Saudi Arabia Construction Equipment Market to be dominated by demand of Cranes through 2027
Use of new technology in Construction Equipment and the rise
in the number of public infrastructure projects are expected to drive the
demand of Saudi Arabia Construction Equipment Market for the forecast period,
2023-2027.
According
to TechSci Research report, “Saudi Arabia Construction Equipment Market, By Region, Competition
Forecast & Opportunities, 2027”,
the Saudi Arabia Construction Equipment market is expected to witness robust
CAGR growth in the forecast period, 2023-2027. The oil & gas industry is
considered the major revenue-generating industry in Saudi Arabia. The
government is trying to boost the growth of the other prominent sectors to
reduce the dependence on the oil industry and diversify the income sources, which
is expected to create lucrative opportunities and boost the growth of the
construction industry. A rise in the government focus on the development of
overall infrastructure as well as energy and utilities construction projects is
expected to accelerate the growth of the Saudi Arabia Construction Equipment
market in the next five years.
The
outbreak of COVID-19 adversely impacted the construction industry as it
restricted the ongoing construction activities to contain the spread of novel
coronavirus. Construction activities require a large number of laborers, and
the COVID-19 created a shortage of laborers. However, with the proliferation of
COVID-19 vaccination and the relaxations in the strict guidelines, the
construction industry is expected to witness huge growth opportunities in the
forecast period.
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Arabia Construction Equipment Market"
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The
Saudi Arabia Construction Equipment market is segmented by segment, product
type, end-user, competitional landscape, and regional distribution.
On the basis of the segment, the Saudi
Arabia Construction Equipment market is divided into earth moving, material
handling, concrete mixing, road construction, and others. The earth moving
equipment is expected to hold the largest market share in the forecast period,
2023-2027. Earth moving equipment uses
hydraulic drives as the primary source of motion. Loaders, motor graders,
excavators come under the earth moving Construction Equipment. Growing demand
for better infrastructure facilities and the rise in the urban population is
expected to influence the demand of the earth moving equipment for the next
five years.
On the basis of the product type, the
Saudi Arabia Construction Equipment market is divided into backhoe loaders,
excavators, cranes, transit mixer, forklifts, batching plants, concrete pump,
wheel loader, road roller machine, compaction equipment, compressors, motor
graders, rigid dump trucks and others. The cranes segment is expected to witness
the fastest incremental growth in the next five years. Cranes can be of many
types: rough terrain cranes, crawler cranes, tower cranes, port, and offshore
cranes. The construction of tall buildings and projects emphasizing the
redevelopment of cities, airports, and other infrastructure is expected to fuel
the demand for cranes for the next five years.
On the basis of the end-user, the Saudi
Arabia Construction Equipment market is divided into oil & gas,
construction, infrastructure, manufacturing, and others. The construction
industry is expected to witness significant growth opportunities in the next
five years. Several housing projects, such as the ESKAN project introduced by
the leading authorities, consist of plans to build 500,000 units and allocate
funds for the construction of 1,500,000 units of houses in the coming years.
The tourism industry is growing at a rapid rate. The presence of large hotel
projects to accommodate the growing number of tourists visiting Riyadh, Makkah,
Madinah, and Jeddah is expected to boost the Construction Equipment demand.
Major market players operating in Saudi
Arabia Construction Equipment market are:
- Komatsu Limited
- Volvo Construction Equipment Corporation
- Catepillar Inc.
- Hitachi Construction Machinery Co. Ltd.
- Manitowoc Company Inc.
- Sumitomo Corporation
- CNH Industrial NV
- Doosan Intracore Construction Equipment
- Kobelco Construction Machinery Co. Ltd
- XCMG Group
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“High-end investments by the market
players for infrastructure development and the ongoing social and urban
development projects, such as the Sakani housing program using smart tech, are
expected to create huge growth potential for the forecast period. Also, to
boost the development of transport infrastructure and enhance mobility in Saudi
Arabia, the government is introducing city infrastructure projects such as
Riyadh Rapid Bus Transit System and Riyadh Metro are driving the adoption of
advanced technologies and implementing new operating standards for enhanced
safety during construction activities is anticipated to propel the growth of
Saudi Arabia Construction Equipment market till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Saudi Arabia Construction
Equipment Market, By Region, Competition Forecast &
Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia Construction Equipment market 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 market.
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