Cyprus: Crane Market 2020

Crane Market Size in Cyprus

The revenue of the crane market in Cyprus amounted to $X in 2018, therefore, remained relatively stable against the previous year. In general, crane consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X% y-o-y. In that year, the crane market attained its peak level of $X. From 2017 to 2018, the growth of the crane market remained at a lower figure.

Crane Production in Cyprus

In value terms, crane production totaled $X in 2018 estimated in export prices. Over the period under review, crane production continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2009 when production volume increased by X% against the previous year. In that year, crane production attained its peak level of $X. From 2010 to 2018, crane production growth remained at a somewhat lower figure.

Crane Exports

Exports from Cyprus

In 2018, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were exported from Cyprus; going up by X% against the previous year. In general, crane exports continue to indicate an extraordinary expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, crane exports attained their peak figure in 2018 and are likely to continue its growth in the immediate term.

In value terms, crane exports stood at $X in 2018. Overall, crane exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X% year-to-year. Over the period under review, crane exports reached their maximum at $X in 2008; however, from 2009 to 2018, exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone (X units), Saint Vincent and the Grenadines (X units), Italy (X units), China (X units) and Uganda (X units) represented roughly X% of total exports of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in 2018. Madagascar (X units) took a X% share (based on tons) of total exports, which put it in second place, followed by Austria (X%). Japan (X units), Germany (X units), the U.S. (X units) and Poland (X units) followed a long way behind the leaders.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Sierra Leone (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest crane markets from Cyprus were China ($X), Germany ($X) and Italy ($X), with a combined X% share of total exports. Japan, Austria, Poland, the U.S., Uganda, Cyprus, Sierra Leone, Saint Vincent and the Grenadines and Madagascar lagged somewhat behind, together comprising a further X the main exporting countries, Saint Vincent and the Grenadines recorded the highest growth rate of exports, over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the crane export price in Cyprus amounted to $X per unit, surging by X% against the previous year. In general, the crane export price, however, continues to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2011 an increase of X% against the previous year. Over the period under review, the export prices for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane attained their maximum at $X per unit in 2008; however, from 2009 to 2018, export prices remained at a lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Germany ($X per unit), while Madagascar ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the other leaders experienced mixed trends in the export price figures.

Crane Imports

Imports into Cyprus

In 2018, the imports of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane into Cyprus stood at X units, coming down by -X% against the previous year. Over the period under review, crane imports continue to indicate a deep drop. The growth pace was the most rapid in 2016 when imports increased by X% year-to-year. In that year, crane imports attained their peak of X units. From 2017 to 2018, the growth of crane imports remained at a somewhat lower figure.

In value terms, crane imports stood at $X in 2018. Over the period under review, crane imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of X% y-o-y. Cyprus imports peaked in 2018 and are likely to continue its growth in the near future.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of around X units, which finished at X% of total imports. Luxembourg (X units) held the second position in the ranking, followed by Qatar (X units), Free Zones (X units) and Ethiopia (X units). All these countries together occupied near X% share of total imports. Saudi Arabia (X units), Trinidad and Tobago (X units), Lao People's Democratic Republic (X units) and Iraq (X units) followed a long way behind the leaders.

From 2007 to 2018, average annual rates of growth with regard to crane imports into the United Arab Emirates stood at +X%. At the same time, Luxembourg (+X%), Ethiopia (+X%), Lao People's Democratic Republic (+X%), Trinidad and Tobago (+X%), Qatar (+X%), Saudi Arabia (+X%), Iraq (+X%) and Free Zones (+X%) displayed positive paces of growth. Moreover, Luxembourg emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. While the share of the United Arab Emirates (+X p.p.), Luxembourg (+X p.p.), Qatar (+X p.p.), Ethiopia (+X p.p.), Free Zones (+X p.p.), Saudi Arabia (+X p.p.), Trinidad and Tobago (+X p.p.) and Lao People's Democratic Republic (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane into Cyprus, comprising X% of global imports. The second position in the ranking was occupied by Saudi Arabia ($X), with a X% share of global imports. It was followed by Qatar, with a X% share.

From 2007 to 2018, the average annual growth rate of value in the United Arab Emirates amounted to -X%. In the other countries, the average annual rates were as follows: Saudi Arabia (-X% per year) and Qatar (-X% per year).

Import Prices by Country

In 2018, the crane import price in Cyprus amounted to $X per unit, increasing by X% against the previous year. In general, the crane import price continues to indicate outstanding growth. The growth pace was the most rapid in 2017 when the import price increased by X% year-to-year. Cyprus import price peaked in 2018 and is expected to retain its growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Saudi Arabia ($X per unit), while Free Zones ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Iraq, while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform