In GCC’s elevator and escalator market, UAE is the major revenue contributing country. UAE has always remained a key contributor in GCC elevator and escalator market since beginning owing to high construction activities, building of skyscrapers, enhancement of various public & private infrastructures including airport, metro stations and others.
According to 6Wresearch, UAE Elevator and Escalator market is projected to grow at a CAGR of 6.0% during 2015-21. UAE market witnessed declining trend in last few years due to decline in investments in the country, and sluggish growth of real estate sector.
With presence of huge installed base of elevator and escalator in the country, maintenance segment dominates overall market and is anticipated to continue its market dominance over the next six years as well.
According to Shefali Goel, Research Associate, Research and Consulting, 6Wresearch, “In the forecast period, the market is expected to regain momentum on account of upcoming World Expo 2020. This upcoming event is regarded as a major market driver for the growth of elevator and escalator business in UAE. For this event, more than 25 million visitors are expected to visit the country, which would spur construction and expansion of airports, hotels, and metro stations”.
“In UAE’s elevator and escalator market, elevators have prominently fueled the growth of the overall market, but its share is expected to marginally decline by the growth of escalators”, Shefali further added.
Also, surging demand and increasing competition is resulting into decline in prices of elevator and escalator in UAE market. Moreover, growing domestic manufacturers and joint ventures of international players with domestic players have additionally slashed the prices of these in the country.
Amongst all the applications, commercial application leads the market for elevator and escalator, where retail, transportation, hotels, business parks, and commercial office segments were the key revenue contributors.
“UAE Elevator and Escalator Market (2015–2021)”provides in-depth analysis with 101 figures and 19 tables covered in 149 pages. The report estimates and forecast overall UAE elevator and escalator market by revenue, by elevator types such as Geared and Gear Less with Machine Room elevators, Hydraulic elevators, and Machine Room Less elevators, escalator types such as Moving Stairs escalators and Moving Walkways escalators, services such as new installation, modernization and maintenance, applications such as residential, commercial and industrial and regions such as Southern region,