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DUBLIN, Jan. 12, 2024 /PRNewswire/ — The “Saudi Arabia Construction Equipment Market (2023-2029)” has been added to the ResearchAndMarkets. com offering.
Saudi Arabia’s Construction Equipment market revenues is projected to grow at a CAGR of 6.4% during 2023-2029.
The Saudi structural devices market saw a modest expansion prior to 2020 due to government spending on infrastructure development activities. However, the market experienced stagnation in 2020 due to the COVID pandemic and in 2021, several projects were affected due to inadequate funding, leading to the suspension of many large-scale structure projects, negatively impacting that year’s call for structural apparatuses. .
However, public spending on infrastructure has increased, supported by projects such as the 2030 Sustainable Development Vision, along with an increase in FDI and investment in the personal sector. This has led to a sudden increase in the demand for a structural apparatus in the country.
This expansion is being driven by population expansion, immediate urbanization, and increased tourist numbers as the kingdom seeks to diversify its economy and create more revenue streams besides the sale of oil and gas. Mining has also noticed an increase in investment. , as Saudi Arabia possesses valuable mineral resources, such as 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 through 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 Through Size
Construction appliances in the range of 16 to 50 tons, such as excavators, wheel loaders, and dozers, are highly sought after for their versatility, capacity, stability, and complex technology, making them ideal for medium and 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
The eastern region has the maximum oil deposits in Saudi Arabia and generates significant demand for structural apparatus used for multiple purposes. The western region is witnessing giant structural projects like Neom, Red Sea Project, etc. , where many gadgets are being built. deployed.
Report Highlights
Saudi Arabia Construction Equipment Market Overview
Saudi Arabia Construction Equipment Market Outlook
Saudi Arabia Construction Equipment Market Forecast
Saudi Arabia Construction Equipment Market Historical Data and Revenue Forecast to 2019-2029F
Saudi Arabia Construction Equipment Market Historical Data and Revenue Forecast by Type 2019-2029F
Saudi Arabia Construction Equipment Market Historical Data and Revenue Forecast, via Applications for 2019-2029F
Saudi Arabia Construction Equipment Market Historical Data and Revenue Forecast by Regions to 2019-2029F
Market Drivers and Restraints
Market Trends
Industry Life Cycle
Saudi Arabia Construction Equipment Market – Porter’s Five Forces
Evaluation of market opportunities
Company Shares
Competitive Market Benchmarking
Company Profiles
Key Policy Recommendations
Mapping Chinese Actors Through Models
Company Profiles
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
By Type
Mobile Crane
Tracked Dozer
Earthmoving equipment
Material Handling Equipment
Gate
aerial equipment
Concrete Mixer Trucks
Road Construction Equipment
By Size
Less than 15 tons
16 – 50 Ton
51 – tons
More than tons
By End Use
petroleum gas
Construction
Mining
Others (Municipality, Road Construction etc.)
By Region
Central Region
Western Region
Eastern region
Southern region
For more data on this report, https://www. researchandmarkets. com/r/2ezhvh
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SOURCE Research & Markets