Qatar Construction Equipment Market Assessment & Forecasts Report 2023

Qatari Construction Equipment Market

Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Qatar Construction Equipment Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.The Qatar construction equipment market is on a growth trajectory, projected to reach 8,596 units by 2029, with a steady CAGR of 4.54%

Leading the charge are market giants such as Caterpillar, Volvo Construction Equipment, JCB, Komatsu, and HD Hyundai Construction Equipment, boasting a significant market share and an impressive array of equipment offerings.

Notably, in 2022, Mannai Trading Co., the official dealer of JCB in Qatar, exemplified the industry's vitality by delivering JCB 3DX PLUS backhoe loaders to Boom Construction Company in Doha. Within the market segments, material handling equipment took the spotlight, claiming the largest share in 2022, with cranes dominating this category.

As the nation embarks on rising investments in housing, warehouse expansion, and renewable energy projects, the demand for cranes is anticipated to witness significant growth. Moreover, the country's natural gas industry reaped the benefits of the Russia-Ukraine conflict in 2022, with the political tension further expected to propel Qatar's natural gas industry growth.

Amidst such developments, Qatar Public Works Authority (Ashghal) in March 2023 awarded the main construction contract for 'Roads and Infrastructure' works in Rawdat Egdaim and Ezghawa, amounting to USD 67 million, with a scheduled completion by the third quarter of 2025, signaling robust activity in the construction sector.

MARKET TRENDS & DRIVERS

Qatar's National Vision Plan 2030 to Boost the Qatar Construction Equipment MarketA few public infrastructure projects under the QNV 2030 include the Qatar Integrated Rail, a USD 40 billion urban metro, high-speed passenger railway, freight line system, and the New Port Project, a USD 7.4 billion mega port designed for food security facilities and warehouses.

The expansion of the Hamad International Airport is also included, with a budget of USD 15.5 billion. Qatar's 2023 budget outlined the implementation of 22 new projects with a total value of USD 2.6 billion. The budget also aims to develop several new schools and improve school facilities in addition to new and existing hospitals and healthcare centers.

Further, Qatar Public Works Authority (Ashghal) in March 2023 awarded the main construction contract 'Roads and Infrastructure' works in Rawdat Egdaim and Ezghawa with a value of $67 million. The project is scheduled for completion by the third quarter of 2025.Qatar's Energy Sustainability Strategy to Propel the Demand for Material Handling EquipmentIn 2022, Doha's Energy Minister started developing two major solar projects that will more than double its energy output from renewable sources within two years. These new plants will be developed at Mesaieed and Ras Laffan, generating a total output of 1.67 gigawatts by the end of 2024.

The country also announced its 5 GW solar energy capacity target by 2035. Furthermore, Qatar's Energy Sustainability Strategy 2021 had been set to achieve various targets such as a methane intensity of 0.2% by 2025, carbon reduction intensity of 15% from upstream and 25% from the Liquefied Natural Gas (LNG) facilities by 2030, and add 2-4 GW of renewable energy by 2030.

Rising Development of Green Buildings in the Region to Boost the Sales of Hybrid and Electric Construction EquipmentAs of 2021, according to the Ministry of Environment and Climate Change, Qatar had 1,406 sustainability-certified buildings. The country has the highest number of buildings with the Global Sustainability Assessment System (GSAS). Therefore, the nation is significantly focusing on developing more green buildings in the region in line with its emissions target and will contribute to the Qatar construction equipment market.

Green buildings incorporate solar panels, green roofs, and energy-efficient appliances to minimize environmental impact. Moreover, Qatar's solar energy future is steadily developing. With average daily sun rays of around 9.5 hours, low-cloud cover conditions, and plentiful space, there is excellent scope for the country's small, medium, and large-scale solar power projects.Extensive Demand for Luffing Cranes in the Country in Response to Various Infrastructure Projects in the PipelineConstruction is one of the largest sectors in Qatar, and the government is focusing on improving the existing infrastructure and implementing new construction projects. These initiatives expect to spur the demand for the crane market in the Qatar construction equipment market during the forecast period.

Moreover, the demand for tower cranes has increased since 2021 due to the construction of tall building structures and stadiums in Qatar. For instance, Zoomlion's eight luffing jib cranes were used to cap the roof of the Lusail National Stadium in 2021. Similarly, JASO also sold Luffing tower crane in the country in 2021.INDUSTRY RESTRAINTS

Qatar's Over Dependence on Hydrocarbon Industry Can Impact the Country's Growth NegativelyQatar's economy heavily depends on the hydrocarbon industry. The oil & gas sector has consistently contributed 80% to the government's revenue since 2014 and 90% to Qatar's total exports. Despite government efforts to promote non-hydrocarbon sectors, the country's economy relies heavily on oil & gas industries.

Moreover, the nation's economic growth depends on the performance of the oil & gas industry, which is entirely influenced by oil prices in the global market. In 2020, there was a decline in oil prices in the global industry, which adversely affected the country's oil & gas industry export. There was a 4% decline in natural gas demand in Qatar in 2020.

Skilled Labour Shortage in the Country to Hamper the Pace of Construction ProjectsIn a recent survey conducted in 2022 by the government in Qatar, 60% of the respondent's employers mentioned a severe skill shortage in the region. The survey highlighted a massive skill gap in the manufacturing sector. This skill gap can be attributed to labor misallocation, a skewed labor market, and rigid immigration policies. Covid-19 added further pressure to this existing labor crisis in the Gulf nation. Additionally, the country witnessed increasing labor costs due to this looming skill gap.

KEY QUESTIONS ANSWERED:

How big is the Qatar construction equipment market?

What is the growth rate of the Qatar construction equipment market?

Who are the key players in the Qatar construction equipment market?

What are the trends in the Qatar construction equipment industry?

Which are the major distributor companies in the Qatar construction equipment market?

Report Attribute

Details

No. of Pages

182

Forecast Period

2022 - 2029

Estimated Market Value in 2022

6300 Units

Forecasted Market Value by 2029

8596 Units

Compound Annual Growth Rate

4.5%

Regions Covered

Qatar

VENDOR LANDSCAPE

Prominent Vendors

Caterpillar

Komatsu

Xuzhou Construction Machinery Group Co. Ltd. (XCMG)

Liebherr

Volvo Construction Equipment

Hitachi Construction Machinery

Zoomlion Heavy Industry Science & Technology Co., Ltd.

JCB

SANY

HD Hyundai Construction Equipment Co., Ltd.

Other Prominent Vendors

Kobelco

Liu Gong

Yanmar

Tadano

CNH Industrial

MERLO Group

SDLG

Distributor Profiles

Qatar Tractors & Equipment Co.

Jaidah Heavy Equipment

Qatar Building Co. Heavy Equipment

Nasser Bin Khaled Heavy Equipment

Mannai Trading Co. WLL

Arabian Agencies Company L.L.C (ARACO)

SEGMENTATION ANALYSIS

Segmentation by 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 Mixture

Concrete Pump Truck

End Users

Construction

Mining

Manufacturing

Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)

For more information about this report visit https://www.researchandmarkets.com/r/oyxo90

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Qatari Construction Equipment Market