Dublin, July 04, 2022 (GLOBE NEWSWIRE) -- The "Oman Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The report considers the present scenario of the Oman 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 market.
Oman construction equipment market size is projected to reach USD 157 million by 2028, growing at a CAGR of 4.60%.
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 COVID-19 pandemic.
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 "Oman's Vision 2040" program, the government is focusing to diversify the economy, which is currently dependent on 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 the Oman's Vision 2040, which include well developed manufacturing base with advanced technology, boosting tourism with attractive sites, improving logistics by increasing the number of ports, etc. Seven new tourism projects are to be started in 2022 with allocated funding of ~$501 million, compared to ~$137.7 million in 2021, an increase of ~260%.
By 2040, ~911,940 housing units would be needed to accommodate the population. Hence, the government has started to invest in the 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 "Hydrogen-Centric Economy by 2040" program, 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 are 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.
Key Topics Covered:
Section 1 Introduction
Section 2 Market Overview
Economic Scenario, Foreign Direct Investment
Section 3 Market Landscape
Oman Construction Equipment Market by Type (Volume & Value)
Other Earthmoving Equipment (Other Loaders, Bulldozer, Trencher, Etc.)
Material Handling Equipment
Forklift and Telescopic Handler
Aerial Platform (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, Etc)
Road Construction Equipment
Oman Construction Equipment Market by End-user (Volume & Value)
Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management, Etc.)
Section 4 Market Dynamics
Market Drivers, Restraints, Trends, Advantage Oman, Key Economic Regions, Import/Export Trends, Supply Chain Analysis, Covid-19 Impact
Section 5 Technological Development
Advent of New Technology
Section 6 Competitive Landscape
Competitive Landscape Overview
Major Vendors (Xcmg Group - Komatsu Group - Caterpillar - Sany Group - Volvo Construction Equipment - Hitachi Construction Machinery - Hyundai Construction Equipment - Hyundai Doosan Infracore - Cnh Industrial - Jcb - Liebherr Group - Zoomlion - Kobelco - Kubota Corporation - Manitou)
Other Prominent Vendors
Section 7 Quantitative Summary
Section 8 Report Summary
List of Graphs
List of Tables
Section 9 Report Scope & Definition
Hyundai Construction Equipment
House of Equipment LLC (HOE)
General Engineering Services LLC
Saud Bahwan Group
For more information about this report visit https://www.researchandmarkets.com/r/x5j8sx
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