𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚'𝐬 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐇𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 Market Overview The construction and material handling machinery market in Saudi Arabia generated USD 1,440.2 million in revenue in 2024. It is projected to grow at a CAGR of 5.7% from 2024 to 2030, reaching USD 2,023.3 million in 2030. This is because Saudi Arabia is home to reputable providers of construction equipment and a growing number of construction projects. The NEOM project, initiated by the Saudi Arabian government, seeks to enhance the country's economy and reduce its reliance on oil. The market for construction and material handling machinery will expand as an outcome of this project because these machines are necessary for these applications. In addition, the National Renewable Energy Program (NERP) of the Saudi Arabian government has initiated a number of renewable energy projects with the goal of achieving net zero emissions by 2060. The goal of these projects is to lessen reliance on fossil fuels by increasing the power output from renewable energy sources such as wind and solar power. Get more insights: https://www.psmarketresearch.com/market-analysis/saudi-arabia-construction-material-handling-market Key Insights • Manufacturers of construction and material handling equipment are continuously advancing technology to achieve Vision 2030. • Real-time monitoring of building sites, tools, and supplies is made possible by IoT integration, improving resource management and safety. • Additionally, material handling equipment and construction equipment integrate artificial intelligence and machine learning to optimize construction processes, leading to increased efficiency and cost-effectiveness. • In an effort to raise the standard of living for the people of the country, the Saudi Arabian government has made significant investments in a number of residential development projects in recent years. • New housing development schemes are constantly being funded and launched to keep up with the changing needs of the expanding population. • The market is facing difficulties in its expansion, mostly because of the labor shortage. This is because laborers from other countries make up the majority of the workforce in Saudi Arabia's construction industry. • In 2024, the category of earthmoving equipment will have the largest share of the market, and during the forecast period, it is expected to grow at a CAGR of 6.0%. • This is because earthmoving equipment is used in a wide range of construction projects, both in the commercial and residential sectors. • Due to internal combustion engines' increased power output, the ICE category is expected to hold 70% share of the market by 2024. • It is expected that the electric category would expand at the fastest rate throughout the projected period, a CAGR of 6.2% because electrically driven equipment operates with no emissions, consumes less energy, and is suitable for indoor use. • Al-Riyadh is projected to have the highest geographic CAGR during the projected period, at 6.3%. This is because of the ongoing construction projects, such as the King Salman Park Project, Sports Boulevard Project, Riyadh Art Project, and King Abdulaziz Project for Riyadh Public Transport. • The National Industrial Development Center (NIDC) and LS Corp. came to an agreement in December 2023 to collaborate on common goals, including advancing the growth of local industrial automation and achieving Saudi Vision 2030 objectives through support for industry and sustainable development.