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Jul 27, 2023

Oman Construction Equipment Market Assessment & Forecast Report 2023

Omani Construction Equipment Market Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Oman Construction Equipment Market - Strategic Assessment & Forecast 2023-2029" report has been added to

Omani Construction Equipment Market

Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Oman Construction Equipment Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.

The Oman construction equipment market is poised for a significant upsurge, projected to reach an impressive count of 2,775,000 units by the end of 2029, surging from the 2022 figure of 2,015,000 units.

This substantial growth trajectory is set to be driven by a robust Compound Annual Growth Rate (CAGR) of 4.68% spanning from 2022 to 2029.

The landscape of the Oman construction equipment market is marked by the dominance of earthmoving equipment, which commanded the largest market share in the year 2022. Within this category, excavators stand out as the frontrunners, contributing significantly to the market share.

This ascendancy can be attributed to the escalating investments in diverse sectors, including housing, warehouse expansion, and public infrastructure projects. The demand for excavators is anticipated to soar as these projects gather momentum, fostering a conducive environment for growth.

Renowned industry leaders have firmly established their presence in the Oman construction equipment market. Key players such as Caterpillar, Volvo CE, Komatsu, Liebherr, Hitachi Construction Equipment, and XCMG have demonstrated their prowess by holding strong industry shares and offering a diverse portfolio of equipment. This strategic positioning empowers them to cater to the evolving needs of the construction sector and drive innovation in the market.

In December 2021, the government opened a new road through the Empty Quarter connecting Riyadh with Muscat and other major Omani cities, including Duqm and other Omani ports. Oman is fully focused on expanding its bus and private taxi systems. In addition, several transport projects are underway across regions in Oman.

In May 2022, Oman's Public Establishment for Industrial Estates announced 30 consultancy works and infrastructure projects distributed over 11 industrial cities across the Sultanate at a total cost of over USD 518 million. The company also attracted 130 industrial, commercial, and service projects in 2022.

Increased Investment in Public Infrastructure Projects

The Oman Airport Company included the Khasab Airport project 'Phase One' in the tenth five-year plan (2021-2025). With this project, the government aims to attract 1.2 million tourists annually by 2040 to the governorate. The first phase will develop the airport network alongside Muscat, Salalah, Sohar, and Duqm airports.

In November 2021, Oman Investment Authority announced the opening of 13 national projects valued at approximately USD 9.09 billion. The projects cover several key sectors: energy, food security, manufacturing, mining, health, and tourism.

In Nov 2022, the former US president's family business signed a USD 1.6 billion deal with Saudi real estate developer Dar Al Arkan to build a resort in Oman. The resort will include 3,500 new homes, two hotels comprising 450 rooms, and a golf course.

MARKET TRENDS & 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.

Oman's Shift Toward Hydrogen Fuel-Based Construction Equipment

The country has signed over USD 51 billion agreements for Green Hydrogen projects. Moreover, Hydrom announced that it had signed six term-sheet agreements with several developers to invest in green hydrogen projects in the Sultanate of Oman.

The "Hydrogen-Centric Economy by 2040" program, which is the shift towards hydrogen fuel-based construction equipment, has stimulated the demand for green hydrogen fuel-based equipment in the Oman construction equipment market.

INDUSTRY RESTRAINTS

The Decline in Oil Prices Hampers the Growth of the Oman Construction Equipment MarketAccording to government projections, energy prices are expected to remain high over half of 2023 and then gradually fall in the coming few years. Falling oil prices may drive Oman to curtail or postpone government investment, restricting the construction industry's expansion and resulting in lower demand for construction equipment.

Recently, in Jan 2023, the oil demand from China (one of the largest buyers of oil from Oman) declined, which led to a fall in exports by 6.9%. This fall in exports decreased the oil prices in the country. Moreover, the Jan 2023 price remained lower than Dec 2022 when Oman crude averaged $90.8 per barrel.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 Mixer

Concrete Pump Truck

End Users

Construction

Mining

Manufacturing

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

VENDOR LANDSCAPE

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

KEY QUESTIONS ANSWERED:

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?

