Saudi Arabia Construction Equipment Market is Projected to Grow at a CAGR of 3.1% During 2017-22.-6Wresearch
Saudi Government initiatives for economic diversification, proposed residential and commercial projects and expansion of public infrastructure including metro and airports are expected to drive the construction equipment market in Saudi Arabia in the coming years. Tourism, healthcare, residential and transport sectors would be the key focus areas for the development in the Kingdom.
According to 6Wresearch, Saudi Arabia Construction Equipment market is projected to grow at a CAGR of 3.1% during 2017-22. Saudi Arabia construction equipment market declined considerably in 2015 owing to slump in construction industry as a result of fall in government revenues due to low crude oil prices. However, the market is anticipated to recover post 2018 with increasing government spending on infrastructure development on the back of anticipated rise in crude oil prices.
According to Ravi Bhandari, Research Analyst, Research and Consulting, 6Wresearch, “Earthmoving equipment dominates the market in revenue terms, in which loaders accounts for the largest share followed by excavators. The market started to witness decline from Q3 2015, primarily due to political shift and reduced government spending to curb budget deficit”.
“Although the low crude oil prices is expected to have a short term effect on country’s economic growth, however, it may have a positive long term effect as government is now focused towards diversification of non-oil sectors”, Ravi concluded
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, Construction vertical is the key contributor in construction equipment market in Saudi Arabia and same trend is expected to continue in the forecast period on account of increasing spending in retail and commercial projects. Sudair Industrial City, Jazan Economic City and Riyadh East Sub-center are some of the key projects that are projected to complete by 2030.
“Metal & mining industry and energy utilities are the other key verticals in Saudi Arabia Construction Equipment Market with metal & mining vertical anticipated to record promising growth in the forecast period,” Akash concluded.
Some of the major companies in Saudi Arabia construction equipment market include- Caterpillar, Doosan, Volvo, Hyundai and Komatsu.
“Saudi Arabia Construction Equipment Market (2017–2022)” provides in-depth analysis with 91 figures and 6 tables covered in 180 pages. The report estimates and forecast overall Saudi Arabia Construction equipment market by revenues, volume, type of equipment, regions such as central, eastern, western and southern regions and verticals such as Metal & mining, Construction and Energy Utilities. The report also gives the insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.