According to Arizton’s latest research report, the GCC construction equipment market is growing at a CAGR of 5.67% during 2023-2029.
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Report Summary
Market Size – Volume (2029): 102.03 Thousand Units
Market Size – Volume (2023): 73.28 Thousand Units
CAGR (2023-2029): 5.67%
Market Size – Revenue (2029): $5.27 Billion
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
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Robust Growth in the Development of Ports to Boost the Sales of Overhead Cranes in the GCC
In June 2024, Saudi Arabia’s King Abdulaziz Port boosted its crane capacity by 9.7% through a $1.86 billion investment by Saudi Global Ports Co., adding three automated quay cranes and three rubber-tired gantry cranes. This upgrade, part of the National Transport and Logistics Strategy, enhances the port’s efficiency in handling large ships and aligns with Saudi Arabia’s ambition to become a global logistics hub. Recent data shows a 12.48% annual increase in container handling at Saudi ports. Meanwhile, the Port of Salalah’s expansion, including additional berths, will significantly increase its cargo throughput, reinforcing its role as a regional transshipment hub. In June 2024, Gantrex was selected to supply crane rail solutions for Saudi Arabia’s NEOM project at the new Oxagon Port. Additionally, the $89 million CMA Terminals Khalifa Port project in Abu Dhabi is under construction and set to be operational by 2025. The GCC’s robust logistics sector development drives demand for overhead cranes across the region.
Surge in Material Handling Equipment Demand Driven by GCC Logistics Investments
In 2023, the material handling equipment segment represented 33.2% of the GCC construction equipment market and is projected to reach 33,832 units by 2029, growing at a CAGR of 5.65%. The logistics sector in Saudi Arabia saw significant investment in 2023, with Investcorp announcing plans to invest $1 billion in the GCC real estate market over the next five years, focusing on Saudi Arabia due to the rapid expansion of warehouses. This includes a $100 million investment in a 215,000-square-foot temperature-controlled warehouse in Dammam in 2024. The surge in logistics investments is anticipated to drive demand for material-handling equipment throughout the forecast period. Additionally, the Burj Jumeirah, a 550-meter skyscraper in Burj Al Arab, is one of Dubai’s new mega projects, featuring residential, office, and hotel spaces and a 360-degree panoramic view of the city.
Vendor Overview
GCC Construction Equipment Market Dynamics
Drivers
Trends
Restraints
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Prominent Vendors
Distributor Profiles
Market Segmentation
Type
End Users
Region
Key Questions Answered in the Report:
What is the growth rate of the GCC construction equipment market?
How big is the GCC construction equipment market?
What are the trends in the GCC construction equipment industry?
Which are the major distributor companies in the GCC construction equipment market?
Who are the key players in the GCC construction equipment market?
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