Saudi Arabia Tower Crane Market revenue is projected to grow at a CAGR of 4.5% during 2024-2030

Hammerhead-type segment in terms of type attained the highest revenue share in Saudi Arabia Tower Crane Market – 6Wresearch

Based on types, the hammerhead-type tower crane, dominated the market and it will continue to dominate Saudi Arabia Tower Crane market with its significant market revenue share driven by widespread use in building and infrastructural construction, is expected to experience a surge in demand. This demand surge is propelled by its features such as a compact design, easy assembly, enhanced lifting capacity, versatility, reduced sway, adaptability to high wind conditions, and improved operator visibility.

According to 6Wresearch, Saudi Arabia Tower Crane Market revenue is projected to grow at a CAGR of 4.5% during 2024-2030. Saudi Arabia population is growing at a rate of 2.3% per year, which means that the country needs to build more homes, schools, hospitals, and other infrastructure to accommodate its growing population. Moreover, the kingdom has been making significant efforts to promote tourism as part of its Vision 2030 plan, which aims to diversify the economy away from oil dependency. Saudi Arabia is becoming a more popular tourist destination, with the number of tourists visiting the country increasing by 10% in 2022. The kingdom has set an incredibly ambitious goal of attracting 100 million visitors per year by 2030, both domestic and foreign tourists. This is leading to a demand for new hotels, resorts, and other tourism-related infrastructure.

Also, Saudi Arabia is investing heavily in infrastructure projects to support its rapid urbanization, including roads, bridges, airports, seaports, and public transportation systems, to facilitate economic growth and improve residents' quality of life.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, building construction would have the highest growth rate in the upcoming years owing to the boom in economic development initiatives. For instance, Saudi Vision 2030, which aims to diversify the economy and enhance infrastructure, includes ambitious plans for new cities, entertainment complexes, and tourism destinations, which would fuel the demand for tower cranes in the market.

The Saudi Arabia Tower Crane Market (2024-2030) report provides an in-depth analysis with 20 figures and 6 tables, covering 79 pages. The report comprehensively covers the market by type, lifting capacity, end use industry and key cities. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.