Flexible Packaging Market is Beyond Just...
Posted in Construction by Adolf on May 23,2022 825
The oil and gas companies are taking various initiatives towards sustainable growth and to support the country’s economy. Moreover, the government of Saudi Arabia is focusing on developing sour gas resources to fulfil the increasing domestic demand. These developments are driving the infrastructural development in the country, hence, driving demand for construction equipment in oil and gas projects, as well as making it attractive for the foreign investors.
The infrastructure in Saudi Arabia is anticipated to grow at a significant rate that can be attributed to the rising investments and financial aid by the government. Besides, effective trade activities are promoting the economic activities in the country, which is propelling its market growth. In addition, investments from the Saudi government to ensure safe and efficient economic activities are further augmenting the infrastructure market in Saudi Arabia. Increasing private investments in public infrastructure are substantiating the growth of the county’s foundation.
With the number of developmental projects coming up in the country, there are certain tools and hardware required to help function the tasks smoothly. Regarded as one of the important equipment for indoor and outdoor worksites, a manlift is a device that is designed to lift a worker and their amenities. Based on the type of work, size and specialization, there are different types of manlifts used in various industries. Known as manlifts, personal lifts and personnel lifts, these lifts can be self-propelled, belt-driven and push-around types.
Saudi Arabia Manlift Market size is projected to grow at a CAGR of 4.0% during 2021-2027. After the oil price crises of 2014, the Saudi Arabia started to diversify its economy by reducing its reliance on oil sector and investing heavily in non-oil sectors which resulted in setting up of large-scale commercial establishments, such as economic cities, medical cities, hotels, offices, and data centres across the country under the proposed economic city projects, such as Jazan Economic City and Prince Abdulaziz Bin Mousaed Economic City. This is expected to result in increased construction activities in Saudi Arabia over the coming years, resulting in an increased demand for manlift equipment in the forecast period.
Saudi Arabia manlift market witnessed a steady growth in the recent years owing to the government initiative such as National Industrial Development and Logistics program was launched in 2019 by Saudi Arabia government under its long-term initiative Saudi Vision 2030 which aims to transform Saudi Arabia into an industrial and logistics powerhouse.
However, manlift market was negatively impacted by the COVID-19 pandemic in 2020 as a result of the complete lockdown bought in force by the Saudi Arabia government to prevent the spread of coronavirus which disrupted the supply chain, manufacturing processes and put a halt to all the developmental activities across all the sectors. However, the phase of decline is expected to be temporary, and market is anticipated to recover in 2021 and return to a healthy growth rate thereafter on account of declining covid-19 cases and resumption of all developmental activities.
In terms of types, the segments boom and vertical lift cumulatively have captured 93% of the market revenues in 2020, with boom lift leading the market. The segment boom lifts generated majority of the market revenues owing to its application in construction and oil & gas sector due to its higher operational height and higher weight carrying capacity. Further, various projects such as Saudi Aramco and Saudi Basic Industries Corp (SABIC) joint oil-to-chemicals project in the Red City of Yanbu, involving the construction of a full oil refinery, would further increase the demand for boom lifts in Saudi Arabia in the forthcoming years.
In Saudi Arabia manlift market, oil & gas and construction applications have led the overall market revenues accounting more than 55% of the market revenues in 2020. Oil & gas application captured key share of the market pie on account of large-scale investment in the sector such as Aramco’s worth $18 billion Berri and Marjan oil field project, US$3.5 billion Tanajib gas processing plant and US$2.1 billion Hawiyah Unayzah underground gas storage project. Such projects would propel the market for manlift in the country since they are extensively used in oil & gas sector.
Saudi Arabia Manlift Market report thoroughly covers the market by types, end users and regions. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.