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DUBLIN , May 17, 2021 /PRNewswire/ -- The "Saudi Arabia Elevator & Escalator Market, By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian Elevator & Escalator Market was valued USD 1049.87 Million in 2019 and is forecast to grow at CAGR of 6.86% in value terms, to reach USD 1340.09 Million by 2025.
Booming construction sector, increasing number of high-rise building projects and rapid infrastructure development are the key factors driving the Saudi Arabian Elevator & Escalator Market. Under its "Vision 2030" program, Saudi Arabia is trying to diversify its economy from oil to non-oil-based and therefore, working on developing tourism & corporate hubs in the country, which in turn is expected to increase the number of buildings, thereby boosting the demand for elevator and excavator during the forecast period. As the investments for travel & tourism and smart infrastructure are increasing, elevator and excavator market is likely to grow in the coming years in Saudi Arabia . The Saudi Arabian Elevator & Escalator Market is segmented based on type, service, elevator technology, end-user, elevator door type, and region. Based on type, the market can be segmented into elevator, escalator and moving walkways.
The elevator segment accounted for share of 88.32% in 2019 and is anticipated to continue dominance until 2025 owing to their widespread use in various end-user industries. Based on elevator technology, the market can be fragmented into traction, hydraulic and machine room-less traction.
The machine room-less traction segment grabbed the largest market share in 2019 and is also expected to grow at the fastest pace during forecast period on account of their higher efficiency and smoother ride. Regionally, the Saudi Arabian Elevator & Escalator Market has been segmented into Riyadh , Makkah , and Easter Province . Among these regions, Riyadh is expected to dominate the country's elevator & escalator market majorly due booming construction sector in the region. Major players operating in the Saudi Arabian Elevator & Escalator Market include Otis Elevator Company Saudi Arabia Limited, Schindler Olayan Elevators Co. Ltd, ThyssenKrupp Elevator Saudi Limited, Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona Elevator Co. KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia, among others.
Years considered for this report:
Report Scope: In this report, the Saudi Arabian Elevator & Escalator Market has been segmented into following categories, in addition to the industry trends which have also been detailed below: Market, By Type:
Market, By Elevator Door Type:
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabian Elevator & Escalator Market.
For more information about this report visit https://www.researchandmarkets.com/r/lm1be3
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