Oman’s construction equipment market is expected to reach
Chicago, May 17, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, Oman construction equipment market sales are expected to grow at a CAGR of 4.4% during 2022-2028. .
Scope of Oman Construction Equipment Market Report
Report attributes | Details | |
MARKET SIZE (2028) | $157 million | |
MARKET SIZE (2021) | $116 million | |
CAGR (2022-2028) | 4.6% | |
MARKET SIZE BY VOLUME (2028) | 3,560 units | |
HISTORICAL YEAR | 2019-2020 | |
YEAR OF REFERENCE | 2021 | |
FORECAST YEAR | 2022 | |
SECTORS COVERED | Earthmoving equipment, road construction equipment, material handling equipment and end users | |
MARKET PARTICIPANT COVERAGE | 9 key suppliers and 11 other important suppliers |
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Rising government investments in commercial complexes, mass transit systems and other projects are expected to boost the demand for aerial platforms during the forecast period. Major infrastructure projects such as Blue City Project, Madinat Al Irfan, Madinat Al Irfan West Area, Sino-Omani Industrial City are ongoing in 2022. The value of Aerial Platforms segment in Oman is expected to reach $8 million by 2028.
Highlights
• In 2020, the demand for new construction equipment in Oman decreased by 7.2% due to the negative impact of the construction industry (decline of around 16% in 2020 compared to 2019), the major infrastructure projects that have been halted due to the COVID-19 pandemic.
• The earthmoving segment is expected to be the fastest growing segment. On the other hand, by 2028, material handling equipment segment in Oman is expected to grow at a CAGR of 3.68% owing to their increased usage in 3PLs, e-commerce, general merchandise, etc.
• The construction industry is expected to generate the highest end-user demand, due to Oman’s Tenth-Five Year Development Plan (2021-2025) and Oman’s Vision 2040, which are expected to continue to dominate the construction equipment market over the forecast period. Additionally, government initiatives to diversify the economy and favorable foreign investment policies have led to industrial developments in the construction sector, which has increased the demand for construction equipment.
• Under Oman’s Vision 2040, the government is focusing on diversifying the economy, which currently depends on the oil and gas sector. In 2021, the government announced 130 projects mainly enabling the manufacturing, tourism, logistics, labor market, business environment, fisheries, energy and mining sectors. These projects are part of Oman’s Vision 2040, which includes a well-developed manufacturing base with advanced technology, boosting tourism with attractive locations, improving logistics by increasing the number of ports , etc.
•By 2040, ~911,940 dwellings would be needed to house the population. Therefore, the government started investing in housing infrastructure. In 2021, the government distributed 23,066 plots of land in different governorates of the Sultanate. Roads and other public infrastructure such as schools, shopping malls, etc. will also be developed around housing. This will not only support the demand for material handling equipment in Oman, but also increase the overall demand for construction equipment.
• Under the “Hydrogen-Centric Economy by 2040” program, the transition to hydrogen-based construction equipment is triggering demand for green hydrogen-based construction equipment in Oman. Environmental protection is one of the main objectives of Oman’s tenth five-year plan (from 2021 to 2025). Green hydrogen-based construction equipment is as efficient as gasoline-based construction equipment. It will also promote the use of green hydrogen-based construction equipment (such as Caterpillar’s 100% green hydrogen-based construction equipment) in Oman during the forecast period.
• The construction equipment market is consolidated with XCMG in the lead, followed by Komatsu Group, Caterpillar, SANY Group, Volvo Construction Equipment and Hitachi Construction Machinery. These companies hold nearly 59% of Oman’s total construction equipment market.
Market segmentation
Earthmoving equipment:
- Excavator
- Backhoe loaders
- Graders
- Other earthmoving equipment
road construction equipment
- Steamrollers
- Asphalt pavers
Handling equipment
- Crane
- Forklifts and telehandlers
- Aerial platforms (articulated platforms, telescopic platforms, scissor lifts)
end users
- Construction
- Manufacturing
- Mining
- Others
Vendor analysis
Main suppliers
- XCMG
- Komatsu
- caterpillar
- Sani
- Volvo EC
- Hitachi
- Hyundai construction equipment
- CNH Industrial
- JCB
Other Important Suppliers
- Liebherr
- zoom lion
- Kobelco
- Kubota
- Manitou
Distributor Profiles
- House of Equipment LLC (HOE)
- General Engineering Services LLC
- IIE Oman
- IHE Oman
- Saud Bahwan Group
- AL Fairouz
Explore our industrial machinery profile to learn more about the industry.
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