January 05, 2021
According to a recent study titled ‘Saudi Arabia Elevator and Escalator Market Analysis, 2020’, available with Market Study Report LLC, Saudi Arabia elevator and escalator market is projected to record a yearly growth rate of 5% over 2020-2025.
Favorable government initiatives, in particular the Saudi Vision 2030 which aims to reduce the economy’s dependency on oil by aligning focus towards other sectors such as healthcare, tourism, and business & trade hub serves as a major growth driver for Saudi Arabia elevator and escalator industry. Moreover, increasing number of residential tower projects is positively impacting the business outlook in the nation, claims the study.
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Based on type, Saudi Arabia elevator and escalator market from elevator segment accounted for majority of the overall share in 2019 and will likely continue to record strong growth over the forecast period. Increasing government initiatives for infrastructure development, in line with growing establishment of residential buildings, corporate offices, hotels, and retail malls will augment the demand for elevators in the coming years.
Speaking of the end-user spectrum, both residential and commercial segments secured considerable portion of Saudi Arabia Elevator and Escalator market share in 2019 and will accrue significant gains in the upcoming years. Growth of the construction sector owing to rising greenfield investments are stimulating the demand for elevators and escalators across commercial and residential sectors.
Key player impacting Saudi Arabia elevator and escalator market dynamics are Schindler Group, Fujitec Co., Ltd., Kone Middle East LLC, Hitachi, Toshiba Elevator and Building Systems Corp., Hyundai Elevator, Otis Elevator Co., and Thyssenkrupp Elevator Saudi Arabia. These companies are increasingly launching new products to improve their foothold in the nation.