Saudi Arabia Construction Equipment Rental Market to Grow at a CAGR of 7.57% through 2027
Increasing Investments into infrastructure and government
schemes are driving the growth in Saudi Arabia construction equipment rental
market in the forecast period, 2017-2027F.
According
to TechSci Research report, “Saudi Arabia Construction Equipment Rental Market- - Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2017-2027”,
the Saudi Arabia construction equipment rental market stood at USD1486.45
million in 2021 and is expected to register a CAGR of 7.57% to reach USD2395.33
million by 2027. Saudi Arabia is a prime producer and exporter of oil & gas
and is witnessing huge demand worldwide due to growing energy requirements. The
leading producers are setting up new wells and pipelines. The installation of
oil rigs and pipelines is expected to significantly impact the Saudi Arabia
construction equipment rental market demand. Market players are adopting
attractive marketing strategies to stay ahead in the market, such as the
growing popularity of the concept lease to own, in which the rental companies
who could not invest in the purchase of construction equipment take it on lease
from the dealer and pay the cost of equipment in easy installments.
However,
the maintenance cost incurred by construction equipment rental companies at
regular intervals and the intense competition among the market players may
restrain the growth of the Saudi Arabia construction equipment rental market in
the forecast period.
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Rental Market"
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The Saudi Arabia construction equipment
rental market is segmented into equipment type, region,
province, and competitive landscape.
Based on
equipment type, the market is divided into wheel loader, crane, excavator,
bulldozer, dump truck, diesel genset, motor grader, and telescopic handler, and
others. The wheel loader segment dominated the market in 2021 by covering a
market share of 22.45% of the overall market share. Wheel loader is also known
as a bucket loader, scoop loader, and skip loader. The wheel loader features a
front-mounted bucket designed to scoop, transport, and hold loosely packed
materials such as sand and pulverized minerals in the oil & gas industry.
The high demand for wheel loaders from the construction sector for different
applications such as block handling, log handling, waste disposing, and slag
handling drives the segment demand. Also, the ongoing construction and
infrastructure development projects such as the Red Sea Tourism Project,
National Infrastructure Fund (NIF) by the leading authorities are expected to
contribute to the market growth significantly.
On the basis
of regional analysis, the South & West region captured the highest market
share by accounting for a market share of 46.05% in 2021 and is expected to
maintain its dominance through the next five years. This region has a number of
major holy destinations, such as Mecca and Medina, which witnesses a huge
footfall of Islamic pilgrims throughout the year. The massive number of
tourists is boosting the hospitality and construction sector of the region.
Leading authorities are trying to improve public facility services by
renovating the existing infrastructure such as airports, hotels, restrooms, and
other facilities and constructing new facilities. The construction companies
and market players prefer to opt for construction equipment rental services as
they provide the latest and most advanced construction equipment at
comparatively affordable rates and eliminate maintenance costs.
Major market players operating in Saudi
Arabia construction equipment rental market are:
- Zahid Tractor and Heavy Machinery Co. Ltd
- General Contracting Company (GCC)
- Bin Quraya for Rental and Heavy Equipment
- Industrial Supplies Development Co. Ltd. (ISDC Rental Company)
- Abdulla Nass & Partners Co. Ltd. (ANPC)
- Saad Al Qahtani Contracting Co. (SAQCO)
- Arabian Consolidated Trading (ACT Crane & Heavy Equipment)
- Altaaqa Alternative Solutions Company
- Al Faris Group
- Rezayat Sparrow Arabian Crane Hire Co. Ltd
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“The Kingdom of Saudi Arabia has
implemented strict regulations to restrict the import of construction equipment
in the country. Saudi Arabian Standards Organization (SASO) guides the
manufacturers to provide quality and highly technologically advanced
construction equipment tools and services. Construction companies opt for
rental services to obtain advanced construction equipment at affordable rates.
Market players are advised to invest in buying novel construction equipment to
capture the largest market share. Also, the adoption of alternative sales
channels for the expansion of the consumer base is expected to propel the
growth of Saudi Arabia construction equipment rental market through 2027,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia
Construction Equipment Rental Market By Equipment Type (Wheel Loader, Crane,
Excavator, Bulldozer, Dump Truck, Diesel Genset, Motor Grader and Telescopic
Handler, Others), By Region, By Province, Competition, Forecast and
Opportunities, 2017-2027”, has evaluated the future
growth potential of Saudi Arabia construction equipment rental market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia construction equipment rental market.
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