Saudi Arabia is one of the key revenue generating countries in the Middle-East elevator and escalator market. The market registered growth on account of urbanization, government spending, surging construction market, expansion of metros & airports, upcoming new hotels & malls and growing skyscrapers.
According to 6Wresearch, Saudi Arabia Elevator & Escalator Market is projected to grow at a CAGR of 1.9% during 2016-22. Though, Saudi Arabia market recorded substantial demand for elevators & escalators in last five years, but the market growth is expected to decline owing to falling oil prices. With declining oil prices, infrastructure development activities are anticipated to be affected for the next two years. However, the market would regain momentum due to appreciating oil prices, rise in infrastructure spending and recovery of the economy.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, “Commercial vertical which comprises government & transportation, hospitality, commercial offices and retail segments has generated majority of the market revenues in the overall market. Also, increasing construction in the residential vertical would further stimulate the growth of the market”.
“Moreover, increasing number of foreign tourists has driven the construction of new hotels, especially in the western region, which is resulting into the increase in deployment of elevators in the country. “Rajat further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, “In elevator & escalator market, new installation segment has dominated the market followed by maintenance and modernization. The increasing construction projects and growing demand in the residential vertical would upshot the revenues of new installation segment”.
“Central and western regions are the key revenue generating regions in the elevator & escalator market. Increasing investments, rise in infrastructure, growing IT sector, and establishment of several skyscrapers in these regions have contributed for their growth. Riyadh, Jeddah, Makkah and Madinah have led for the growth of these regions,” Shefali concluded.
Some of the companies in Saudi Arabia elevator & escalator market include – Fujitec Saudi Arabia Co. Ltd, Gulf Elevator & Escalator Co. Ltd., Hyundai Elevator Co. Ltd, Kone Areeco Ltd., Mitsubishi Electric Saudi Ltd, Otis Elevator Company Saudi Arabia Ltd., Schindler Olayan Elevator Co. Ltd., ThyssenKrupp Elevator Saudi Co. Ltd., and Toshiba Elevator Middle East.
“Saudi Arabia Elevator Escalator Market (2016-2022)” provides in depth analysis with 81 figures and 18 tables covered in more than 140 pages. The report estimates and forecast overall Saudi Arabia’s elevator & escalator market by revenue, type segments elevator and escalators, by services such as new installation, maintenance and modernization, by verticals such as residential, commercial (banking & financial institutions, government & transportation, retail & logistics, commercial offices, hospitality & healthcare and educational institutions), and industrial. The study highlights the key potential areas and provides insights on competitive landscape, company profiles, market drivers and restraints.