A crane is a type of machine equipped with a hoist rope, sheaves, or chains. It can be used both to lift and lower materials and to move to them horizontally. Rough terrain cranes are typically designed to work on rough and off-road applications and surfaces. Rough terrain cranes are categorized on the basis of capacity and boom length. These cranes are available in different capacities including 25-50 tons, 50-75 tons, and 100 tons+. MEA rough terrain cranes market focuses on six regions namely GCC countries, Northern Africa, South Africa, Turkey, Israel, and Rest of the Middle East & Africa.
Market Statistics:
The MEA rough terrain cranes market is expected to surpass US$ 188.6 Mn in terms of value by the end of 2028.
Market Driver
Growing demand for ore extraction and handling equipment in mining industry is expected to drive growth of the MEA rough terrain cranes market during the forecast period. Mining industry as witnessed significant growth in Middle East and Africa. Different minerals and materials are extracted including coal, diamonds, gold, oil, copper, and platinum. Moreover, the industry has witnessed sharp upsurge with oil & natural gas exploration taking place in the 21st century. Rough terrain cranes are typically used in mining industry where it is difficult to reach with a lack of robust road infrastructure.
Market Opportunity
Increasing demand in the construction industry can present lucrative growth opportunities. In the recent past, construction industry has witnessed massive growth in Middle East and Africa. According to Coherent Market Insights’ analysis, the African construction industry is expected to witness significant growth in the near future, owing to huge availability of natural resources, cheap labor, and increasing investment in energy and infrastructures. As a result of this, the demand for rough terrain cranes is expected to increase in the near future. Key players in the market can capitalize on these opportunities by providing novel solutions and gain a competitive edge in the market.
MEA Rough Terrain Cranes Market: Recent Developments
- In February 2020, Tadano Ltd. a Japan-based manufacturer of cranes and aerial work platforms company, introduced New Rough Terrain Cranes in Asia, the Middle-East, Oceania, Central & South-America, and African markets.
- In January 2021, Sarens Siba, a part of Sarens, a Belgian multinational company opened a new depot in Brits, South Africa. The Sarens Siba offers the following equipment on the site which include Rough terrain cranes from 25 to 60 tonnes, Mobile cranes from 20 to 110 tonnes, and more.
- In September 2020, Babcock International, an Engineering services company delivered the first new TADANO GR-700EX-4 Rough Terrain Crane to a long-standing mining customer in South Africa
- Major companies are focused on product launches, in order to enhance the market presence. For instance, in December 2019, Sany Heavy Industry Co. introduced new product line at EXCON 2019 including Crawler Crane SCC450A, Truck Crane STC500C, and Telescopic crawler crane SCT600
- Key companies in the market are involved in product development, in order to gain a competitive edge in the market. For instance, in September 2019, Liebherr Group introduced rough terrain cranes Liebherr LRT cranes in 90-ton and 100-ton classes.
Market Restraint
Significant initial investment and maintenance cost is expected to restrain growth of the MEA rough terrain cranes market during the forecast period. Rise in maintenance, as well as initial costs, has influenced end users to rent rough terrain cranes as opposed to making an outright purchase. Many company owners believe that if they use of equipment is not at least two-third of its average life, one should seriously consider renting the cranes as it is far more economical than purchasing it. Moreover, the maintenance cost is very high maintenance in the case of rough terrain cranes. The maintenance must also be done from time to time since a badly serviced crane can prove to be a very dangerous machine at the actual construction site. IPO articles are present but reports aren’t. So, we need to create reports.
MEA Rough Terrain Cranes Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 pandemic has led to a sharp decline in growth of the MEA rough terrain cranes market. With many countries imposing stringent regulations on physical distancing and adopting nationwide lockdown policies, numerous industries were affected significantly including energy, construction, manufacturing, and automotive. Rough terrain cranes are widely used in construction sector to lift heavy duty loads to exceptional heights. However, with construction activities being shut down temporarily, the MEA rough terrain cranes market witnessed negative impact in the recent past. However, these regulations are now being relaxed in various countries due to roll-out of vaccines and declining cases.
To know the latest trends and insights prevalent in the MEA Rough Terrain Cranes Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mea-rough-terrain-cranes-market-4728
Key Takeaways:
- The MEA rough terrain cranes market was valued at US$ 109.9 Mn in 2020 and is forecast to reach a value of US$ 188.6 Mn by 2028 at a CAGR of 6.7% between 2021 and 2028. This is owing to increasing investment in new commercial constructions and infrastructure projects.
- The 50 T-75 Tonnes segment was valued US$ 37.2 Mn in 2020 and is expected to witness a CAGR of 6.8% over the forecast period.
Market Trends
Previously, there has been use of two separate engines for power transmission required for transportation and operation of cranes. The manufacturers have now come up with a new trend of using one single powerful engine which can perform both functions efficiently. Installation of a single powerful engine also overcomes issues related to regulating authorities regarding carbon particles emitted from the exhaust. The introduction of single-engine is further expected to propel the growth of the rough terrain cranes in the MEA region.
Major companies in the market are focused on numerous organic and inorganic strategies, in order to enhance the market presence. For instance, in August 2016, Zoomlion Heavy Industry Science And Technology Co., Ltd. announced a joint venture with MAZ Group, a Belarusian truck crane manufacturer. Furthermore, in May 2016, Zoomlion Heavy Industry Science And Technology Co., Ltd. entered into strategic cooperation agreement with Huafa Group Co., Ltd. to establish a construction equipment leasing company in Zhuhai.
Competitive Section
Major companies operating in the MEA rough terrain cranes market are The Manitowoc Company, Inc., Terex Corporation, KATO WORKS CO., LTD., Tadano Ltd., Sany Heavy Industry Co., Ltd, Zoomlion Heavy Industry Science And Technology Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., and Liebherr Group.
