Oman Construction Equipment Market is Projected to Reach $157 Million by 2028 – Arizton

Chicago, May 17, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, the Oman construction equipment market sales is expected to grow at a CAGR of 4.4% during 2022-2028.

Oman Construction Equipment Market Report Scope

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Increasing government investments in commercial complexes, public transportation networks, and other projects are expected to drive the demand for aerial platforms over the forecast period. Major infrastructure projects such as the Blue city project, Madinat Al Irfan, the Western Area of Madinat Al Irfan, Sino- Oman Industrial city are under progress in 2022. The aerial platforms segment value in Oman is estimated to reach $8 million by 2028.

Key Highlights

•In 2020, demand for new construction equipment in Oman declined by 7.2% due to the adversely impacted construction industry (declined by ~16% in 2020 when compared to 2019) as major infrastructure projects were halted because of the COVID-19 pandemic.

• Earthmoving segment is expected to be the fastest-growing segment. On the other hand, by 2028, the material handling equipment segment in Oman is estimated to grow at a CAGR of 3.68% owing to their increased usage in 3PL, e-commerce, general merchandise, etc.

•The construction industry is expected to generate the highest demand in terms of end-users, owing to "Oman's Tenth-Five Year Development Plan (2021-2025)" and "Oman's Vision 2040" programs, which are expected to continue to dominate the construction equipment market over the forecast period. Additionally, government initiatives to diversify the economy and favorable policies for foreign investments have resulted in industrial developments in the construction industry, which has increased demand for construction equipment.

•Under the “Oman’s Vision 2040” program, the government is focusing to diversify the economy, which is currently dependent 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. These projects are under Oman’s Vision 2040, which includes a well-developed manufacturing base with advanced technology, boosting tourism with attractive sites, improving logistics by increasing the number of ports, etc.

•By 2040, ~911,940 housing units would be needed to accommodate the population. Hence, the government has started to invest in housing infrastructure. In 2021, the government distributed 23,066 plots of land in various governorates of the Sultanate. Roads and other public infrastructure such as schools, shopping malls, etc. will also be developed around the housing units. This will not only support the demand for material handling equipment in Oman but will also increase the demand for overall construction equipment.

•Under the “Hydrogen-Centric Economy by 2040” program, the shift towards hydrogen fuel-based construction equipment triggers the demand for green hydrogen fuel-based construction equipment in Oman. Protecting the environment is one of the key goals of Oman's tenth five-year plan (from 2021 to 2025). The green hydrogen fuel-based construction equipment is as efficient as gasoline fuel-based construction equipment. This will also promote the use of green hydrogen fuel-based construction equipment (such as Caterpillar’s 100% green hydrogen fuel-based construction equipment) in Oman over the forecast period.

•The construction equipment market is consolidated with XCMG being the leader, followed by Komatsu Group, Caterpillar, SANY Group, Volvo Construction Equipment, and Hitachi Construction Machinery. These companies have nearly 59% share of the total Oman construction equipment market.

Market Segmentation
Earthmoving Equipment:

• Excavator
• Backhoe Loaders
• Motor Graders
• Other Earthmoving Equipment

Road Construction Equipment

• Road Rollers
• Asphalt Pavers

Material Handling Equipment

• Crane
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
  

End Users

• Construction
• Manufacturing
• Mining
• Others

Vendor Analysis
Key Vendors

• XCMG
• Komatsu
• Caterpillar
• Sany
• Volvo CE
• Hitachi
• Hyundai Construction Equipment
• CNH Industrial
• JCB
  

Other Prominent Vendors

• Liebherr
• Zoomlion
• Kobelco
• Kubota
• Manitou
  

Distributors Profiles

• House of Equipment LLC (HOE)
• General Engineering Services LLC
• IIE Oman
• IHE Oman
• Saud Bahwan Group
• AL Fairuz

Explore our industrial machinery profile to know more about the industry.

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