The Construction Equipment Market Booming in Oman - Around 2,775 Units to be Sold by 2029 - Arizton

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Jul 19, 2023, 11:50 ET

CHICAGO, July 19, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Oman construction equipment market will grow at A CAGR of 4.68% from 2022-2029.

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Oman Construction Equipment Market Report by Arizton

Under the "Oman's Vision 2040" program, the government focuses on diversifying the economy, which depends 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. Oman's government is investing in infrastructure development projects, including expanding airports, railway lines, roadways, and highways across the country. The surge in infrastructure development projects is expected to drive the growth of the Oman construction equipment market during the forecast period.

Oman Construction Equipment Market Report Scope

Report Attributes	Details
Market Size (2029)	2,775 Units
Market Size (2022)	2,015 Units
CAGR (2022-2029)	4.68 %
Historic Year	2020-2021
Base Year	2022
Forecast Year	2023-2029
Market Dynamics	· Oman's Vision 2040 To Boost The Demand For Construction Equipment · Increased Water Infrastructure Projects · The Robust Growth in the Real Estate Sector

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Market 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.

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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

Market Segmentation

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)

Key Questions Answered in the Report:  

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?

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SOURCE Arizton Advisory & Intelligence