The word "construction machinery" refers to a wide range of powerful instruments designed for various construction tasks, which significantly increase building project productivity and progress. These tools are specifically designed to handle labor-intensive tasks like grading, lifting, excavating, and moving materials on construction sites. Common examples include loaders, cranes, bulldozers, excavators, and concrete mixers. While excavators are versatile instruments with a bucket for digging and lifting activities, bulldozers are required for grading and earthmoving. While cranes are necessary for lifting and positioning large goods, loaders assist in moving commodities throughout the site. Concrete mixers guarantee that the ingredients of concrete are properly mixed. Precision and efficiency-driven cutting-edge technologies such as GPS systems have been made possible by the development of construction equipment.
GCC Construction Machinery Market Driving Factors and Challenges
Drivers:
The region's developing construction industry, the growing demand for cranes, and the growing tendency toward automation and telematics for market expansion are all expected to contribute to the market's growth. However, the growing demand for rental services may hinder the region's ability to sell and grow new construction equipment. Cranes are expected to rule the machinery market because of all the building and water projects that are ongoing in nations like Oman and the United Arab Emirates. However, the government's increasing investment in infrastructure and the start of development projects in the future years are anticipated to be beneficial to the construction sector. Developers in the private sector might also be encouraged to move on with their projects, which would increase the need for construction equipment.
Challenges:
Multiple challenges have an impact on the GCC Construction Machinery Market's changing circumstances. Economic changes, especially those pertaining to oil prices, pose a significant challenge for the construction projects undertaken by many GCC countries, which mostly depend on oil money for funding. Construction projects may also be hindered by geopolitical conflicts in the region. Changes in standards and compliance requirements affect the machinery industry and add to the regulatory environment's complexity. Making the most of state-of-the-art construction equipment is hampered by a persistent issue: a shortage of skilled labor. Despite the fact that the aim of these robots is to boost output, a shortage of trained operators may cause project delays and increased operating expenses.
Impact of COVID-19 on GCC Construction Machinery Market
The market under consideration was negatively impacted by the COVID-19 pandemic, mostly due to the cessation of manufacturing and construction. Middle Eastern governments also halted pipeline expansions and reduced staffing at the locations. Thus, there has been a decline in building production. However, due to the increase in building activities, which is likely largely caused by increased government support and the global resurgence of construction activities, the market is anticipated to see considerable expansion throughout the estimated period.
GCC Construction Machinery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Caterpillar, CNH Industrial (Case Construction), Doosan Infracore Construction Equipment, Hitachi Construction Machinery, Hyundai Construction Equipment, JCB, Kobelco Construction Machinery, Komatsu, Liebherr International AG, Mitsubishi, Sumitomo Construction Machinery, Volvo Construction Equipment Corp., Wirtgen Group, Others.
GCC Construction Machinery Market Segmentation:
By Machinery Type: Based on the Machinery Type, GCC Construction Machinery Market is segmented as; Crane, Excavator, Loaders and Backhoe, Motor Graders, Telescopic handles, Others.
By Application Type: Based on the Application Type, GCC Construction Machinery Market is segmented as; Concrete Construction Equipment, Earth Moving Equipment, Material Handling Equipment, Road Construction Equipment.
By Region: This research also includes data for Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Rest of GCC Countries.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.