Qatar Construction Equipment Rental Market to Surpass $1.9 Billion by 2021: TechSci Research Report
NEW YORK, February 15, 2017 /PRNewswire/ --
Surging expatriate population, growing construction activities along with increasing government expenditure to boost Qatar construction equipment rental market through 2022
According to TechSci Research report, "Qatar Construction Equipment Rental Market By Equipment Type, Competition Forecast & Opportunities, 2016 - 2022", the rental market of construction equipment is projected to cross $1.9 billion mark by 2022, owing to high purchasing cost of construction equipment due to which construction companies prefer procuring equipment on rent. In addition, the major factor fueling Qatar construction equipment rental market can be attributed to increasing expatriate population and upcoming mega sports events, such as FIFA World Cup 2022 as well IAAF World Athletics Championship 2019. Further, increase in Qatar's GDP from $44.54 billion in 2005 to $164.64 Billion in 2015, over the last decade, has resulted in infrastructure developments in the country. All the above stated factors are expected to stimulate construction activities in the country, thereby, propelling Qatar construction equipment rental market.
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In 2016, crane dominated Qatar construction equipment rental market and it is expected to lead the market during the forecast period as well, owing to its use across residential/commercial setups, especially, for high rise building construction in the country. Moreover, residential sector created the highest demand for diesel generators in 2016. 250 - 750 KVA category held the largest share in diesel generators rental market. Construction equipment are being used in large number of construction projects that are in the pipeline, such as Qatar Rail Project, Hamad Port, etc. In addition, to accommodate visitors during the sports events, new hotels are being built across the country, which is boosting demand for earthmoving equipment in the country. As a result of increasing construction activities, the construction equipment rental market in Qatar is forecast to witness growth through 2022. Doha is the dominating region in construction equipment rental market where huge number of large-scale projects are being undertaken, followed by Al Rayyan and Umm Salal, which are also fuelling growth in the country's construction equipment rental market.
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"FIFA World Cup 2022 is anticipated to push construction equipment rental market in Qatar over the coming years. In addition, major development plan "National Vision 2030" officially launched by the government in October 2008, with an aim to transform the nation into a developed country, has various goals set including expansion of the country's infrastructure. Consequently, the Government of Qatar has undertaken various projects related to new international airport, new cities, schools, hospitals and electric substations in the country, which are expected to drive the market through 2022.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Qatar Construction Equipment Rental Market By Equipment Type, Competition Forecast & Opportunities, 2016 - 2022" has evaluated the future growth potential of construction equipment rental market in Qatar and provides statistics and information on market structure, rental tariff, competitive scenario and upcoming trends and developments in the market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in construction equipment rental market in Qatar.
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