(MENAFN- PR Newswire)
, Dec. 2, 2021 /PRNewswire/ -- The GCC construction equipment market is expected to grow at a CAGR of over 7.34% during the period 2021−2027.
Key Highlights Offered in the Report:
The GCC construction equipment market is expected to reach revenues of USD 3,722.2 million by 2027. The GCC construction sector is expected to record a strong growth during the forecast period 2021-2027, considering the strong pipeline of projects across transportation infrastructure such as airports, railroads, highways, ports, and construction of new cities throughout GCC countries. The GCC construction equipment market is expected to grow significantly at a CAGR of 7.34% during the forecast period with high demand in earth moving equipment segment. Among the GCC countries, Saudi Arabia continues to be the largest market for infrastructure projects. Thus, leading to highest market share in construction equipment market. The COVID-19 outbreak, as well as the drop in global oil demand and prices, had a substantial impact on the underlying dynamics of the construction equipment market. Governments in the Gulf Cooperation Council are working on minimizing the dependency of their economy on oil and gas and shifting it toward construction, manufacturing, and infrastructure development. The GCC construction equipment market is expected to be driven by rising demand large capacity luffing cranes in construction sector and prefabricated construction/modular construction, widening its appeal in the GCC region. The need for product differentiation has led to upgradation of technology like Automatic Haulage System (AHS), telematics etc. Integration of IOT with construction equipment to enable detection of unplanned maintenance and repairs is gaining popularity in the market. The construction equipment market is highly competitive characterized by the presence of several OEMs including Caterpillar, Komatsu, Liebherr Middle East FZE, Hitachi Construction Machinery Middle East Corp, Volvo Construction Equipment, Zoomlion Heavy Industry Science & Technology, JCB, Doosan Heavy Industries & Construction Co. Limited (Dubai Branch), SANY Group and Kobelco Construction Machinery Middle East and Africa FZCO and others. Key Offerings:
- Market Size & Forecast by Volume | 2021−2027
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type, application, and country
- Competitive Landscape – 10 key vendors and 5 other vendors
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GCC Construction Equipment Market – Segmentation
- Excavators are expected to grab the major market share in the forthcoming period on account of boost in government investments in construction activities, such as roads, highways, metros, and airports. Although the adoption of technology is low, there is a rising inclination toward the technologically advanced excavators in KSA and UAE. In addition, an increase in refurbishment projects for residential and hospitality construction will further propel the market.
- Increasing investment in plants to process industrial ores through new mining ventures, the Saudi Arabia mining sector is poised for significant growth during the forecast period. Saudi Arabia continues to be a significant player in the global mining industry. Abundant and diverse range of over 48 minerals and metal resources have made KSA the largest gold producer in the Middle East.
- The UAE has unveiled a new industrial strategy called 'Operation $300 billion,' which aims to double the industrial sector's contribution to the country's overall economic output to $82 billion by 2031, resulting in the surge in demand for construction equipment used in the manufacturing sector.
GCC Construction Equipment Market by Moving Equipment
- Earth Moving Equipment
- Excavator
- Backhoe Loader
- Motor Grader
- Other Earth Moving Equipment
- Road Construction Equipment
- Asphalt Paver
- Road Roller
- Material Handling Equipment
- Crane
- Forklift and Telescopic Handler
- Arial Platforms (articulated boom lifts, telescopic boom lifts, scissor lifts, etc)
GCC Construction Equipment Market by Application
- Construction
- Manufacturing
- Mining
- Others
GCC Construction Equipment Market by Countries
- Saudi Arabia
- UAE
- Qatar
- Other GCC Countries
GCC Construction Equipment Market – Dynamics
The surge in the construction sector and the support from the government in developing the housing market in GCC countries will drive the construction equipment market. GCC countries are boosting their efforts to improve the ability of low- and middle-income households to purchase affordable homes by bridging the gap between strong demand and poor supply of housing units for the lower income categories. In keeping with the Vision 2030 initiative, Saudi Arabia has taken unprecedented measures by announcing plans to build 1 million new housing units on top of existing ones. Housing policy in the UAE has centered mainly on providing housing advantages and services to low-income Emiratis through the federal government and various entities established within local governments. Similarly, according to the general budget for FY 2019, Oman has set up OMR 90 million ($233.8 million) for housing projects. Kuwait is investing in the construction of an extra 45,000 housing units as part of a five-year plan (2015-2020) to address the country's housing need over the next three to five years.
Key Drivers and Trends fueling Market Growth:
- Prefabricated construction/modular construction: widening its appeal in the GCC region
- KSA, UAE and OMAN attracting high investments for infrastructure development
- Extensive investment in renewable energy projects
- Increasing demand for large capacity luffing cranes in the construction sector
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Why Should You Buy This Report?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Type
- Application
- Countries
- Value (USD)
- Type
- Application
- Countries
- Gain competitive intelligence about the economic scenario, advantages in GCC countries major projects and investments, dynamics, and market share
- Examples of latest technologies
- Get presentation-ready format and easy-to-interpret data
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the GCC construction equipment market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
Major Vendors
- Caterpillar
- Komatsu
- Liebherr
- Hitachi Construction Machinery
- Volvo Construction Equipment
- Zoomlion Heavy Industry Science and Technology
- JCB
- Doosan
- SANY Group
- Kobelco Construction Machinery
Other Prominent Vendors
- Sumitomo Construction Machinery
- Xuzhou Construction Machinery Group
- LeeBoy
- Kubota Machinery
- Ingersoll Rand
Explore our industrial machinery profile to know more about the industry.
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