Kuwait elevator market to grow 4.5pc by 2021
Posted On: 18-02-2020
The elevator and escalator market in Kuwait is projected to grow with a CAGR ( compound annual growth rate) of 4.5 per cent over the next six years, said a report.
Construction of skyscrapers, airport expansion and upcoming Kuwait metro is anticipated to drive future growth of the market, according to research firm 6Wresearch.
In Kuwait Elevator and Escalator market, Elevator segment has prominently fueled the growth of the overall market; however, in the forecast period its share is expected to decline owing to growth of escalator segment.
In Kuwait, maintenance segment has generated majority of the market revenues in 2014 and is expected to maintain its market leadership through the forecast period.
Amongst all applications, commercial application has captured major revenue share of the market, but over the next six years, residential application is anticipated to grow at a higher growth rate.
Increasing investments coupled with rise in construction activities have spurred Kuwait's elevator and escalator market, said the report.
"Elevators and escalators are primarily imported by market players in the country. They market, sell and provide services in the country through their local distributors /partners," explained Shefali Goel, the research associate, Research and Consulting, 6Wresearch.
According to her, Kuwait is the key revenue generating country in GCC elevator and escalator market.
The city has generated majority of the market revenues owing to growing population, urbanization, surging infrastructure development activities and construction of skyscrapers, commercial buildings and malls, she added.-TradeArabia News Service