Wilmington, Delaware, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Middle East Construction Market was valued at US$ 1.9 billion in 2023 and is expected to grow at a significant CAGR of over 6.3% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Many countries in the Middle East have been increasingly focusing on sustainable construction practices. R&D efforts have been directed towards developing technologies and materials that reduce environmental impact, enhance energy efficiency, and promote sustainable building practices.
Governments across the Middle East are investing heavily in infrastructure development, such as roads, bridges, airports, and power plants. This is being driven by a number of factors, including population growth, economic diversification, and the need to improve the region's competitiveness. Moreover, the private sector is also playing a major role in the Middle East construction market. This is evident in the growing number of residential, commercial, and mixed-use developments underway. Private investment is being driven by factors such as urbanization, rising incomes, and the region's growing tourism industry.
- According to a deep-dive market assessment by RationalStat, the Middle East Construction market has been analyzed on the basis of market segments, including type, end user and geography/regions (including GCC, Iran, Iraq, Turkey, Rest of the Middle East). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the Middle East Construction market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the Middle East Construction market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Middle East Construction Market: Segmental and Market Share Analysis
- On the basis of type, the infrastructure segment accounted for the major share of the Middle East construction market in 2023, at over 40%. The segment is expected to continue to grow at a steady pace in the coming years, driven by government investment and the development of new projects.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 1.9 billion |
| Market Size Forecast | US$ 2.9 billion |
| Growth Rate | 6.3% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Prominent players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Middle East Construction market include,
- In March 2023, Oman Cement announced its acquisition of Huaxin (Hong Kong) International for US$ 193 Mn. The primary reason behind the acquisition is to expand the market reach in the region.
Some of the prominent players and suppliers operating and contributing significantly to the Middle East Construction market growth include Arabtec Construction, Consolidated Contractors Company (CCC), Daewoo Engineering & Construction, Larsen & Toubro Limited (L&T), Saudi Binladin Group (SBG), Samsung Engineering, SNC-Lavalin Group, Vinci Construction, Arab Contractors Company, Orascom Construction, ACC Limited, China State Construction Engineering Corporation (CSCEC), Mace Group, Drake & Scull International, and Al-Futtaim Carillion (AFC), among others.
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RationalStat has segmented the Middle East Construction market based on type, end user, and region
- Middle East Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Building
- Power and Energy
- Infrastructure
- Middle East Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Private
- Public
- Middle East Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- Middle East Construction Market
- GCC
- Iran
- Iraq
- Turkey
- Rest of the Middle East
- Middle East Construction Market
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Key Questions Answered in the Construction Report:
- What will be the market value of the Middle East Construction market by 2030?
- What is the market size of the Middle East Construction market?
- What are the market drivers of the Middle East Construction market?
- What are the key trends in the Middle East Construction market?
- Which is the leading region in the Middle East Construction market?
- What are the major companies operating in the Middle East Construction market?
- What are the market shares by key segments in the Middle East Construction market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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