Lifting machinery is widely used in construction and engineering construction, from overhead cranes used in material prefabrication factories to gantry cranes used in bridge construction, and electric hoists used to lift building materials in house construction. In order to open up different crane application markets, we need to conduct in-depth research on these markets. When providing services to customers, we can be more professional and more practical. This article analyzes the trends and opportunities of the Philippine crane market in the future 2025 through the study of the construction policy of the Philippines
After witnessing a decline of 30.3% in 2020, the Philippine construction industry is expected to record growth of 12.7% in real terms this year, supported by improving investor confidence and investment in transport, renewable energy, residential and commercial infrastructure projects. This is a downwards revision of the previously estimated 21.9% growth in 2021, due to the impact of the wave of Coronavirus (COVID-19) infections on economic activity in late Q2, and into Q3 2021. GlobalData expects the industry to record growth of 20.7% in 2022, driven by an improvement of economic conditions, consumer and business confidence and foreign direct investment. Prominent downside risks to the outlook in 2022 include the uncertainty surrounding the potential impact of the Omicron variant, and whether it may force a tightening of restrictions, inhibiting the recovery of the construction industry and potentially weighing on the tentative improvement of business and investor confidence. Between 2023 and 2025, the Philippine construction industry is forecast to record a real annual average growth of 7.6%, with real construction output expected to surpass its pre-pandemic value by 2023.
Supporting forecast-period growth will be the government’s PHP5 trillion (US$100.8 billion) 2022 proposed budget, which focuses on improving healthcare infrastructure and increasing investment in public and digital infrastructure. In addition, the government is focusing on the development of renewable energy projects, in line with its target to increase the share of renewable energy in the total energy mix to 50% by 2040, and add additional power generation capacity of 43GW by 2040. Forecast-period growth will also be supported by the government’s “Build, Build, Build” (BBB) program. Under the BBB program, the government have outlined plans to invest PHP9.0 trillion (US$170.5 billion) on developing infrastructure between 2017 and 2022, predominantly roads, railways, airports, bridges and seaports. Long-run growth will be driven by the AmBisyon Natin 2040 programme, which promotes the development of affordable housing, transport and renewable energy infrastructure.
The crane equipment market in the Philippines is estimated to grow at a CAGR of 7.02% by 2028.
MARKET DRIVERS
The crane equipment market is consolidated, with XCMG being the leader, followed by Caterpillar, Volvo, Komatsu, and SANY.
In 2021, we provided 118 crane project contracts to the Philippine market, supplying crane types including gantry cranes, overhead cranes, jib cranes, electric hoists and some crane accessories.
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