Saudi, UAE to drive Middle East construction equipment market: report

Government initiatives such as Saudi Vision 2030, UAE Vision 2021 and Turkey Vision 2023 would spur the demand for construction equipment market in the Middle East region, according to a report by ResearchAndMarkets.com.

Also read: Oil & gas drilling tools market to surge in Saudi Arabia by 2023: report

These initiatives include expansion of metros and airports, along with the construction of new hotels and shopping malls, which would boost Middle East construction equipment market forecast revenues, the report added.

According to this research, Middle East construction equipment market is projected to grow at a CAGR of 1.8 percent during 2018-2024.

The construction equipment market in Middle East region is expected is regain momentum due to the recovery of crude oil prices, diversification of the economy and government-supported infrastructural development projects including hospitals, offices, retail, educational institutions and malls in the region, the report by ResearchAndMarkets.com said.

Moreover, upcoming events such as Dubai Expo 2020 and Qatar FIFA world cup 2022 have resulted in an increase in construction activities in the UAE and Qatar. As a result, the market is expected to witness a substantial rise during the forecast period.

The construction application segment is expected to demonstrate significant growth over the coming years owing to a large number of upcoming infrastructure projects in the region, the report added.

Additionally, mobile cranes and earthmoving equipment captured major pie in the overall Middle East construction equipment market share due to their extensive usage at construction sites for excavation and lifting heavy weights.