The Saudi Arabian market will reach US$4.1 billion by 2015 while registering a CAGR of 17.07%, according to a new report by World Market Intelligence.
The report also noted that consumption of construction equipment market grew by 25.80% between 2005 and 2009.
This was largely due to substantial government investment in infrastructure development, designed to diversify revenue sources and reduce dependence on the oil industry, said the report.
It added: “However, while in 2009 the consumption value of the Saudi Arabian construction equipment market stood at US$1.6 billion, this actually represented a 26.5% decline in comparison with the value from 2008.”
“Despite this, the consumption of construction equipment is expected to grow throughout the forecast period as a result of continued government investment in construction in areas such as education, healthcare, infrastructure, transport, and communication facilities during the forecast period.”
PMV MIddle East will look at the Saudi market in more depth in the run up to March’s Saudi PMV show.
