January 05, 2021
As cited by the business intelligence report titled ‘UAE Elevator and Escalator Market Analysis, 2020’ available with Market Study Report LLC, UAE elevator and escalator market is calculated to expand with a compound annual growth rate of around 4% over the forecast period of 2020-2025.
Industry experts claim that favorable government initiatives aimed at boosting infrastructural development, rising number of mall events, and increasing establishment of retail malls are bolstering the expansion of UAE elevator and escalator market.
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Moreover, technological advancements in the business sphere, introduction of innovative products by industry players and strategic alliances such as mergers and acquisitions are further stimulating the market outlook.
Based on product type, the overall market is split into escalators and elevators. Among these the elevator segment is anticipated to emerge as a major revenue generator for the industry over the forecast period, on account of rapid infrastructural development, soaring crude oil prices, flourishing construction sector, and escalating product demand across several establishments including hotels, corporate offices, retail malls, and residential towers among others.
With regards to services offered, UAE elevator and escalator market is bifurcated into maintenance, modernization, and new installation. The report states that the new installation segment is set to attain substantial expansion over 2020-2025, owing to favorable government initiatives towards the diversifying the economy along with rising investments in the non-oil sector.
The end-user terrain of the industry comprises of government & transportation, hospitality, healthcare, retail, commercial, residential, and others. Regionally, the industry is divided into Sharjah & Northern Emirates, Dubai, and Abu Dhabi & Al Ain.
Key participants of UAE elevator and escalator market include Schindler Pars International Ltd., Fujitec Co. Ltd., Kone Middle East LLC, Hitachi Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., AG MELCO Elevator Co. LLC, Otis Worldwide Corporation, and ThyssenKrupp Elevator UAE LLC.