Saudi Arabia Transportation Infrastructure Construction Market Size, Share, 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia Transportation Infrastructure Construction Market size at USD 9.67 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Saudi Arabia Transportation Infrastructure Construction Market size to grow at a CAGR of 2.9% reaching a value of USD 11.72 billion by 2030. The growing demand for a strong transportation infrastructure to support economic growth and the increasing investment in infrastructure development under Vision 2030 are key growth factors for Saudi Arabia transportation infrastructure construction market. Favorable government policies and funding are also allocated to the upkeep of the current infrastructure, which consists of highways, trains, airports, and ports, which is anticipated to drive the market growth over the forecast period.
Opportunity - Rapid Urbanization and Expanding Tourism Sector
The need for better and larger transportation networks is being driven by the fast urbanization and population increase in cities like Riyadh, Jeddah, and Dammam. The development of public transportation networks, including intercity rail services, bus lines, and metro lines, is strongly pushed to reduce urban traffic and enhance infrastructure. The flourishing tourism sector of Saudi Arabia is also anticipated to present lucrative growth opportunities to the market. It is because strong transportation infrastructure, including roads, railways, and airports, are needed to accommodate the increasing percentage of tourists flowing in and out of the country.
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Impact of Escalating Geopolitical Tensions on Saudi Arabia Transportation Infrastructure Construction Market
The escalating geopolitical tensions have negatively impacted the growth of Saudi Arabia transportation infrastructure construction market. The current geopolitical crises have a major impact on several industries, including the construction sector. There are several ways in which these conflicts impact industry, including trade, security, labor shortages, and interruptions to the supply chain. A disruption in the supply chain causes an industry-wide shortage of materials, which ultimately drives up material prices. This can frequently result in delays in infrastructure development projects, which limits the expansion of the market as a whole.
Renovation Segment to Grow at Faster CAGR during 2024–2030
The renovation segment is expected to grow at a faster rate in Saudi Arabia Transportation Infrastructure Construction Market by construction type. The authorities and affiliated ministries significantly focus on periodical maintenance and renovation of transportation infrastructure of the country. Renovation is performed to ensure the safety of the infrastructure that are often compromised with time. Furthermore, it also makes them energy-efficient and improve their functioning. The new construction segment, on the other hand, holds the major share in Saudi Arabia Transportation Infrastructure Construction Market by construction type.
Competitive Landscape
Saudi Arabia Transportation Infrastructure Construction Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Saudi Binladin Group, Mohammad Al Mojil Group, Nesma & Partners Contracting Co. Ltd, Al Rashid Trading & Contracting Company (RTCC), El-Seif Engineering Contracting Company, Al Harbi Trading & Contracting Co. Ltd, China Communications Construction Company, and China Railway Construction Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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