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

Saudi Arabia Elevator & Escalator Market is anticipated to grow at a steady pace during the forecast period, 2024-2028, owing to a rise in projects to offer robust opportunities in the country as the country witnessed rapid urbanization in over the past decade leading to significantly increased population density in urban areas thereby creating a need for vertical expansion of cities. As a result, the utilization of elevators increases as the number of elevated structures increases, thereby driving the growth of the Saudi Arabia Elevator & Escalator Market.

Updating the necessary components of an elevator or lift constitutes modernization. Lift modernization is a common term used to describe this process. Its goal is to boost safety standards and enhance performance that has declined over time. The turning motors and controller hardware are frequently affected during the modernization process for elevators. Elevator modernization can improve their performance and make them more reliable and effective. All of the outdated components are changed out for new, modern components that prolong the elevator's useful life and save maintenance costs.

High Safety Standards

Companies have begun to undertake a full safety evaluation while modernizing elevators in order to provide reliable consultations and recommendations regarding additional components and functions to upgrade added equipment to meet with the most recent safety criteria. Additionally, companies that focus on elevator modernization are currently installing door systems that would prohibit entangled passengers from risking self-rescue attempts by compelling them to open the door from within in the event of an emergency. An elevator is now more sophisticated and secure thanks to the addition of sensory intelligence technologies that continuously and actively monitor elevators and users. These technologies can trigger a request at any time and spot any suspicious behavior.

Augmenting New Technological Advancements

Leading companies such as Otis, Toshiba, Schindler, and KONE are investing in Internet of Things (IoT) and intelligent services to monitor and improve elevator services by predicting how frequently the equipment must move up or down as well as the amount of weight that the elevators can carry with the destination-based operation. For instance, in May 2018, the escalator, elevator, and moving walkway maker Otis announced Otis One, an IoT service platform. Moreover, because solar-powered elevators are powered by the sun, manufacturers such as Schindler can save a lot of energy. Additionally, these regenerative drives and environment-friendly technologies are expanding the potential for the worldwide elevator modernization market.

Increasing Demand for Modern Machine Room Less Elevators

A variety of advantages come with modern machine room-less elevators, including better hoist-way area utilization, decreased weight, more energy efficiency, and more design options. In addition, there is a significant rise in demand for high-speed traction elevators as a result of the global construction of high-rise office and residential structures. Elevator space has grown throughout time to accommodate larger traffic going between multi-story structures. These recently created elevators also come equipped with a range of modern technology, such as Wi-Fi routers, advanced fire alarm systems, wheelchair lifts, etc. The elevator's speed, which has changed substantially over the years, occasionally exceeding 10 m/s, is also influenced by the number of floors in the structure. In low- and medium-story structures, modern machine room-less elevators are increasingly used, saving both space and money on construction. To fulfil the growing market demand, top companies are introducing high speed, ultra-high speed, and machine room-less elevators for various geographical requirements. Such advancements are anticipated to further fuel the Saudi Arabia elevator modernization market in the years to come.

Download Free Sample Report

Market Segmentation

The Saudi Arabia Elevator & Escalator Market is divided on the basis of type, service, elevator technology, end-user and elevator door type. Based on type, the market is further divided into elevator, escalator and moving walkways. based on service, the market is segmented into modernization, maintenance & repair and new installation. Based on elevator technology, the market is segmented into traction, hydraulic and machine room-less traction. Based on end user, the market is further divided into residential, commercial, institutional, and infrastructural. Based on elevator door type, the market is further bifurcated into automatic & manual. On the basis of region, the market is also segmented central & northern region, west region, south region, and east region.

Market Players

Major market players in the Saudi Arabia Elevator & Escalator Market are 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., and Hyundai Elevator Saudi Arabia.

Recent Development

The growth rate of foreign investment permits has risen to 264% in the second quarter of 2021 compared to the same time in 2015, according to Saudi Arabia's Ministry of Investment (before Vision 2030). 3,386 new investment licenses were granted in the second half of 2021, a 23.7% increase from the same period in 2020.

From 20% in 1950 to about 80% in 2020, the proportion of people living in urban rather than rural areas have expanded significantly, and it is predicted to reach 90% by 2050. City's congestion is getting worse as the population grows, especially in the commercial and public transportation areas. As part of Vision 2030, Saudi Arabia intends to treble the size of its rail network, which will ease city traffic congestion. An AI-enabled high-speed transit system is being developed for NEOM City.

Report Scope:

In this report, the Saudi Arabia Elevator & Escalator Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

       ·         Saudi Arabia Elevator & Escalator Market, By Type:

o   Elevator

o   Escalator

o   Moving Walkways

       ·         Saudi Arabia Elevator & Escalator Market, By Service:

o   Modernization, Maintenance & Repair

o   New Installation

       ·         Saudi Arabia Elevator & Escalator Market, By Elevator Technology:

o   Traction

o   Hydraulic

o   Machine Room-Less Traction

       ·         Saudi Arabia Elevator & Escalator Market, By End-User:

o   Residential

o   Commercial

o   Institutional

o   Infrastructural

       ·         Saudi Arabia Elevator & Escalator Market, By Elevator Door Type:

o   Automatic

o   Manual

       ·         Saudi Arabia Elevator & Escalator Market, By Region:

o   Central & North Region

o   West Region

o   South Region

o   East Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Elevator & Escalator Market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Saudi Arabia Elevator & Escalator Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at sales@techsciresearch.com