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, 2025”, Saudi Arabia elevator & escalator market was valued USD 1049.87 Million in 2019 and is forecast to grow at CAGR of 6.86% in value terms, to reach USD 1340.09 Million by 2025. The growth in the construction sector is one of the major drivers of Saudi Arabia elevator and escalator market. Continuing growth in the construction sector is majorly due to increasing number of new hotels & shopping mall projects being undertaken in the country. Also, huge inflow of FDI in the retail & construction sectors is indirectly boosting the market for escalators & elevators in the country. Furthermore, large construction players operating in the market are increasing their investments in infrastructure development and technological advancements for economic diversification, which is expected to have a positive impact on the country’s construction market over the years, which in turn is anticipated to boost the country’s escalator & elevator market.
Browse 9 market data Tables and 28 Figures spread through 72 Pages and an in-depth TOC on“Saudi Arabia Elevator & Escalator Market”
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 2019, Riyadh accounted for the largest share i.e. 38.72% in Saudi Arabia elevator & escalator market. The region is expected to maintain its dominance over the next five years as well. Riyadh has several major ongoing real estate projects such as Mall of Saudi, Arriyadh Development Authority (ADA) and Medical City, among others. In terms of high-rise building and major ongoing infrastructure projects, Riyadh has been ranked as the third leading city in the Middle East, after Abu Dhabi and Dubai. For instance, National Railway Network and King Abdullah bin Abdulaziz Medical City are the major infrastructure projects in Riyadh.” 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, 2025”, 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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