As per the new research report released by Transparency Market Research, the MENA truck-mounted concrete pump market is dominated by European, Chinese, and South Korean manufacturers. Putzmeister, Schwing, and The Liebherr Group are the major manufactures of the truck mounted concrete pumps in the MENA region. Companies are using aggressive marketing strategies and strategic acquisitions to gain competitive advantage over their rivals. In 2012, Sany acquired the German company Putzmeister, which bolstered Sany’s presence in the MENA truck-mounted concrete pump market. In terms of revenue, Putzmeister held 28.3% share of the truck mounted concrete pump market in 2015.
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According to the projections present in this research report, the MENA truck mounted concrete pump market was valued at US$ 169.9 Mn in 2017 and is estimated to reach a valuation of US$ 253.4 Mn in 2024 end, demonstrating a CAGR of 5.9% during the period of assessment 2017-2024.
Need for Enhanced Productivity and Quality at Construction Projects Aiding Revenue Growth of the MENA Truck Mounted Concrete Pump Market
Truck mounted concrete pumps increase productivity, and quality in the construction projects as compared to the conventional pumps. Developed through the modern advanced computer simulation techniques, these pumps enable the movement of robotic arms using remote control. Truck mounted concrete pumps can transfer concrete to the exact location horizontally and vertically. This helps meet the need for accurate and precise equipment for concrete transportation. Due to such desirable traits of the truck mounted concrete pumps, the pace of construction becomes faster and quality of construction is also enhanced. This boosts the growth of truck mounted concrete pump market in the MENA region.
Analysis of the Top Countries in the MENA Truck Mounted Concrete Pump Market
The UAE has witnessed high growth in the construction industry in the last few years and the same trend is expected to continue in the next few years, owing to large construction projects and industrial activities. Major players in the truck-mounted concrete pumps market in the region have already established their offices in the country, with the aim of high profitability. The market for truck-mounted concrete pumps in the UAE is anticipated to exhibit a CAGR of 6.2% during the forecast period. In terms of revenue, it is expected to reach US$ 83 Mn by 2024.
The building and construction industry is expanding at a rapid pace in Qatar, owing to its comprehensive and ambitious infrastructure and economic development programs. Since Qatar is already engaged in projects such as the World Cup football stadium to be accomplished by 2022, truck-mounted concrete pumps are anticipated to contribute significantly towards such milestones. The truck-mounted concrete pumps market in Qatar is projected to display a CAGR of 7.5% during the forecast period.
Oil Price Volatility Could Hamper Construction Projects in the MENA Region
Prolonged volatility in prices of oil in Middle East & Africa is expected to prompt companies to cancel or delay their construction projects. This is likely to adversely affect the truck mounted concrete pump market during the forecast period. Countries in the Middle East are largely dependent on revenues from the oil industry. Volatility in prices of oil is anticipated to hamper the construction industry. This, in turn, is estimated to negatively impact the truck mounted concrete pump market in the MENA region.
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