September 14, 2022 19:30 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Bangalore, INDIA
Chicago, Sept. 14, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, Kuwait construction equipment market to grow at a CAGR of over 5.5% during 2022-2028. The growth in the construction equipment market is majorly driven by the increase in government investment in infrastructure & renovation projects, the boost given by the demand by the oil sector, and Kuwait’s construction plans to expand its power generation capacity in wind and solar parks.
Kuwait has permitted funding for development of a residential project with an investment of $6.8 billion. South Saad Al Abdullah Town, along with renovation of the historic marketplace, Souq Al Mubarakiya, is the major residential project in the Kuwait construction market.
Kuwait Construction Equipment Market Report Scope
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The Kuwait government is investing in construction projects in 2022, which expect to drive the demand for excavators during the forecast period. The government had allocated over $100 billion on infrastructure projects, hospitals, power stations and more than 100,000 residential housing units. This also includes major hydrocarbon projects such as the first phase of the Lower Fars heavy-oil project with an investment of $4.2 billion
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