DUBLIN, Jan. 12, 2024 /PRNewswire/ — The “Saudi Arabia Construction Equipment Market (2023-2029)” report has been added to ResearchAndMarkets.com’s offering.
Saudi Arabia’s Construction Equipment market revenues is projected to grow at a CAGR of 6.4% during 2023-2029.
Saudi Arabia’s construction equipment market was growing modestly before 2020 on account of government expenditure on infrastructure development activities. However, the market witnessed stagnation in 2020 due to COVID pandemic and in 2021 several projects were impacted due to inadequate funding which resulted in the suspension of many large-scale construction projects, thereby affecting the demand for construction equipment negatively in that year.
However, there has been rise in government infrastructure spending underpinned by initiatives such as Sustainable Development Vision 2030 coupled with rising FDI, and private sector investment. This has led to sudden increase in the demand for construction equipment in the country.
This growth is being fueled by growing population, rapid urbanization and rise in tourist arrival as the kingdom seeks to diversify its economy and create more avenues of income other than sale of oil and gas. Mining has also seen rise in investment as Saudi Arabia holds valuable mineral resources, including bauxite, phosphate, gold, copper, and zinc.
However, oil and gas would continue to be one of the largest generators of demand for construction equipment as the kingdom holds a significant oil and gas reserve and oil and gas are deemed to be major source to meet the rising demand of energy globally.
Market by Type
Earth moving equipment is expected to dominate the Saudi Arabia Construction Equipment Industry due to their widespread use in construction and adaptability across various sectors, ensuring consistent demand. Dump trucks are also in demand as they are used extensively for transportation at construction sites.
Market by Size
Construction equipment in the 16-50 ton range, such as excavators, wheel loaders, and bulldozers, is highly sought after for their versatility, capacity, stability, and advanced technology, making them ideal for medium to large-scale projects.
Market by End Use
Oil & Gas sector along with construction sector would occupy the most of the market as multi-fold rise in investment into infrastructure projects by the Saudi government and Oil and gas contributing major income to the kingdom.
Market by Region
Eastern region has the most of the Saudi Oil fields, therefore it generates major demand for construction equipment which are used for multiple purposes. The west region is witnessing major construction projects such as Neom, Red sea project, etc in which a numerous equipment are being deployed.
Key Highlights of the Report
- Saudi Arabia Construction Equipment Market Overview
- Saudi Arabia Construction Equipment Market Outlook
- Saudi Arabia Construction Equipment Market Forecast
- Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, by Types for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, by Applications for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, by Regions for the Period 2019-2029F
- Market Drivers and Restraints
- Market Trends
- Industry Life Cycle
- Saudi Arabia Construction Equipment Market – Porter’s Five Forces
- Market Opportunity Assessment
- Company Shares
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Mapping of Key Chinese Players by Models
- Caterpillar Inc.
- HD Hyundai Infracore Co. Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Sany Heavy Industry Co. Ltd.
- Volvo Construction Equipment
- Xuzhou Construction Machinery Group Co. Ltd.
- Zoomlion International Trading Company
Market Scope and Segmentation
- Mobile Crane
- Tracked Dozer
- Earthmoving Equipment
- Material Handling Equipment
- Dump Truck
- Aerial Equipment
- Concrete Mixer Trucks
- Road Construction Equipment
- Below 15 Ton
- 16 – 50 Ton
- 51 – 80 Ton
- Above 80 Ton
By End Use
- Oil & Gas
- Others (Municipality, Road Construction etc.)
- Central Region
- Western Region
- Eastern Region
- Southern Region
For more information about this report visit https://www.researchandmarkets.com/r/2ezhvh
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SOURCE Research and Markets