Posted On: 2019-09-25
Commercial sector holds the largest share in the UAE Elevator And Escalator Market– 6Wresearch
The construction market of UAE is one of the most significant sector in the entire GCC. Upcoming mega event - Expo 2020 and several government-backed initiatives have proved to be key the drivers for the widespread construction activities across several sub segments of the UAE economy in recent years. Elevators and escalators form an integral part of all these construction projects. Hence, growth in the construction domain would lead to sustained demand for such solutions in near future in the country.
According to 6Wresearch, UAE Elevator And Escalator Market size is projected to grow at a CAGR of 1.5% during 2019-25. UAE’s hospitality sector is one of its fastest growing non-oil sectors. On account of the upcoming Dubai Expo, around 20 million international visitors are expected to arrive for an 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 of elevators and escalators in the country over the coming years.
According to Rachit Gulati, Assistant Manager, Research and Consulting, 6Wresearch, “Passenger 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 upcoming projects in the commercial and residential domains.”
“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 the development pipeline and the development of these would involve deployment of passenger elevators, thereby benefiting the market of the same during the forecast period.”, Rachit further added.
According to Kanchan Negi, Senior Research Analyst, Research and Consulting, 6Wresearch, “The new installation segment accounted for the highest revenue share in the overall UAE elevator and 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 elevators and escalators is also expected to rise in correspondence in the country during the forecast period.”, Kanchan concluded.
Some of the major companies in UAE elevator and escalator market include Otis, KONE, Schindler, Thyssenkrupp and AG Melco.
“UAE elevator and escalator market (2019–2025)” 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 elevators and escalators market by types, regions, services, and applications such as commercial, residential and industrial. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.