Logo
The anticipated CAGR of over 7% is driven by the expansion of infrastructure in the Middle East and Africa. - Actual Market Research.
Aug, 17
2022

290 view

The anticipated CAGR of over 7% is driven by the expansion of infrastructure in the Middle East and Africa. - Actual Market Research.

 

pr-image.png
The application of elevators and escalators is gaining traction in the Middle East & African countries, with the increasing number of tourists has been playing a major role in the construction of new infrastructure. According to the recent publication of Actual Market Research titled, - Middle East & Africa Elevator & Escalator Market Research Report, 2027, the elevator market held a high share of nearly 60% and is to exhibits a decline in the market share, in the market share. The upcoming projects and the ongoing projects of infrastructure construction in the form of commercial centres like malls, hotels, etc., and non-commercial residences are the major driving factor for the market.

These countries have a high dependency on the imported components to meet the demand. The region which is popular for its oil exports is now actively diversifying its economies by focusing on domains such as tourism and manufacturing. The new installation segment is predicted to undergo significant growth over the coming years as well. Major hotel chains are expanding their presence across the region and large-scale government infrastructure development projects, such as airport expansions, metro expansions, and development of other social infrastructure, are propelling the higher growth for maintenance & repair segment. Fuelled by greater investment in commercial, residential, and hotel development, new installations, along with related maintenance, are expected to grow, increasing the region's appetite for imported lift components.

Parachute systems are vital in the high-speed elevator in terms of passenger comfort and safety, but are not appreciated in the region as much as they should be. Finding cheap safety gear on the market is an indicator of this. However, the less-dangerous parts of the elevators are the parts visible to the end-users, while the invisible parts like safety gears are the parts that come with more risks. What is not a surprise to be the elevator & escalator industry of Middle East & Africa is the increase in rider behaviour that has become a leading cause of accidents. Indeed, industry efforts to improve safety are constant, but design and maintenance issues are responsible for a scant 5% in the region.

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 to increase the number of buildings, thereby boosting the demand for elevator and excavator during the forecast period. The region has witnessed a number of promising mergers and acquisitions, one of the prominent being, Hitachi Elevator Saudi Arabia Launched Hitachi Ltd. has launched Hitachi Elevator Saudi Arabia Ltd., a joint venture with Saudi Arabia investment firm Mayar Holding Co.