Growing construction market, diversification of the economic portfolio, expansion of metros & airports, upcoming new hotels & malls, upcoming Dubai world expo in 2020 are some of the factors that have spurred the elevator & escalator market in UAE. The growth in the construction market and rising government expenditure on infrastructure development have also impacted the nationwide installation of elevator & escalators across UAE in the last few years. However, with declining oil prices in the global market, investments from the government are expected to decline, which may affect the overall growth of the market.
According to 6Wresearch, UAE Elevator & Escalator market revenue is projected to grow at a CAGR of 3.9% during 2016-22. In the UAE elevator and escalator market, the elevators segment market accounted for the majority of the revenue share followed by the escalators.
Amongst all verticals, the commercial vertical market has led the market revenue followed by the residential and industrial vertical market. The commercial vertical is expected to maintain its market leadership through the forecast period. Additionally, the Southern region comprising of Abu Dhabi chunked out majority revenue share in 2015.
The report thoroughly covers the market by types, verticals, and regions. The report provides unbiased and detailed analysis of the on-going trends, opportunities, high growth areas, and market drivers, which would help stakeholders to device and align market strategies according to the current and future market dynamics.
Key Highlights of the Report
The report provides a detailed analysis of the following market segments:
UAE elevator & escalator market is expected to grow on account of the burgeoning construction market, government investments coupled with FDIs investments. The new installation segment accounted for the highest market revenue share, followed by maintenance and modernization.
During 2010-15, the market registered healthy growth attributed to increasing installation of elevator & escalator in high rise buildings.
During the forecast period, the market for elevator & escalator for new installations is expected to register growth post-2017-18 owing to the upcoming Dubai World Expo in 2020, which would result in the construction of new hotel chains and shopping malls.
The report estimates and forecast overall UAE Elevator & Escalator market by Revenue & Volume and by Type, by Services such as New Installations, Modernization, and Maintenance, by Region-Northern and Southern, by Verticals. The report also gives insights about price trends, market trends, company profiles, competitive landscape, market drivers, and restraints.
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