Dublin, Nov. 19, 2024 (GLOBE NEWSWIRE) — The “GCC Equipment Rental Market Report and Forecast 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The GCC equipment rental market is projected to further grow at a CAGR of 5.80% between 2024 and 2032. Aided by increasing demand for construction and industrial activities and the growing preference for rental equipment over purchasing, the market is expected to significantly grow by 2032.
This sector has gained significant traction in the GCC (Gulf Cooperation Council) region, driven by rapid industrialisation, urbanisation, and a growing construction sector.
The increasing number of construction projects in the GCC countries, including infrastructure development, real estate expansion, and mega projects like the Qatar 2022 FIFA World Cup and Saudi Arabia’s Vision 2030, is a primary driver of the GCC equipment rental market. These projects require a wide range of construction equipment, from heavy machinery to smaller tools, and renting offers a cost-effective solution to meet these needs without the high upfront costs of purchasing, leading to GCC equipment rental market growth.
Moreover, the growing preference for rental equipment over purchasing is contributing significantly to the market growth. Renting equipment provides flexibility, reduces maintenance and storage costs, and allows access to the latest technologies. This trend is particularly evident in the construction, oil and gas, and manufacturing industries, where equipment needs can vary greatly over time.
The GCC’s economic diversification efforts are also playing a significant role in propelling the equipment rental market. Countries in the region are investing heavily in non-oil sectors to reduce their dependence on oil revenues. This diversification is leading to increased industrial activities, infrastructure development, and commercial projects, all of which drive the demand for rental equipment.
The market is witnessing diverse applications across various sectors, further bolstering its growth. In the construction sector, rental equipment is essential for various activities, including excavation, earthmoving, lifting, and material handling. The growing number of infrastructure projects, such as highways, bridges, airports, and residential complexes, is driving the demand for rental construction equipment, consequently driving up the GCC equipment rental market share.
In the oil and gas sector, equipment rental is crucial for drilling, exploration, production, and maintenance activities. The region’s vast oil and gas reserves and ongoing exploration and production activities necessitate the use of specialised equipment. Renting this equipment provides flexibility and cost savings, allowing companies to optimise their operations.
The manufacturing sector also benefits significantly from equipment rental. Manufacturing processes often require specialised machinery and tools, which can be expensive to purchase. Renting allows manufacturers to access the necessary equipment without the high capital investment, enabling them to maintain operational efficiency and respond to changing market demands.
As per the GCC equipment rental market analysis, in the logistics and warehousing sector, equipment rental is used for material handling, storage, and transportation. The growing e-commerce industry and the increasing need for efficient supply chain management are driving the demand for rental equipment in this sector. Forklifts, pallet jacks, and other material handling equipment are commonly rented to meet the dynamic needs of logistics operations.
Market Segmentation
The market can be divided based on equipment category, end use, and region.
Market Breakup by Equipment Category
- Power Generation
- Temporary Buildings
- Hoist and Access
- Air and Steam
- Cargo Containers
- Climate Control
- Mobile Lighting
- Welding Machines
- Material Handling
- Others
Market Breakup by End Use
- Telecom
- BFSI
- Mining
- Oil and Gas
- Construction
- Manufacturing
- Agriculture
- Others
Market Breakup by Region
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Oman
- Qatar
- Bahrain
- Others
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global GCC equipment rental market. Some of the major players explored in the report are as follows:
- Aggreko Middle East Ltd.
- Byrne Equipment Rental LLC
- Rental Solutions & Service LLC
- SES Smart Energy Solutions FZCO
- KPS Power Generation
- Saudi Diesel Equipment Co. Ltd.
- Almar Container Saudi Company Limited
- Neeraan International
Key Attributes
| Report Attribute | Details |
| No. of Pages | 169 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $3.71 Billion |
| Forecasted Market Value (USD) by 2032 | $5.82 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Middle East |
For more information about this report visit https://www.researchandmarkets.com/r/ytxe1i
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- GCC Equipment Rental Market
