UAE Construction Equipment Rental Market to cross USD 22.25 Million 2025
Revival of crude oil prices and lucrative
government initiatives to attract tourism in UAE to drive UAE construction
equipment rental market through forecast period
According
to TechSci Research report, “UAE Construction Equipment Rental Market By Equipment Type
(Crane, Diesel Generator, Excavator, Wheel Loader, Bulldozer, Motor
Grader, Telescopic Handler, Forklifts,
Trucks, Manlifts, Others), Competition Forecast & Opportunities, 2015-2025”, construction
equipment rental market in the UAE was valued USD 17.06 Million in 2019 and is forecast to grow
at CAGR of over 6% during the next five years, owing to the surge in development
in the country’s infrastructure comprising of residential and commercial
sectors. Due to high purchasing cost of construction equipment, construction
companies rather than investing huge capital on buying prefer procuring
equipment on rent basis. Additionally, various major ongoing and upcoming projects
such as The Palm Tower, Jewel of the Creek, Al Manhal development, Sheikh Zayed
Bridge, etc., and several tourism attraction events in UAE are expected to
propel the hotel construction business which is expected to boost the UAE
construction rental market.
Browse 47 market data Figures and Tables spread through 135 Pages and an in-depth TOC
on "UAE Construction Equipment Rental Market”.
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Increasing
consumer preference for renting construction equipment, rather than purchasing
new construction equipment, is one of the key drivers fueling growth in the UAE
construction equipment rental market in oil & gas industry. Renting has
become a more feasible option for contractors/construction companies, as
compared to buying an equipment, as many costs are associated with the
equipment ownership such as ownership cost, initial asset cost, longer pay off
tenure, and repair & maintenance costs, etc. So, it is difficult for the
oil & gas companies to utilize the construction equipment at the fullest,
especially in challenging business environment. Due to the current economic
slowdown globally, the economic recession is expected to further increase preference
towards construction equipment rental services and push-away the companies from
equipment leasing and ownership. This
trend is likely to continue during forecast period as well.
UAE
construction rental market can be segregate based on equipment type, company,
and region. Based on equipment type, wheel loader dominated the UAE
construction equipment rental market in 2019 and the segment is expected to
lead the market through 2025 as well, on account of extensive use of wheel
loaders across residential / commercial projects, throughout the project till
its completion.
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“Dubai dominates the UAE construction equipment
rental market in the oil & gas industry on the back of majority of oil
& gas projects situated in and around Dubai. This is pushing demand for construction
equipment, which in turn, is driving UAE construction equipment rental market
in oil & gas industry in Dubai. The growth in oil & gas projects in
Dubai is anticipated to continue boosting the overall requirement of rental
construction equipment in the industry in the coming years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“UAE Construction
Equipment Rental Market By Equipment Type (Crane, Diesel Generator, Excavator,
Wheel Loader, Bulldozer, Motor Grader,
Telescopic Handler, Forklifts, Trucks, Manlifts, Others), Competition Forecast
& Opportunities, 2015-2025” has analyzed the potential of construction equipment rental market across the country,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the UAE construction equipment rental
market.
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