Posted On: 2021-08-05
Manual winches acquire the highest revenue share in UAE winches market on account of their increased usage for towing and lifting purposes in the automotive and oceaneering sectors– 6Wresearch
UAE winches market has witnessed a decline over the last year on account of the current outbreak of the COVID-19 pandemic, due to which the construction sector witnessed a massive hit, thus, negatively impacting the market in the country. Further, halting and cancellation of several projects in the wake of factors such as decreased government revenues due to contraction of hydrocarbon exports has also negatively affected the market. However, with the revival of economy from the prolonged impact of coronavirus pandemic, underpinned by the government’s economic diversification plans, coupled with strategies to boost foreign trade through investment in logistics and infrastructure, the demand for winches for increased load lifting needs would pick up pace over the next few years in the country.
According to 6Wresearch, UAE Winches Market revenues is expected to grow at a CAGR of 7.6% during 2021-27. UAE winches market is regaining its momentum. Both the government and the private sector are investing heavily in infrastructure projects, to develop industrial and export activities in the emirate by attracting foreign investments, thereby augmenting the growth of winches market for port operations and construction purposes. Winches play a vital role in several sectors such as logistics & freight, commercial, automobile, oil & gas and mining among others, thereby resulting in the immense scope for market penetration in the country. To grab maximum opportunity in the market, companies may focus on the product development and introduce newer variants of their existing products. Advanced electric winches with wireless controller and increased safety standards could transform commercial operations. Moreover, advancements in rope specifications would also improve the productivity of winches.
According to Mohit Poddar, Research Associate, 6Wresearch, “Based on types, the electric winch segment is expected to grow at a substantial rate over the coming years on account of widespread utility for port operations and increasing usage in the oil & gas industry.”
Moreover, the government has launched initiatives like “The Dubai Industrial Strategy 2030” and “Abu Dhabi Economic Vision 2030” for diversifying its economy and increasing the share of non-oil foreign merchandise trade. The government is developing ports and free trade zones to facilitate exports and increase the participation of private players. Therefore, the demand for winches would register growth in the coming years for port operations and material handing purposes.
Some of the major companies in UAE winches market include Konecrane, Ace Crane Systems, Stahl Crane Systems, Demag, Ingersoll Rand and more.
“UAE winches market (2017-2027F)” report provides an in-depth analysis with 16 figures and 5 tables, covered in 67 pages. The report estimates and forecasts the UAE winches market by types, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the present and future market dynamics