|Over the past four years, UAE elevator and escalator market registered sluggish growth in terms of number of new installations attributed to change in government policies pertaining to devaluation of the currency as well as decline in construction market projects. However, upcoming new hotels and shopping malls coupled with growing government spending on infrastructural development projects and increasing inflow of FDI in the construction and retail sectors are some of the key factors that would revive growth of the UAE Elevator and Escalator market during the forecast period.
According to 6Wresearch, UAE Elevator and Escalator Market is expected to grow at a CAGR of 4.7% during 2018-24. A healthy growth is anticipated on the back of mega infrastructure development due to upcoming World Expo 2020. Further, for upcoming World Expo 2020, more than $200 billion are expected to be spent for the expansion of existing and construction of new public & private infrastructure projects, which would deploy elevator and escalator.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, Elevators segment accounted for majority of the market share. Growing acceptance of elevators in the residential sector coupled with increasing heights of buildings in the country has propelled the demand for elevators in UAE; 4MPS and above high-speed elevators are more in demand. "Moreover, increasing number of foreign tourists have driven the construction of new hotels across the region, especially in Dubai, resulting in an increased deployment of elevators," Samuel further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "Commercial vertical which include transportation and retail segments, accounted for major market share in the overall market. UAE is registering significant infrastructural development activities in the commercial sector. Increasing construction activities in residential vertical would further stimulate the market growth during the forecast period.
Further, the Northern Region accounted for majority of the revenue share in UAE elevators and escalators market attributed to key construction projects in the commercial, hospitality and retail verticals," Shefali concluded.
Some of the key players in UAE elevator and escalator market include - Kone Corporation, Mitsubishi Electric, Otis Elevator, Schindler, ThyssenKrupp, and Hyundai Elevators.
"UAE Elevator and escalator Market (2018-2024)" provides in-depth analysis with 62 figures and 9 tables covered in more than 115 pages. The report estimates and forecast the overall UAE elevator and escalator market by revenues, types, regions, services and verticals such as residential, commercial, and industrial. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.