Posted On: 2019-09-18
Commercial application is the major contributor in Middle East & North Africa elevator and escalator market - 6Wresearch.
The Middle East & North Africa elevator and escalator market is expected to exhibit steady growth in terms of the number of new installations of elevators & escalators in the region. The Middle Eastern countries such as UAE, Oman, Kuwait, Saudi Arabia and Bahrain witnessed a decline in construction contract awards in recent years. Whereas, countries such as Ethiopia, Tunisia and Morocco offer good potential in the North African market in terms of new installations of elevators and escalators due to rapid urbanization, expansion of retail, hospitality, and transportation sectors, and setting up of urban centers and commercial hubs in these countries.
According to 6WResearch, Middle East & North Africa (MENA) Elevators and EscalatorsMarket is expected to grow at a CAGR of 3.0% during 2019-25. Growing tourism industry, public infrastructure, increasing skyscraper buildings as well as booming construction sector would propel the growth of elevator and escalator market during the forecast period. Further, growing government intervention, reforms and economic transformation agendas are helping stabilize many regional economies and creating a positive environment for foreign investment, boding well for the demand of elevators and escalators in the region.
According to Rachit Gulati, Senior Research Analyst, Research and Consulting, 6Wresearch, “Passenger elevators accounted for the highest volume share in the overall Middle East & North Africa market, by elevator type, in 2018. The growth of such solutions would be aided in the coming years by large scale development in verticals such as hospitality, healthcare and transportation across several Middle East & North African countries.
In terms of volume, the moving stairways escalator segment accounted for majority of the share in the overall market in 2018. The adoption rate of moving walkways is quite less as compared to the moving stairways owing to higher price of the former and preference of consumers for the deployment of moving stairways escalators in sub segments such as transportation and the retail sector”, Rachit further added.
According to Gurbani Kaur, Senior Research Analyst, Research and Consulting, 6Wresearch, “The new installation segment is the key revenue generator in the overall Middle East & North Africa elevator and escalator market as urbanization and infrastructure development continues to play an important role in the region. As major Middle East & North African countries seek to diversify their economies by focusing on domains such as tourism and manufacturing, the new installation segment is predicted to undergo significant growth over the coming years as well,” Gurbani concluded.
Some of the key players in Middle East & North Africa elevators and escalators market includes Otis, Schindler, Thyssenkrupp, Mitsubishi, Toshiba, Orona and others.
"Middle East & North Africa (MENA) Elevators and Escalators Market (2019-2025)" report provides an in-depth analysis with 357 figures and 168 tables covered in more than 530 pages. The report estimates and forecast the overall Middle East & North Africa elevators and escalators market by revenues, types, applications, services and countries including Saudi, UAE, Oman, Bahrain, Ethiopia, Egypt etc. The report also offer insights on market ranking by companies, company profiles, market drivers, restraints, and recommendations.