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Chicago, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to Arizton's latest research report, Kuwait construction equipment market to grow at a CAGR of over 5.5% during 2022-2028. The growth in the construction equipment market is majorly driven by the increase in government investment in infrastructure & renovation projects, the boost given by the demand by the oil sector, and Kuwait's construction plans to expand its power generation capacity in wind and solar parks.
Kuwait has permitted funding for development of a residential project with an investment of $6.8 billion . South Saad Al Abdullah Town, along with renovation of the historic marketplace, Souq Al Mubarakiya, is the major residential project in the Kuwait construction market.
Kuwait Construction Equipment Market Report Scope
| Report Attributes || Details |
| MARKET SIZE (2028) || $450 Million |
| MARKET SIZE (2021) || $306 Million |
| CAGR (2022-2028) || Over 5.5% |
| BASE YEAR || 2021 |
| HISTORIC YEAR || 2019-2020 |
| FORECAST YEAR || 2022-2028 |
| TYPE || Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment |
| END-USERS || Construction, Manufacturing, Mining, and Others |
| KEY VENDORS || Hitachi Construction Machinery, Liebherr, Caterpillar, Zoomlion, XCMG, SANY, Hyundai Construction Equipment, Volvo, JCB, and Kobelco |
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The Kuwait government is investing in construction projects in 2022, which expect to drive the demand for excavators during the forecast period. The government had allocated over $100 billion on infrastructure projects, hospitals, power stations and more than 100,000 residential housing units. This also includes major hydrocarbon projects such as the first phase of the Lower Fars heavy-oil project with an investment of $4.2 billion
- The growth in infrastructure investment under Kuwait national development plan 2035, surge in civil engineering & housing projects in 2021, is expected to support the demand for excavators in Kuwait market.
- In 2021, Kuwait's Public Authority for Housing Welfare (PAHW) planned to work on 43 projects worth over $3.26 billion ranging from plot projects, public buildings, and road projects for residential cities. The government has permitted funding for the development of a residential project with an investment of $6.8 billion. South Saad Al Abdullah Town, along with the renovation of the historic marketplace, Souq Al Mubarakiya are the major residential projects in the Kuwait market.
- Kuwait Oil Company had allocated $2.8 billion investments to implement 3 projects, taking advantage of the recent recovery in oil prices in the oil and gas sector in 2021. The oil company allocated $831.7 million to construct oil pipelines, Wastewater injection station, phase two, in the north of Kuwait. In addition to it, Kuwait Petroleum Corporation (KPC) planned to increase oil production capacity to 4.75 million barrels per day by 2040.
- In 2021, Kuwait Renewable Energy Prediction System (KREPS) set the goal of 15% renewable energy generation by 2030. The government invested $20 million for solar & wind projects in Shagaya renewable energy park in Al Jahra region of Kuwait.
- Growth in oil & gas industry, rising for infrastructure development & renewable energy projects across the country is expected to have positive impact on the demand for construction equipment in Kuwait market.
- Labor shortage is the major challenge for the country, the construction industry has more than 20% of shortage of labors in 2022. The rising prices of building material, along with increasing of steel price in construction industry can hamper infrastructure development projects planned under Kuwait National Development Plan 2035.
- Zoomlion, Hyundai Construction Machinery, Caterpillar & Liebherr held combined market share of ~ 24.7% market share in Kuwait in 2021.
- Hitachi Construction Machinery
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Hyundai Construction Equipment
Other Prominent Vendors
- Terex corporation
- Liu Gong
- CASE Construction
- Mohamed Abdulrahman Al-Bahar's Machinery
- Arab Group for Equipment and Construction (AGECO)
- Alghanim Equipment
- EMDAD Equipment
- Masaha Heavy Equipment
- Earthmoving Equipment:
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
- Material Handling Equipment
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
- Road Construction Equipment
- Road Rollers
- Asphalt Pavers
- End Users
Explore our industrial machinery profile to know more about the industry.
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Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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