CHICAGO, July 19, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Oman construction equipment market will grow at A CAGR of 4.68% from 2022-2029.
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Under the "Oman's Vision 2040" program, the government focuses on diversifying the economy, which depends on the oil & gas sector. In 2021, the government announced 130 projects mainly enabling manufacturing, tourism, logistics, labor market, business environment, fisheries, energy, and mining sectors. Oman's government is investing in infrastructure development projects, including expanding airports, railway lines, roadways, and highways across the country. The surge in infrastructure development projects is expected to drive the growth of the Oman construction equipment market during the forecast period.
Oman Construction Equipment Market Report Scope
Report Attributes | Details |
Market Size (2029) | 2,775 Units |
Market Size (2022) | 2,015 Units |
CAGR (2022-2029) | 4.68 % |
Historic Year | 2020-2021 |
Base Year | 2022 |
Forecast Year | 2023-2029 |
Market Dynamics | · Oman's Vision 2040 To Boost The Demand For Construction Equipment · Increased Water Infrastructure Projects · The Robust Growth in the Real Estate Sector |
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Market Drivers
Oman's Vision 2040 to Boost the Oman Construction Equipment Market Growth
- Oman's Investment Authority (OIA), in Dec 2022, announced to spend USD 4.95 billion on investment projects in 2023. Therefore, the investments will include about 65 new and existing projects in logistics, food and fisheries, energy, mining, services, communications, and IT.
- Rakiza (Muscat-based infrastructure fund) granted over USD 1 billion, with 25% of the fund deployed in three Omani projects. Further, in Feb 2023, Saudi Fund for Development signed an agreement to invest in infrastructure development worth USD 320 million in Oman. The project includes the construction of infrastructure, roads, electrical installations, water and sewage networks, treatment of industrial waste, and the setting up of basic facilities in the region.
Increased Water Infrastructure Projects in the Country Will Propel the Demand for Crawler Excavators
- In 2021, the Ministry established 12 artificial rain stations to enhance the rainfall, increasing groundwater levels. The government implemented dam projects, due to which the number of dams in Oman reached 174 by the end of 2021. The number of new permits issued in 2021 reached 1,274, including 876 for digging new water wells.
- Oman Water and Wastewater Services Co (OWWSC) is focused on completing three key notable water transmission schemes. Moreover, the Minister of Housing and Urban Planning launched Jabal Akhdhar Water Project worth USD 107 million in Feb 2023.
Robust Growth in the Real Estate Sector to Boost the Sales of Construction Equipment
- In 2022, the government opened five of Oman's new sites for real estate developers in Musandam, Dhofar, South Al Sharqiyah, North Al Batinah, and South Al Batinah. The Al Naseem neighborhood project in Sorouh is among the first projects to be initiated, including 1,000 housing units with 320 apartments, 120 villas, and 475 twin villas on an area of 350,000 sq. meters.
- In Jan 2023, the Housing Ministry & Urban Planning signed eight agreements worth USD 390 million in real estate development and integrated service stations covering the Governorates of Muscat, North Al Batinah, and South Al Batinah.
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Prominent Vendors
- Caterpillar
- Hitachi Construction Machinery
- Komatsu
- Liebherr
- Volvo Construction Equipment
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- JCB
- SANY
Other Prominent Vendors
- Hyundai Construction Equipment
- Kobelco
- Liu Gong
- Tadano
- CNH Industrial
- Terex Corporation
- Manitou
- SDLG
- Fushun Yongmao Construction Machinery Co., Ltd.
Distributor Profiles
- International Heavy Equipment (IHE)
- HOE For Construction Equipment & Machinery Trading Co. LLC
- Teejan Equipment LLC
- Mohamed Abdulrahman Al-Bahar
- International Integrated Equipment LLC
- General Engineering Services LLC
- Nordic Machinery
Market Segmentation
Type
- Earthmoving Equipment
- Excavator
- Backhoe Loaders
- Wheeled Loaders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
- Road Construction Equipment
- Road Rollers
- Asphalt Pavers
- Material Handling Equipment
- Crane
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
- Other Construction Equipment
- Dumper
- Tipper
- Concrete Mixer
- Concrete Pump Truck
- End Users
- Construction
- Mining
- Manufacturing
- Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)
Key Questions Answered in the Report:
- How big is the Oman construction equipment market?
- What is the growth rate of the Oman construction equipment market?
- Who are the key players in the Oman construction equipment market?
- What are the trends in the Oman construction equipment market?
- Which are the major distributor companies in the Oman construction equipment market?
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