Crane Market Overview in Iceland
Market Overview
In 2019, after six years of growth, there was significant decline in the Icelandic crane market, when its value decreased by -
% to $. Over the period under review, consumption, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the market value increased by % year-to-year. Iceland consumption peaked at $ in 2018, and then reduced notably in the following year.
% to $. Over the period under review, consumption, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the market value increased by % year-to-year. Iceland consumption peaked at $ in 2018, and then reduced notably in the following year.Consumption
After six years of growth, consumption of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -% to units in 2019. In general, consumption, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 when the consumption volume increased by % against the previous year. Iceland consumption peaked at units in 2018, and then shrank remarkably in the following year.
The size of the crane market in Iceland plummeted to $ in 2019, which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when the market value increased by % y-o-y. Iceland consumption peaked at $ in 2018, and then fell significantly in the following year.
% to units in 2019. In general, consumption, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 when the consumption volume increased by % against the previous year. Iceland consumption peaked at units in 2018, and then shrank remarkably in the following year.The size of the crane market in Iceland plummeted to $
in 2019, which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when the market value increased by % y-o-y. Iceland consumption peaked at $ in 2018, and then fell significantly in the following year.Market Forecast
Driven by increasing demand for crane in Iceland, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to units by the end of .
% for the period from 2019 to , which is projected to bring the market volume to units by the end of .Trade Balance
Iceland remains a net importer of crane; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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