Saudi Arabia Elevator & Escalator Market Expected to Register a High CAGR Through 2028
Increasing demand for modern machine room
less elevators and augmenting new technological advancements is expected to
drive the Saudi Arabia Elevator & Escalator Market.
According to TechSci Research report, “Saudi Arabia
Elevator & Escalator Market - By Region, Competition, Forecast
& Opportunities, 2018-2028”, the Saudi Arabia Elevator & Escalator market
is expected to register a high CAGR during the forecast period. A digital
revolution has been witnessed in practically every sector and industry.
Elevators today use cutting-edge devices and cutting-edge technology, including
artificial intelligence (AI) and the internet of things (IOT), to give users a
rich and multi-sensory experience. These technologies improve user experience
while assisting people in maintaining connections with the outside world. The Saudi Arabia Elevator
Modernization Market stood at USD 9,042.05 million in the year 2021 and is
expected to grow at a CAGR of 5.25% during the forecast period.
Based on
elevator
technology, Saudi
Arabia Elevator & Escalator Market is dominated
by the traction segment dominates the Elevator & Escalator Market. This is
due to the rising demand for high-speed traction elevators as more commercial
and residential buildings are constructed around the world. Moreover, top
manufacturers are introducing fast, machine-room-free elevators that are
increasingly used in low- and medium-story buildings to conserve space and cut
construction costs. Thus, in the years to come, the Saudi Arabia Elevator &
Escalator market is projected to expand as a result of these developments.
Based on end-user, residential is the
dominant segment in Saudi Arabia Elevator & Escalator Market. Owing to
increased urbanization and an increase in residential structures, there is a
greater need for elevator installation and renovation. However, because
elevators are made up of a large variety of intricate parts, they frequently
need to be maintained and modernized in order to preserve their effectiveness
and safety. Additionally, increased understanding of the value of elevator
modernization has a favorable impact on the market's expansion.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC
on "Saudi Arabia Elevator and Escalator Market.”
In
terms of regional analysis, the Saudi Arabia Elevator & Escalator Market is
segmented into Central & Northern
Region, West Region, South Region, East Region. The Center & Northern Region is dominant as
this region is expected to maintain its market dominance over the coming years
owing to the presence of several rapidly developing nations and construction of
various infrastructure related projects in the region.
Key market players in the
Saudi Arabia Elevator & Escalator Market include:
- Otis
Elevator Company Saudi Arabia Limited
- Schindler
Olayan Elevators Co. Ltd
- ThyssenKrupp
Elevator Saudi Limited
- Mitsubishi
Electric Saudi Ltd.
- Gulf
Elevator & Escalator Company Ltd.
- Khaled
Juffali Elevator & Escalator Co.
- KONE Saudi
Arabia
- Orona
Elevator Co. KSA
- Fujitec
Saudi Arabia Co., Ltd.
- Hyundai
Elevator Saudi Arabia
The
residential and public transit categories are growing at the quickest rates due
to increased urbanization and population growth, respectively.
Increased infrastructure
spending and connection between cities and regions are other important points.
As long as the places are serviced by public transportation and the routes are
feasible, prospective purchasers don't appear to be concerned about investing
in properties farther from the city centers.
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During the forecast period, it is projected that Saudi Arabia's affordable
housing developments, which are funded by the government, international
investors, and organizations such as the World Bank, will accelerate real
estate market growth. The program will continue its efforts to expand the
proportion of Saudi households who own homes to 70% by 2030 in the subsequent
stage. Targeting the most disadvantaged facets of society will enable this
provision of services to society's segments with a focus on the most
disadvantaged groups. In an effort to support the stability and sustainability
of the sector under various economic conditions, the program will also increase
the industry's attractiveness for investment by the private sector.
“During the forecast period,
the Saudi Arabia Elevator & Escalator Market is expected to grow. Owing to
a growth in industry mergers and acquisitions and the installation of systems
that can synchronize data utilizing various technologies by elevator
modernization businesses, the market is robust and is anticipated to continue
expanding, thereby driving market growth,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi
Arabia Elevator & Escalator Market – Segmented by Type (Elevator, Escalator
and Moving Walkways), By Service (Modernization, Maintenance & Repair and
New Installation), By Elevator Technology (Traction, Hydraulic and Machine
Room-Less Traction), By End-User (Residential, Commercial, Institutional,
Infrastructural), By Elevator Door Type (Automatic and Manual), By Region,
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, has
evaluated the future growth potential of Saudi Arabia Elevator & Escalator
Market and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Saudi Arabia
Elevator & Escalator Market.
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