Elevator and Escalator Services Market Size to Grow by $639.69 Million in GCC Countries During 2020-2024 | Technavio

·6-min read

Scope of the report

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Technavio has announced its latest market research report titled Elevator and Escalator Services Market in GCC Countries 2020-2024 (Graphic: Business Wire).

This report provides a detailed analysis of the elevator and escalator services market in GCC countries by product (elevators and escalators) and geography (Saudi Arabia, UAE, Qatar, Bahrain, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alfa Elevators, Elco Ltd., Fujitec Co. Ltd., G.I.TECH Lifts & Escalators LLC, Hitachi Ltd., Hyundai Elevator Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., and Schindler Holding Ltd. Growing popularity of smart cities is a key trend in the global elevator and escalator services market which will lead to significant market growth. Governments across the world are adopting the smart city model to ensure proper planning of urban areas to cope with rapid urbanization. This is creating the need for efficient public transportation systems, which in turn, is driving the demand for smart elevators and escalators. All these factors are leading to a positive outlook for the elevator and escalator services market.

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Elevator and Escalator Services Market in GCC Countries: Segmentation by Geography

The market is segmented into five regions encompassing Saudi Arabia, UAE, Qatar, Bahrain, and ROW. Saudi Arabia was the largest market for elevator and escalator services among GCC countries in 2019, and the country is expected to offer several growth opportunities to market vendors during the forecast period. About 48% of the market’s growth will originate from Saudi Arabia during the forecast period. This is due to the ongoing infrastructural development activities in the country. In addition, the emergence of new commercial hubs such as Dammam is driving the demand for elevator and escalator services in Saudi Arabia.

Elevator and Escalator Services Market in GCC Countries: Segmentation by Product

The elevator and escalator services market is segmented into two segments based on products comprising of elevators and escalators. The elevator segment emerged as the leading segment during 2019. The rapid urbanization in GCC countries has increased the number of tall buildings. Also, the growing number of new construction and refurbishment activities is driving the adoption of elevators in GCC countries. These factors are creating significant growth potential in the segment.

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Elevator and Escalator Services Market in GCC Countries: Growth Drivers

Increasing demand for smart elevators will drive market growth. The demand for smart elevators is on the rise due to various benefits. Smart elevators reduce the time taken between the floors of a building by directing users to the elevator that will take them to the selected floor with the least number of stops. They include systems such as biometrics, touchscreens, access control, and destination dispatch systems that ensure security. These features also help in reducing congestion, improving passenger comfort, and reduce travel and wait times. Many such benefits are increasing the adoption of smart elevators, which is driving the growth of the market.

Elevator and Escalator Services Market in GCC Countries: Market Overview

The elevator and escalator services market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Alfa Elevators, Elco Ltd., and Fujitec Co. Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the capital-intensive nature of the market will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Elevator and Escalator Services Market in GCC Countries: Parent Market Overview

Technavio categorizes the elevator and escalator services market in GCC as a part of the global industrial machinery market. The parent global industrial machinery market covers companies engaged in the manufacture of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.

Growth in the global industrial machinery market will be driven by the increasing industrial output leading to capacity additions in process and discrete industries.

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