The Saudi Arabia Elevator and Escalator Market is projected to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Saudi Arabia Elevator and Escalator Market
Saudi Arabia Elevator & Escalator Market Driver: Mushrooming Growth of the Healthcare Sector in Saudi Arabia
The extensive boom in healthcare infrastructure projects in the country, facilitated by public & private investments served as a prominent factor driving the demand for elevators and escalators in Saudi Arabia. According to Trade.gov, Saudi Arabia represents around 60% of the GCC nations' healthcare spending, and the country's government continues to place a high focus on the industry. The investments are dominantly made to attract both domestic and foreign patients, thereby fostering medical tourism from countries like the US and Canada.
Moreover, the Saudi government's ambitious investment plan of around USD 66 billion to bolster the healthcare industry by 2030 would further propel construction activities in this sector. As a result, the burgeoning healthcare sector, supported by both public-private partnerships and government investments, is set to drive the demand for elevators and escalators in Saudi Arabia for improved building infrastructure in the foreseeable future.
Scope of the Report and Saudi Arabia Elevator and Escalator Market Segmentation
By Type
-Elevator
-Escalator
By Service
-New Installation
-Modernization
-Maintenance
- New Installations of elevators and escalators hold a prominent market share.
By End User
-Residential
-Commercial
--Retail
--Healthcare
--Hospitality
--Government & Transportation
--Others
-Industrial
Top leading companies in the Saudi Arabia Elevator and Escalator Market includes:
Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec CoLtd, Schindler
Saudi Arabia Elevator and Escalator Market Development
- June 2023: Otis Global Corporation launched the Otis ONE IoT service platform in Saudi Arabia, which integrates over 30 years of remote monitoring experience with cloud technology, machine learning, and Internet-of-Things (IoT). This innovative solution for elevators combines real-time surveillance with proactive issue detection to facilitate quick recovery.
- August 2023: Hyundai Elevator, via its Chinese subsidiary, expressed keen interest in participating in the extensive NEOM initiative in Saudi Arabia. The company is expected to play a vital role as one of the key contributors to the development of NEOM's intelligent metropolis while serving as an essential center for numerous related ventures.
For more detailed information about the Saudi Arabia Elevator and Escalator market report, click here – https://www.marknteladvisors.com/research-library/saudi-arabia-elevator-escalator-market.html
Geographical analysis:
East
West
South
Central
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