GCC Elevators and Escalators Market Research Report Size, Share, By Services – F

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GCC Elevators and Escalators Market Research Report Size, Share, By Services – F

The factors driving the growth of GCC Elevators and Escalators Market includes rapid growth in the construction sector, increasing investments on the infrastruc

GCC Elevators and Escalators Market

The GCC Elevators and Escalators Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

The factors driving the growth of GCC Elevators and Escalators Market includes rapid growth in the construction sector, increasing investments on the infrastructure projects and growing adoption of elevator and escalators in the residential complexes, airports, and hospitals. According to the report published by Bloomberg, the Saudi Arabia Smart Cities Market was valued at USD 3.55 billion in 2019, and predicted to reach USD 14.74 billion by the end of 2027, exhibiting a CAGR of 19.6% during the forecast period (2020-2027), which will boost the market growth in the coming years. Moreover, the advancements in biometrics and touch screens, growing popularity of smart elevators and emerging need to upgrade the ageing infrastructure in the Middle East, are some of the additional factors supplementing the Elevator and Escalator Market in GCC Countries. In addition, the increasing number of sporting events, expansion of the tourism industry and rise in Governments expenditure on shipping and logistics, are further pushing the market’s growth.

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However, the growth of GCC Elevators and Escalators Market is hindered due to strict regulations regarding the installation of elevators and escalators.

The major players operating in the market are Hyundai Elevator Co., Ltd., Toshiba Corporation, Electra Ltd., United Technologies, Mitsubishi Electric Corporation, Schindler Holding Ltd., Kone Corporation, Thyssenkrupp AG and Fujitec Co., Ltd. among others.

Services: Segment Analysis

Based on services, the Maintenance segment is projected to expand at a significant CAGR during the forecast period due to rapid growth in the construction sector and rise in the installation of new escalators and elevators.

Type: Segment Analysis

Based on type, the Elevators segment is expected to hold the highest market share over the forecast period, The elevators consume low power as compared to escalators and elevators reduces the travelling time in big buildings, are some of the important factors responsible for the growth of the segment.

Country: Segment Analysis

Based on countries, Saudi Arabia is predicted to capture a sizeable market share over the forecast period. The development of new infrastructure projects such as Abu Dhabi Metro, extension of Al Maktoum International airport, rise in the Foreign Direct Investment (FDI) inflow in the construction sector and rising number of sporting activities, are some of the key factors augmenting the market growth in Saudi Arabia.

Market Segmentation

GCC Elevators and Escalators Market by Elevator Technology

Traction

Hydraulic

Machine Room-Less Traction

GCC Elevators and Escalators Market by Type

Elevators

Passenger Elevator

Bed Elevator

Service Elevator

Observation Elevator

Residential Elevator

Freight Elevator

Dumbwaiters

Vehicle Elevators

Others

Escalators

Moving Walkways

GCC Elevators and Escalators Market by Application

Commercial

Non-commercial

GCC Elevators and Escalators Market by Services

New Installation

Maintenance

Modernization

GCC Elevators and Escalators Market by Building Type

Low Rise

Mid Rise

High Rise

GCC Elevators and Escalators Market by Country

UAE Elevators and Escalators Market All-Up

Saudi Arabia Elevators and Escalators Market All-Up

Oman Elevators and Escalators Market All-Up

Kuwait Elevators and Escalators Market All-Up

Rest of GCC Elevators and Escalators Market All-Up

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