Key Topics Covered: 1. Research Methodology2. Research Objectives3. Research Process4. Introduction4.1. Market Coverage4.2. Report Scope5. Market at a Glance5.1. Market Snapshot6. Executive Summary7. Market Landscape7.1 PESTLE Analysis7.2 Economic Scenario7.3 Key Projects7.4 Market Dynamics7.6 Import & Export Analysis7.6 Supply Chain Analysis8 Segmentation8.1 by Equipment Type 8.1.1 Equipment Definition (Earthmoving)8.1.1.1 Earthmoving Equipment (Volume & Value)8.1.1.2 Excavators 8.1.1.3 Backhoe Loaders 8.1.1.4 Wheeled Loaders8.1.1.5 Other Earthmoving Equipment (Other Loaders, Bulldozers, Trenchers, Etc.)8.1.2 Equipment Definition (Road Construction)8.1.2.1 Road Construction (Volume & Value)8.1.2.2 Road Rollers8.1.2.3 Asphalt Pavers8.1.3 Equipment Definition (Material Handling)8.1.3.1 Material Handling Equipment (Volume & Value)8.1.3.2 Cranes8.1.3.3 Forklifts & Telehandlers8.1.3.4 Aerial Platforms8.1.4 Equipment Definition (Other Equipment)8.1.4.1 Other Equipment (Volume & Value)8.1.4.2 Dumpers8.1.4.3 Tippers8.1.4.4 Concrete Mixers8.1.4.5 Concrete Pump Trucks8.2 by End-Users8.2.1 End-User Definition8.2.2 Construction8.2.3 Manufacturing8.2.4 Mining 8.2.5 Others (Waste Management, Agriculture, Oil & Gas Extraction, Utilities & Energy, Power Generation, Disaster Management and Water Management)9 Geographical Analysis10 Technological Development11 Competitive Landscape11.1 Competitive Landscape Overview 11.2 Vendors (Caterpillar | Volvo Construction Equipment | Komatsu | Hitachi Construction Machinery | Liebherr | Jcb|Xcmg | Zoomlion | Kobelco | Hd Hyundai Construction Equipment| Tadano | Sany| Terex | Liugong | Cnh Industrial | Yanmar | Sdlg | Manitou | Yongmao11.4 Other Prominent Vendors11.4 Distributor Company Profiles12 Report Summary12.1 Key Insights12.2 Abbreviation12.3 Exhibits12.4 Related Report12.5 Database12.6 Global Reach12.7 Offerings List of ExhibitsGraph 1 Construction Equipment Market Volume (Units)Graph 2 Construction Equipment Market 2022 (%)Graph 3 Incremental Growth by Equipment Type 2022-2029 (Volume)Graph 4 Construction Equipment Market by End-User Industries. 2022 (% Share)Graph 5 Oman Construction Equipment Market, Volume 2022-2029 (Units)Graph 6 Oman Earthmoving Construction Equipment Market 2020-2029 (Units Sales)Graph 7 Oman Earthmoving Construction Equipment Market 2020-2029 ($Mn)Graph 8 Oman Excavator Construction Equipment Market 2020-2029 (Units Sales)Graph 9 Oman Excavator Construction Equipment Market 2020-2029 ($Mn)Graph 10 Oman Backhoe Loaders Market 2020-2029 (Units Sales)Graph 11 Oman Backhoe Loaders Market 2020-2029 ($Mn)Graph 12 Oman Wheeled Loaders Market 2020-2029 (Units Sales)Graph 13 Oman Wheeled Loaders Market 2020-2029 ($Mn)Graph 14 Oman Other Earthmoving Equipment Market, 2020-2029 (Unit Sales) Graph 15 Oman Other Earthmoving Equipment Market 2020-2029 ($Mn)Graph 16 Oman Road Construction Equipment Market 2020-2029 (Unit Sales)Graph 17 Oman Road Construction Equipment Market 2020-2029 ($ Mn)Graph 18 Oman Road Rollers