GCC: Lifting Equipment Market 2024

Lifting Equipment Market Size in GCC

The GCC lifting equipment market expanded remarkably to $X in 2021, with an increase of 6.2% against the previous year. Overall, consumption, however, recorded a prominent expansion. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the immediate term.

Lifting Equipment Production in GCC

In value terms, lifting equipment production totaled $X in 2021 estimated in export price. Over the period under review, production, however, posted a resilient increase. The growth pace was the most rapid in 2018 with an increase of 62%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Lifting Equipment Exports

Exports in GCC

In 2021, lifting equipment exports in GCC skyrocketed to X units, picking up by 20% against 2020 figures. Over the period under review, exports posted a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 703% against the previous year. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lifting equipment exports plummeted to $X in 2021. In general, exports showed a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 769%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia dominates exports structure, reaching X units, which was near 89% of total exports in 2021. It was distantly followed by Oman (X units), mixing up a 6.1% share of total exports. The United Arab Emirates (X units) followed a long way behind the leaders.

Saudi Arabia was also the fastest-growing in terms of the lifting equipment exports, with a CAGR of +49.9% from 2012 to 2021. At the same time, Oman (+26.7%) displayed positive paces of growth. By contrast, the United Arab Emirates (-20.8%) illustrated a downward trend over the same period. Saudi Arabia (+82 p.p.) and Oman (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -82.1% from 2012 to 2021, respectively.

In value terms, Oman ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2021, with a combined 96% share of total exports.

Saudi Arabia, with a CAGR of +41.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, shrinking by -32.6% against the previous year. In general, the export price recorded a noticeable downturn. The most prominent rate of growth was recorded in 2015 when the export price increased by 201% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.2%), while the other leaders experienced mixed trends in the export price figures.

Lifting Equipment Imports

Imports in GCC

In 2021, the amount of lifting equipment imported in GCC contracted rapidly to X units, reducing by -18% against 2020 figures. Over the period under review, imports, however, enjoyed a notable expansion. The most prominent rate of growth was recorded in 2017 with an increase of 1,284%. Over the period under review, imports hit record highs at X units in 2020, and then contracted dramatically in the following year.

In value terms, lifting equipment imports surged to $X in 2021. In general, imports showed a abrupt setback. The growth pace was the most rapid in 2017 when imports increased by 72% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Qatar prevails in imports structure, recording X units, which was near 97% of total imports in 2021. The United Arab Emirates (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to lifting equipment imports into Qatar stood at +2.9%. At the same time, the United Arab Emirates (+5.2%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in GCC, with a CAGR of +5.2% from 2012-2021. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported lifting equipment in GCC, comprising 73% of total imports. The second position in the ranking was taken by Qatar ($X), with a 2% share of total imports.

In the United Arab Emirates, lifting equipment imports shrank by an average annual rate of -4.2% over the period from 2012-2021.

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, with an increase of 77% against the previous year. Overall, the import price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 an increase of 2,449%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Qatar amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+7.5%).

Source: IndexBox Platform