The construction market of UAE is one of the most significant ones in the entire GCC region. Upcoming mega event - Expo 2020 and several government-backed initiatives have proved to be the key drivers for the widespread construction activities across several sub segments of the UAE economy. Elevator & escalator form an integral part of all these construction projects. Hence, growth in the construction domain would lead to an increase in demand for such solutions in the near future.
According to 6Wresearch, UAE elevator & escalator market size is projected to grow at a CAGR of 5.6% during 2019-25. UAE's hospitality sector is one of the fastest growing non-oil sectors. On account of the upcoming Dubai Expo, around 20 million international visitors are expected to arrive for the event, boosting the demand for hotels and other tourism infrastructure in the nation. Further, the recently launched visa regulations, commercial license and dual licensing regulations are also creating a favourable environment in the country for foreign companies and immigrants, which would lead to strengthening of the real estate sector. This would bode well for the demand for elevator & escalator in the country over the coming years.
According to Rachit Gulati, Senior Research Analyst, Research and Consulting, 6Wresearch, "Machine room elevators accounted for the highest volume share in the overall UAE market, by elevator type, in 2018. The growth of such solutions would be aided in the coming years by several advantages that these types of elevators offer less space requirement and low energy consumption."
"The construction of skyscrapers is a growing trend in UAE, especially in the Dubai and Abu Dhabi regions. Several high-rise building projects are in pipeline and the development of these would involve deployment of machine room elevators, thereby benefiting the market of the same during the forecast period," Rachit further added.
According to Kanchan Negi, Research Analyst, Research and Consulting, 6Wresearch, "The new installation segment accounted for the highest revenue share in the overall UAE elevator & escalator market, by services in 2018 owing to widespread infrastructural development across several segments and thus rise in demand for elevators in such establishments. Also, as the number of such installations continue to rise, the demand for maintenance of elevator & escalator is also expected to rise in correspondence in the county during the forecast period," Kanchan concluded.
Some of the major companies in the UAE elevator & escalator market include Otis, KONE, Schindler, Thyssenkrupp and AG Melco.
"UAE Elevator & Escalator Market (2019-2025)" report provides an in-depth analysis with 48 figures and 10 tables, covered in more than 105 pages. The report estimates and forecast the overall UAE Elevator & Escalator market by types, regions, services, and applications such as commercial, residential and industrial. The report also offer insights on the competitive landscape, company profiles, market drivers and restraints.