Qatar Construction Equipment Market - Strategic Assessment & Forecast 2022-2028
The report considers the present scenario of the Qatar construction equipment market and market dynamics for 2022−2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Qatar construction equipment market.
Qatar construction equipment market is expected to grow at a CAGR of 4.97% during 2022-2028
In 2022, Government increased infrastructure investment for development of road, airports, highways, and stadium for upcoming FIFA World cup event later in 2022. The Government planned to invest $7 billion for national vision 2030. The aggressive investment in development of roadways & highways are planned in Doha, Lusail, & Al wirrah cities of Qatar in 2022.
According to world bank, Qatar’s economy is expected to grow by 3-4% in 2022. The country’s growth can be hampered in the long run due to over dependency on oil & gas industry. The oil prices are extremely volatile which directly impact the performance of the industry.
Qatar government is investing in various infrastructure, road, and highways projects across the country. The major projects are Sharq crossing project Doha ($12 billion), New Doha Port ($7.4 million), Qatar long distance Railways Project ($3,456 million), Siraj Al Kharsaah Solar Power Project Al-Sahaniya ($462 million), Al Rayyan Stadium ($600 million), Al Bayt Stadium ($192.3 million) & North Field Extension ($500 million).
Qatar’s oil & gas industry strongly rebounded in 2021, there was surge in crude oil prices in global market which supported the growth of the industry. Qatar is one of the leading producer and exporter of oil in middle eastern region therefore, surge in oil prices in global market is beneficial for strong economic recovery in 2021.
Ongoing infrastructure and development projects for World cup 2022 have resulted in sharp growth in demand for crane. The high demand was witnessed in luffing jib crane in 2021. Similar, trend in the demand is expected in due to various mega project in the pipeline under national development plan 2030.
Hyundai Doosan Infracore, Hyundai Construction Equipment, XCMG, Zoomlion & SANY are market leader and accounts for 42% of market share.
Hyundai Doosan Infracore, Hyundai Construction equipment, XCMG, Zoomlion, SANY, Caterpillar, Volvo Construction Equipment, & JCB are prominent Vendors in Qatar Construction Equipment market. Kobelco, LiuGong, Tadano & Yanmar are other prominent vendors in Qatar Market.
The material handling equipment has the largest share in the Qatar market compared to earthmoving & road construction equipment. Large luffing cranes are the most popular equipment in the market. The demand for large luffing cranes increased in recent times, especially after 2019, due to the development of infrastructure and stadiums for the World cup 2022 event.
Segmentation by Earthmoving Equipment:
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