs Non-Chinese Players

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Type

• Self-erecting
• Luffing Jib
• Hammer Head
• Flat Top

By Lifting Capacity

• Less than 5 ton
• 6 to 10 ton
• more than 10 ton

By End Use Industry

• Building Construction
• Infrastructural Construction
• Oil & Gas
• Others

By Key Cities

• NEOM
• Riyadh
• DMA
• Jeddah
• Others

Frequently Asked Questions About the Market Study (FAQs):