Saudi Arabia Construction Equipment Rental Market to Surpass USD2166 Million by 2026
Increasing infrastructure development projects are driving
the growth in Saudi Arabia construction equipment rental market in the forecast
period, 2021-2026.
According
to TechSci Research report, “Saudi Arabia Construction
Equipment Rental Market By Equipment Type (Dump Truck, Diesel Genset, Crane, Wheel Loader,
Excavator, Bulldozer, Motor Grader, Telescopic Handler and Others), By Region
(South & West, North & Central, East), By Province (Mecca, Riyadh,
Eastern, Asir, Medina, East), Competition, Forecast & Opportunities,
2016-2026F”, the Saudi Arabia construction equipment
rental market would potentially project a growth of 6.85% in the forecast period,
2021-2026 on the account of rapidly surging demands from the construction
industry. Many projects, including port development, airports, railways,
bridges, power & water and oil sector, are in the pipeline as of 2020. The
government in the kingdom has expressed its plan to enhance the infrastructural
development in the country. This is expected to fuel growth in the construction
industry and consequently increase the demand for construction equipment rental
in Saudi Arabia during the forecast period.
Moreover,
the Saudi Arabian government’s initiatives to transform the country from an
oil-based economy to a more reliant on manufacturing and service-based economy
are expected to drive the construction market in the region. Furthermore, an
increase in government infrastructure spending, population expansion, and an
increase in disposable income is believed to have increased demand for
residential, commercial, and institutional structures, which will enhance
demand for construction equipment. In the following years, the Saudi Arabian
government's increased focus on expanding net spending and the introduction of
Vision 2030 is expected to considerably enhance the country's economy and
construction sector. Among the GCC countries, Saudi Arabia is the fastest-growing
destination for exports of heavy machinery from ASEAN nations. Saudi Arabia has
led the transformation in the GCC construction market with the development of
six economic cities.
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The
Saudi Arabia construction equipment rental market is segmented on the basis of
equipment type, province, and regional distribution. Based on Equipment type,
the market is further fragmented into Dump Truck, Diesel Genset, Crane, Wheel
Loader, Excavator, Bulldozer, Motor Grader, Telescopic Handler and Others.
Due
to its advantages, the wheel loader is predicted to register the largest
revenue shares and dominate the market segment in the next five years. Various
advantages associated with wheel loader are High capacity in carrying loads,
Options for different sizes, Low maintenance, Versatility in different
applications, Ease of operation and reduced operating costs. Apart from its
utility as an earthmover, wheel loaders can also be used in different applications.
With the option for different attachments, wheel loaders default buckets can be
changed into blades, augers, backhoes, hammers, rakes, etc. wheel loaders can
also be used to lift trash, carry pipes, compact gravel, move hay bales, drill
holes, and hammerstones. Moreover, wheel loaders require less training costs.
It also makes the tasks in a job site faster to complete, with less manpower
needed to manually carry heavy loads, resulting in fewer days spent on a
project and fewer human resources costs.
Key
market players in the Saudi Arabia Construction Equipment Rental market
include:
- Zahid Tractor and Heavy Machinery Company
- General Contracting Company (GCC)
- Bin Quraya Rental
- Industrial Supplies Development Co. Ltd. (ISDC Rental Company)
- Abdulla Nass & Partners Co. Ltd. (ANPC)
- Saad Al Qahtani Contracting (SAQCO)
- Arabian Consolidated Trading Group – Crane & Heavy Equipment Rental
- Altaaqa Alternative Solutions Co. Ltd.
- Al Faris
- Rezayat Sparrow Arabian Crane Hire Co. Ltd.
Based
on region, the market is segmented into South & West, North & Central
and East Region. South & West region is anticipated to hold the largest
revenue shares of the market and dominate the segment in the upcoming five
years on account of increasing infrastructure development projects in the
region. Furthermore, tourism activities in these regions are expected to
contribute to the GDP of the region, thereby creating ample demand for
construction activities in the coming years. Growth of the real estate sector
across northern & central region is mainly due to increased investments
from the government in construction projects which is expected to positively
influence the demand for construction equipment.
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“Saudi Arabia construction equipment rental
market is anticipated to grow at a healthy CAGR between 2016-2026, owing to the
increasing investment in infrastructure projects, shifting from oil-based
economy to service based and increasing foreign direct investment in the
kingdom. Moreover, favorable socio-demographic factors such as literacy level, disposable
income, etc., and development in financial sector are anticipated to benefit Saudi
Arabia construction equipment rental market as a whole during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Construction Equipment Rental Market Segmented By Type
(Brass Plumb Bob, Steel Plumb Bob), By Application (Vertical Alignment of
Walls, Doorjamb, Lining up Points, Wallpapering), By Part (Pointed End, Weight,
Hole for String, String), By End User (Residential, Commercial, Industrial), By
Region, Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, has evaluated the future
growth potential of Saudi Arabia construction equipment rental and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia construction equipment rental
market.
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