Market, 2020-2029 (Unit Sales)Graph 19 Oman Road Rollers Market, 2020-2029 ($ Mn)Graph 20 Oman Asphalt Pavers Market 2020-2029 (Unit Sales)Graph 21 Oman Asphalt Pavers Market 2020-2029 ($ Mn)Graph 22 Oman Material Handling Equipment Market 2020-2029 (Unit Sales)Graph 23 Oman Material Handling Equipment Market 2020-2029 ($ Mn)Graph 24 Oman Cranes Market, 2020-2029 (Unit Sales)Graph 25 Oman Cranes Market 2020-2029 ($ Mn)Graph 26 Oman Forklifts and Telescopic Handlers Market 2020-2029 (Unit Sales)Graph 27 Oman Forklifts and Telescopic Handlers Market 2020-2029 ($ Mn)Graph 28 Oman Aerial Platforms Market 2020-2029 (Unit Sales)Graph 29 Oman Aerial Platforms Market 2020-2029 ($ Mn)Graph 30 Oman Others Construction Equipment Market 2020-2029 (Unit Sales)Graph 31 Oman Other Construction Equipment Market 2020-2029 ($Mn)Graph 32 Oman Dumpers Market 2020-2029 (Unit Sales)Graph 33 Oman Dumpers Market 2020-2029 ($Mn)Graph 34 Oman Tippers Market 2020-2029 (Unit Sales)Graph 35 Oman Tippers Market 2020-2029 ($Mn)Graph 36 Oman Concrete Mixers Market 2020-2029(Unit Sales)Graph 37 Oman Concrete Mixers Market 2020-2029 ($Mn)Graph 38 Oman Concrete Pump Trucks 2020-2029 (Unit Sales)Graph 39 Oman Concrete Pump Trucks 2020-2029 ($Mn)Graph 40 Oman Construction Equipment Market 2020-2029 (Unit Sales) Graph 41 Oman Construction Equipment Market 2020-2029 ($ Mn)Graph 42 Oman Manufacturing Construction Equipment Market In, 2020-2029 (Unit Sales)Graph 43 Oman Manufacturing Construction Equipment Market 2020-2029 ($ Mn)Graph 44 Oman Mining Construction Equipment Market, 2020-2029 (Unit Sales)Graph 45 Oman Mining Construction Equipment Market 2020-2029 ($ Mn)Graph 46 Oman Others Construction Equipment Market 2020-2029 (Unit Sales)Graph 47 Oman Others Construction Equipment Market in Others 2020-2029 ($ Mn)Graph 48 Market Share of Leading Vendors Vs Others (2021)Graph 49 Komatsu: Sales by Region in 2022 (% Share)Graph 50 Komatsu: Breakdown of Net Sales by Business Segment 2022 (% Share)Graph 51 Liebherr: Sales by Region 2022 (% Share)Graph 52 Liebherr: Sales by Product Segment 2022 (% Share)Graph 53 Volvo: Net Sales by Region 2022 (% Share)Graph 54 Volvo: Net Sales by Segment 2022 (% Share)Graph 55 Hitachi: Sales by Region 2022 (% Share)Graph 56 Hitachi: Sales by Segment 2022 (% Share)List of TablesTable 1 Key Renewable Energy ProjectsTable 2 Upcoming Renewable Energy Projects Across RegionsTable 3 Import DataTable 4 Export DataTable 5 Total Incremental Opportunity, 2022-2029Table 6 Total Incremental Opportunity, 2022-2029 (End-User)A selection of companies mentioned in this report includes

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

Hyundai Construction Equipment

Kobelco

Liu Gong

Tadano

CNH Industrial

Terex Corporation

Manitou

SDLG

Fushun Yongmao Construction Machinery Co., Ltd.

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

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

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Omani Construction Equipment Market