According to the report by Expert Market Research (EMR), the GCC equipment rental market size is projected to grow at a CAGR of 6.50% between 2024 and 2032. Aided by increasing demand for construction and industrial activities across the Gulf Cooperation Council (GCC) countries, the market is expected to grow significantly by 2032.
Equipment rental, also known as plant hire in some countries, involves renting out various types of machinery, tools, and equipment for a specified period. This service caters to a wide range of industries, including construction, mining, oil and gas, and manufacturing, among others. The GCC equipment rental market thrives on the flexibility, cost-effectiveness, and convenience it offers, eliminating the need for significant capital investment in purchasing equipment.
The GCC equipment rental market growth is primarily driven by the booming construction sector in the region, fuelled by large-scale infrastructure projects, residential and commercial developments, and government initiatives aimed at diversifying the economy away from oil dependency. Countries like Saudi Arabia, the UAE, and Qatar are leading this surge with mega-projects such as NEOM, Dubai Expo 2020 (held over to 2021 due to the COVID-19 pandemic), and the FIFA World Cup 2022, respectively.
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Moreover, the industrial expansion within the GCC countries, driven by initiatives like Saudi Vision 2030 and Qatar National Vision 2030, has significantly increased the demand for equipment rental services. These services are crucial in supporting the operational needs of expanding industrial and manufacturing sectors, thereby influencing the equipment rental market in GCC.
The GCC countries, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Bahrain, and Oman, are investing heavily in infrastructure development projects such as transportation, utilities, construction, and energy. These projects drive demand for a wide range of heavy equipment and machinery, including excavators, cranes, bulldozers, and loaders, leading to a surge in the GCC equipment rental market share.
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The GCC region is a major hub for the oil and gas sector, with significant upstream, midstream, and downstream activities. Oil and gas companies often require specialised equipment and machinery for exploration, drilling, extraction, refining, and transportation operations. As per the GCC equipment rental market analysis, equipment rental companies cater to the needs of the oil and gas sector by providing a range of equipment on short-term or long-term rental contracts.
The hosting of mega events such as international conferences, exhibitions, sporting events, and cultural festivals in the GCC region creates temporary demand for equipment rental services. Event organizers, venue operators, and logistics companies often rent equipment such as tents, generators, lighting towers, and audiovisual equipment to support event infrastructure and operations. The tourism and hospitality sectors in the GCC region are experiencing significant growth, driven by increasing tourist arrivals, hotel developments, and leisure facilities. As per the GCC equipment rental market outlook, equipment rental companies play a crucial role in supplying equipment and furnishings for hotels, resorts, restaurants, event venues, and recreational facilities, meeting the demand for temporary infrastructure and furnishings.
Another factor contributing to the market’s expansion is the increasing preference for rental equipment over purchases. The high cost associated with purchasing new equipment, coupled with concerns over maintenance and depreciation, has led businesses to opt for rental solutions. This market trend is particularly evident among small and medium-sized enterprises (SMEs) that may not have the financial capacity to invest in heavy machinery. The GCC equipment rental market expansion is also fuelled by technological advancements, such as telematics, which allow for the remote monitoring and management of equipment. These technologies enhance operational efficiency, reduce downtime, and provide valuable data analytics, further enticing companies to choose rental solutions.
Market Segmentation
The market can be divided based on equipment category, end use, and country.
Market Breakup by Equipment Category
- Power Generation
- Temporary Buildings
- Hoist and Access
- Air and Steam
- Cargo Containers
- Climate Control
- Mobile Lighting
- Welding Machines
- Material Handling
- Others
Market Breakup by End Use
- Telecom
- BFSI
- Mining
- Oil and Gas
- Construction
- Manufacturing
- Agriculture
- Others
Market Breakup by Country
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Oman
- Qatar
- Bahrain
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the GCC equipment rental market. Some of the major players explored in the report by Expert Market Research are as follows:
- Aggreko Middle East Ltd.
- Byrne Equipment Rental LLC Byrne Equipment Rental LLC
- Rental Solutions & Service LLC
- SES Smart Energy Solutions FZCO
- KPS Power Generation
- Saudi Diesel Equipment Co Ltd
- Almar Container Saudi Company Limited
- Neeraan International
- Others
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