Saudi Arabia Construction Equipment Boom

A growing construction market, an expansion of metros and airports, construction of new hotels and malls, along with growing metal and mining sectors are some of the key factors that have fueled growth of the construction-equipment market in Saudi Arabia.

The market declined in 2015 and 2016, due to slowdown in the construction sector. The slowdown was recorded due to lower government spending on account of declining oil prices, which halted or delayed several infrastructure projects.

The Saudi Arabia construction-equipment market is projected to grow at a CAGR (compound annual growth rate) of 3.1% during 2017 until 2022. Though the market declined in last two years, it is anticipated to bounce back post 2018. In 2016, earthmoving equipment captured a major share in the overall market followed by material handling equipment and cranes.

The construction vertical accounted for key marketshare and is expected to dominate in the forecast period due to growing investments in the country. This is a promising time for construction in Saudi Arabia and the markets will reap the rewards of the new construction.

Posted: 4/24/2017 3:25:07 PM



Related Articles