Issue link: http://read.dmtmag.com/i/732012
I DA U N I V E R S A L S e p te m b e r - O c to b e r 2 0 1 6 57 TRENDS AND TIDBITS continued from page 51 Qatar's booming construc- tion and mining industries will drive the country's earth- moving equipment market to grow at a compound annual growth rate of over fi ve percent during 2016-2021, a report said. Other major factors, such as increasing expatriate popula- tion and upcoming mega sports events, such as FIFA World Cup 2022 and IAAF World Athletics Championship 2019, are expected to add to the demand for earthmoving equipment in Qatar over the next fi ve years, according to the report titled "Qatar Earth- moving Equipment Market By Type, Competition Forecast & Opportunities, 2011-2021" from TechSci Research, a leading global market research fi rm. Qatar has undertaken various road projects under Expressway Programme Project, such as construction of Lusail Expressway, New Orbital Highway & Truck Route, Lijmiliya - Leatooriya - Al Sheehaniya Road., etc., over the last few years, the report said. Apart from these road projects, the government is also planning to develop a deep water seaport, a new inter- national airport, new cities, schools, hospitals and electric substations in the country during the forecast period. All these government projects are expected to signifi cantly boost demand for earthmoving equipment in the country over the next fi ve years. In 2015, more than 2.9 million tourists visited Qatar. According to the Qatar Earthmoving Gear Market to See 5 Percent Growth Qatar Tourism Authority (QTA), the government is targeting attracting seven million visitors every year by 2030. Increasing government emphasis on making Qatar a tourist hub in the Middle East region, coupled with a rising number of hotels and wellness centers to support the upcoming 2022 FIFA World Cup are driving demand for earthmoving equipment in the country, according to the report. "Increasing govern- ment eff orts to diversify the country's economy into non-oil sectors is favoring the construction and housing sectors, where excavators are being widely used to execute several tasks such as digging, extracting and trenching," said Karan Chechi, research director with TechSci Research. "Over the last few years, Qatar has emerged as one of the prominent markets for earthmoving equipment in the GCC region. Due to lack of domestic manufacturing of earthmoving equipment in Qatar, demand for such equip- ment is being catered through imports. CAT, JCB, Volvo, Hyundai and Komatsu are the top fi ve players operating in the country's earthmoving equipment market," he added. e report has evaluated the future growth potential of the Qatar earthmoving equip- ment market and provides statistics and information on market size, consumer behavior and trends. e report intends to provide cutting-edge market intel- ligence and help decision makers take sound invest- ment evaluation. e report also identifi es and analyzes emerging trends, along with essential drivers, challenges and opportunities available in the Qatar earthmoving equip- ment market. www.tradearabia.com,8/16 ●