Saudi Arabia Elevator & Escalator Market to Reach $ 1.25 Billion by 2024

Booming construction sector and increasing number of high-rise projects 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, By Region, Competition, Forecast & Opportunities, 2024”, Saudi Arabia elevator & escalator market is projected to surpass $ 1.25 billion by 2024. The country’s booming construction sector, increasing number of high-rise building projects and rapid infrastructure development are the key factors driving the Saudi Arabia elevator & escalator market. Ageing infrastructure in the country, and consequently, rising requirement for its up-gradation is further expected to propel the country’s elevator and escalator market over the next five years. However, economic slowdown and high cost of installation, maintenance and energy consumption are restricting the growth of the overall market.

Browse 5 market data Tables and 21 Figures spread through 75 Pages and an in-depth TOC on“ Saudi Arabia Elevator & Escalator Market”

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Saudi Arabia elevator & escalator market is segmented based on type, service, elevator technology, end-user, elevator door type, and regional distribution. Based on type, the market can be fragmented into elevator, escalator and moving walkways. Escalator segment dominates the market, which is majorly 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 residential and commercial segments account for around 70% of the market share, which can be attributed to the growing demand for high performance, low breakdown, smooth operation and aesthetically beautiful elevators.

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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., and Hyundai Elevator Saudi Arabia and others are some of the leading players operating in Saudi Arabia elevator & escalator market. “In reginal sense, Riyadh is expected to dominate Saudi Arabia elevator & escalator market during the forecast period, majorly due booming construction sector in the region, followed by Makkah. Consequently, majority of the market players are expected to increase their focus on these two regions in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By End-User (Residential, Commercial, Institutional, Infrastructural and Others), By Elevator Door Type (Automatic and Manual), By Region, 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 the market.

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