Growing government focus towards development of high rise infrastructure coupled with urgent need for rapid transit to drive Saudi Arabia elevator & escalator market
According to TechSci Research report, “Saudi Arabia Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, Competition, Forecast & Opportunities, 2024”, Saudi Arabia elevator & escalator market is projected to reach $ 1.25 billion by 2024 owing to the rising government investments for the improvement of infrastructure at public places like railway station, airports, shopping malls, among others. Additionally, supportive government regulations regarding development of new infrastructure are expected to propel the market through 2024. However, high installation costs and lack of skilled labor for after sales maintenance can hamper the growth of Saudi Arabia elevator & escalator market in the coming years.
Browse 21 market data Tables and Figures spread through 70 Pages and an in-depth TOC on “Saudi Arabia Elevator & Escalator Market”
The Saudi Arabia elevator & escalator market is segmented based on type, service, elevator technology, end-user, elevator door type, company and regional distribution. Based on type, the market can be fragmented into elevator, escalator and moving walkways. Escalator segment dominates the market attributable to the growing infrastructural development in the country. Based on service, the market can be categorized into maintenance & repair, new installation and modernization. The maintenance & repair segment is expected to hold a significant market share during the forecast period since all the new & existing elevators & escalators require routine repair & maintenance in order to ensure proper functioning. Based on end-user industry, the market can be segmented into residential, commercial, institutional, infrastructural and others. The commercial segment is expected to grow at a significant pace during forecast period, which can be attributed to the growing demand for high performance, low breakdown, smooth operation and aesthetically beautiful elevators.
Otis Elevator Company Saudi Arabia Limited, Schindler Olayan Elevators Co. Ltd, ThyssenKrupp Elevator Saudi Limited, Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona elevator co. KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia and others are some of the leading players operating in Saudi Arabia elevator & escalator market.
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“Saudi Arabia elevator & escalator market is projected to witness steady growth during the forecast period owing to the growing demand from all end use verticals namely residential, commercial, institutional and infrastructure. Additionally, the joint ventures between domestic companies and international players are creating a constructive environment, favorable for the growth of elevator and escalator market in the country during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi Arabia elevator & escalator market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Saudi Arabia elevator & escalator market.
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