DUBLIN–(BUSINESS WIRE)–The “Qatar Crane Rental Market, By Type (Fixed Crane and Mobile Crane), By End Use (Building & Construction, Mining & Quarrying, Oil & Gas, Transportation & Logistics, Others), By Weightlifting Capacity, By Region, Competition, Forecast & Opportunities, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
The Qatar Crane Rental Market was valued at USD110.55 million in 2021 and is anticipated to project a robust growth during the forecast period, registering a CAGR of 10.01% owing to rising construction activities and infrastructure development in Qatar, etc.
Crane is an equipment which is generally fully equipped with several elements that include wire ropes, a hoist and sheaves to lift any rigid material to move them horizontally. Engineering procurement and contractors can rent cranes from organizations that rent crane equipment.
Upcoming Major Events in Qatar Driving Market Growth
A number of major events are going to be held in Qatar in the upcoming years as a result of the country’s stable economy and advantageous government policies that draw foreign direct investment (FDI). The most important and well-known football competition in the world, the FIFA World Cup in 2022, will be one of those occasions. It’s going to be the first time that FIFA World Cup will be hosted by an Arab nation.
No other single sporting event can bring as much attention to a location as the FIFA World Cup; thus, Qatar can use this global platform to market itself and grow their businesses. Prior estimates by the Qatari government indicated that up to 1.5 million new jobs might be produced in Qatar by the 2022 World Cup, primarily in preparation for the event and tourism and hospitality during it.
Mega Projects in Qatar
The World Bank projects that Qatar’s GDP will grow by 3-4% in 2022. The country’s over-reliance on the oil and gas sector could impede its long-term development. The extreme volatility of oil prices has a direct impact on how well industries function. The government of Qatar is funding a number of infrastructure, road, and transportation projects all around the nation. The New Doha Port (USD.4 million), the Qatar Long Distance Railways Project (USD3,456 million), the Siraj Al Kharsaah Solar Power Project in Al-Sahaniya (USD462 million), the mega water reservoir project (USD3.9 billion), Al Rayyan Stadium (USD600 million), Al Bayt Stadium (USD192.3 million), and the North Field Extension are the major projects.
Declining Rental Tariff Driving the Growth
Even though Qatar has begun to diversify its economic dependency on oil, oil exports continue to be the country’s main source of income. The national revenue of Qatar decreased as a result of the sharp slump in crude oil prices. Additionally, the country’s lack of projects and the glut of rental equipment have led to a decrease in rental rates. Due to increased competition among rental providers, these businesses were further forced to lower their rental rates. However, the government’s numerous attempts to support the building industry are projected to boost the Qatar Crane Rental Market during the forecast period.
Infrastructure Development in Qatar
Construction, the nation’s fastest-growing industry, is booming in Qatar, where the government plans to spend more than USD 200 billion as part of a sizable infrastructure investment programme. Under the auspices of Qatar National Vision 2030, the industry is projected to continue to dominate attempts to diversify the economy through the rapid expansion of the tourism, education, and real estate sectors (QNV 2030). Public spending is the main driver of growth in the nation and because of its sizable budget surpluses and reserves, the government is able to finance many projects directly rather than looking for public-private partnerships. Therefore, the Qatar Crane Rental Market is anticipated to increase in the following years due to the nation’s rapid infrastructure advancements.
Report Scope:
In this report, Qatar Crane Rental Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Qatar Crane Rental Market, By Type:
- Mobile Crane
- Fixed Crane
Qatar Crane Rental Market, By End Use:
- Oil & Gas
- Building & Construction
- Transportation & Logistics
- Mining & Quarrying
- Others
Qatar Crane Rental Market, By Weightlifting Capacity:
- Heavy
- Low-Medium
- Extreme Heavy
- Low
Qatar Crane Rental Market, By Region:
- Doha
- Al Rayyan
- Al Wakra
- Umm Slal
- Al Khor & Al Thakhira
- Rest of Qatar
Key Topics Covered:
1. Service Overview
2. Research Methodology
3. Impact of COVID-19 on Qatar Crane Rental Market
4. Executive Summary
5. Voice of Customer
6. Qatar Crane Rental Market Outlook
7. Qatar Mobile Crane Rental Market Outlook
8. Qatar Fixed Crane Rental Market Outlook
9. Market Dynamics
10. Market Trends and Developments
11. Policy and Regulatory Landscape
12. Value Chain Analysis
13. Qatar Economic Profile
14. Company Profiles
15. Strategic Recommendations
16. About the Publisher & Disclaimer
Companies Mentioned
- Bothar Boring & Tunnelling Operations
- Aryan Cranes and Heavy Equipment W.L.L
- United Equipment Group
- Aertssen Machinery Services WLL
- Qatar Al-Attiyah International Group
- Oriental Trading Co. Ltd.
- Dutest Qatar W.L.L
- Al Fadal Transport & Trading Co.
- Mediterranean Equipment and Contracting Co.
- Autolink International Trading & Equipment Rental W.L.L
- Arabia House International Transport Est.
- Group Nine Joint Venture Trading & Contracting
For more information about this report visit https://www.researchandmarkets.com/r/7wge00
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