(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: According to a recent report by Research and Markets, Qatar's construction equipment market is estimated to reach 8,596 units by 2029, growing at a CAGR of 4.54 percent.
As of 2022, the market has 3,600 units albeit witnessing a vital boost in the industry.
Under the sector in particular, material handling equipment accounted for the largest market share last year.
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The report stated that cranes in the material handling segment accounted for the largest share while rising investment in housing, warehouse expansion, and renewable energy projects is anticipated to drive the demand for cranes in the market.
However, construction is one of the largest sectors in Qatar, and the authorities are focusing on improving the existing infrastructure and implementing further construction projects.
The report said:“These initiatives expect to spur the demand for the crane market in the Qatar construction equipment market during the forecast period.”
Moreover, the demand for tower cranes has significantly improved since 2021 due to the construction of tall building structures and stadiums built-in Qatar in connection to the mega sporting event - FIFA World Cup, which was hosted last year.
Some of the projects include Zoomlion's eight luffing jib cranes, which were used to cap the roof of the Lusail Stadium, and JASO, which sold Luffing tower cranes in the country in 2021.
However, with the country's national vision in motion, it is all set to bolster the economy and boost the construction market.
Public infrastructure projects also drive the trend in the country under the QNV 2030 such as the Qatar Integrated Rail, a $40bn urban metro, high-speed passenger railway, freight line system, and the New Port Project, a $7.4bn mega port designed for food security facilities and warehouses.
Under this project, the expansion of the Hamad International Airport is also included, with a budget of $15.5bn, the report mentioned.
However, Qatar's 2023 budget drafted the implementation of 22 new projects with a total value of $2.6bn.
It further noted that the budget also aims to develop several new schools and improve facilities alongside new and existing hospitals and healthcare centers.
Further, Qatar Public Works Authority (Ashghal) in March 2023 awarded the main construction contract 'Roads and Infrastructure' works in Rawdat Egdaim and Ezghawa with a value of $67m.
The project is scheduled for completion by the third quarter of 2025.
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