DUBLIN, December 29, 2021 / PRNewswire / – The report “GCC Construction Equipment / Machinery Rental Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The GCC Construction Equipment / Machinery Rental Market has been valued at $ 3.77 billion in 2020 and should reach $ 5.48 billion by 2026, with a CAGR of 6.15% over the forecast period (2021-2026).
The Covid-19 pandemic has hampered the growth of the construction machinery / equipment market in the GCC region due to the closure of manufacturing facilities and the halt of investments in the infrastructure sector.
However, after the pandemic, with the resumption of economic activities, the market is expected to accelerate during the forecast period.
Some of the major factors driving the market growth are growing construction industry in the region, increasing demand for cranes, and developing trends towards automation and telematics. Rental or leasing of construction equipment is on the rise, due to an effort to reduce expenses for the purchase and maintenance of equipment.
Besides the cost, there are also other benefits associated with renting construction equipment. Rental companies provide the machines, along with the required professional machine operators and operators, ensuring hassle-free operation.
In addition, the advancement in the method of renting construction machinery such as digital platforms makes it easier for the consumer, which is also an important factor for the growth of the construction machinery market in GCC countries.
The construction sector is growing in GCC countries such as United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Bahrain, due to the emergence of construction projects related to roads, buildings, hotels, stadiums and other infrastructure.
Key market trends
Earth moving equipment segment is expected to dominate the market
In recent years, the rental of earthmoving equipment, such as excavators, graders, loaders, has increased due to the growth of infrastructure projects related to road and highway networks in countries such as Saudi Arabia, United Arab Emirates and due to the penetration of more construction contractors in the country due to Saudi Vision 2030.
For example, in February 2020, the Saudi crown prince Mohammed ben salman ordered the development of major roads in the heart of Riyadh in order to modernize the city’s transport system.
The aim of the project is to transform Riyadh to be a major hub in the provision of sustainable transport services as well as logistics services in the Middle East. The program will work on the development of junctions between that of Riyadh ring roads and main roads. It will develop 400 kilometers of road network, adding new roads and modernizing existing junctions.
Due to the above cases and developments, the construction machinery rental trend is on the rise and is expected to experience healthy growth during the forecast period.
UAE could become market leader in GCC construction machinery rental
The construction market is a key driver of the UAE economy, but the sector is under considerable pressure due to the prolonged fall in oil prices in 2019 and COVID-19. However, with the resumption of economic activities in the United Arab Emirates, the demand for rental of construction machinery is expected to accelerate.
This growth in the rental market is mainly due to the growth of the construction sector as well as government initiatives to increase infrastructure spending for the 2020 World Expo. In addition, the increase in construction projects in the commercial and residential verticals would further fuel demand in the UAE.
Several market players adopt growth strategies such as expansion, partnerships to strengthen their position in the market. For example, in July 2021, Sudhir Power Ltd, a construction equipment and generator rental company, announced its joint venture with Fuel Buddy, an Indian home fuel delivery service start-up, inaugurating operations in the United Arab Emirates and Saudi Arabia.
Such factors will create a large demand for construction machinery, which will further benefit the construction machinery rental market in the United States. United Arab Emirates.
Some of the major market players are Al Faris, Bin Quraya, Arabian Machinery & Heavy Equipment Co. (AMHEC), Byrne Equipment Rental, Mohamed Abdulrahman Al-Bahar LLC and among others.
- Zahid Tractor and Heavy Equipment Company
- Al Mutawa Heavy Equipment Trading LLC
- Mohamed Abdulrahman Al-Bahar LLC
- Rezayat Sparrow Arabian Crane Hire Co. Ltd.
- Byrne Equipment Rental
- Al Faris
- Johnson Arabia LLC
- Arabian Machinery & Heavy Equipment Co. (AMHEC)
- Abdullah H. Al Shuwayer Company
- Hertz Dayim Equipment Rental Co.
- Kanamoto Co. Ltd
For more information on this report, visit https://www.researchandmarkets.com/r/s2aai5
Research and markets
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SOURCE Research and Markets