Oil & gas sector acquired the largest market revenue share among all the end users in the overall Saudi Arabia manlift market – 6Wresearch
Saudi Arabia manlift market is expected to witness a decent growth due owing to government initiatives such as Saudi Arabia Vision 2030 and National Transformation Program which focuses on overall industrial growth, transportation development and integrated economic growth in the non-oil sectors. Further, In July 2021, government of Saudi Arabia announced that it would invest over $133.34 billion in airport, seaports, rail and other infrastructure by the end of 2030, in a bid to make the kingdom a global transportation and logistics hub. The upcoming projects such as Al Wajh Domestic Airport Expansion, King Abdulaziz International Airport, Al Jouf Domestic Airport Expansion, Jeddah Metro and others, would act as a catalyst in the growth of Saudi Arabia manlift market during the forecast period.
According to 6Wresearch, Saudi Arabia Manlift Market size is projected to grow at a CAGR of 4.0% during 2021-27. The 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. Such program is expected to drive the demand for warehouses over the coming years. Further, growth in industrial and retail sectors are also expected to create a demand for well-located and high-specs warehouses and logistics & distribution centers that would cater to e-commerce companies and retailers. An increase in the number of warehouses is expected to create a market for manlifts in the years to come.
According to Dhaval Chaurasia, Research Associate, 6Wresearch, “Among all the end users, oil & gas sector holds the majority of share in the year 2020 and the same trend is expected to prevail in the years to come owing to increasing investment in the sector. In 2020, Aramco announced its plans to invest at least $140 billion in oil & gas, and petrochemical projects over the next five to six years. The investment would be directed toward new gas and oil plants to meet the growing energy demand, as well as new facilities enabling the continued development of the petrochemical industry. Manlifts are extensively used in oil & gas sector for the construction of drilling rigs, pipe installation and inspection and maintenance of oil rigs, therefore growth in this sector is expected to generate demand for manlifts in the coming years. “
According to Srajan Yadav, Research Associate, 6Wresearch, “The Eastern region accounted for the major market revenue share in the Saudi Arabia manlift market during 2020 and is expected to retain the same over the coming years on account of the growth in the logistics and industrial activities in the region. For instance, government announced the development of Dammam Port Cargo and Logistics Village in 2019, which would be built at a cost of $1.8bn. Such mega projects are expected trigger the demand for manlifts in the region.”
Some of the major players of the market include- Terex Corporation, Ommelift A/S, Holland Lift International B.V., Tadano Ltd., Snorkel International Inc., and Oshkosh Corporation.
“Saudi Arabia manlift market (2021-2027)” report provides an in-depth analysis with 27 figures and 5 tables, covered in 81 pages. The report estimates and forecast the overall Saudi Arabia manlift market by types, by end users and by regions. The report provides an unbiased and detailed analysis of the on-going 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.
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