Saudi Arabia Elevator and Escalator Market Report 2015-2025F - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 6, 2019--
The “Saudi Arabia Elevator and Escalator Market (2019-2025): Markets Forecast by Types (Elevator, Escalator), by Applications (Commercial, Industrial, Residential), by Services (Maintenance & Modernization) and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Saudi Arabia Elevator and Escalator Market is projected to grow at a CAGR of 4.2% during 2019-25.
Saudi Arabia elevator and escalator market registered high installation during 2015-16 due to completion of ongoing construction projects in the country. However, in 2017 and 2018, the market saw a decline due to halt in government projects in the country, lack of funding owing to the growing fiscal deficit and decline in oil prices, that in turn, resulted in decrease in government revenues. Healthy growth is anticipated during the forecast period on account of projected growth in the construction market especially of high rise building along with upcoming new hotels & shopping malls and increasing inflow of FDI in the construction and retail sectors.
The elevator segment captured major share in the overall elevators & escalators market in Saudi Arabia, wherein majority of the installations were witnessed in residential, retail, transportation and hospitality sectors. Amongst all the elevators segments, passenger elevators acquired highest revenue share of the market.
The commercial application market is the leading revenue generating segment in the Saudi Arabia elevators and escalators market owing to increase in installation of elevators and escalators in the retail and transportation market, especially of moving walkways in the retail market. Additionally, major hotel chains are expanding their presence across the country and large-scale government infrastructure development projects, such as airport expansions and development of other social infrastructure, are also strengthening the construction sector in the region. These factors would translate into an increase in demand for elevators and escalators in the country in near future.
In Saudi Arabia, the Central region held majority of the market share, in terms of volume owing to increasing infrastructure development activities, especially in the commercial and residential verticals. During the forecast period, the Western region is expected to register higher growth in the market. Further, the new installation segment is the key revenue generator in the overall Saudi Arabia elevators and escalators market as urbanization and infrastructure development continue to play an important role in the region.
The report thoroughly covers the market by elevator types, escalator types, services types and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
Key Highlights of the Report
For more information about this report visit https://www.researchandmarkets.com/r/xmtmyz
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KEYWORD: MIDDLE EAST SAUDI ARABIA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/06/2019 10:46 AM/DISC: 11/06/2019 10:46 AM