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Escalators and elevators have a significant effect on modern design and architecture. Previously, individuals would only use the stairs to get from one floor to another. People may now comfortably travel over numerous floors, regardless of weight, thanks to the innovation given by these two methods. As a result, escalators and elevators have changed the way people go up and down in buildings. Travelling through a building on an escalator or elevator is now second nature. The Saudi Arabia elevator and escalator industry will see increased demand for maintenance, repair, and after-sales support, as well as a significant need for new installations. The elevator and escalator market will benefit the aging population by allowing them to escape a painful flight of stairs, resulting in strong demand from this demographic. As a consequence, the market is expected to grow at a faster rate over the forecast period. Moving walkways are similar to escalators, except that instead of going up and down, they traverse at ground level. These pathways transport you in a straight and level line over corridors, gates, and terminals, delivering you to your destination quickly. They are essentially human conveyor belts. Increasing urbanization as a result of industrialization and infrastructural development in the Saudi Arabia is expected to drive industry demand. The market is expanding due to the rising population and urbanization in Saudi Arabia.
According to the report titled " Saudi Arabia Elevator & Escalator Market Research Report, 2027" published by Actual Market Research (ActualMR), the market size of Saudi Arabia Elevator and Escalator market is increasing enormously in the forecasted period from 2022 to 2027. In this report of elevator and escalator markets is segmented by types, by services, and by users. Elevators and Escalator include hundreds of intricate moving parts, many of which require frequent maintenance to guarantee good operation. Regularly maintaining elevator systems helps building owners to correct minor issues before they become major ones, lowering maintenance costs and considerably increasing the equipment's lifespan. Maintenance also increases the performance of an elevator and escalator, since well-maintained elevators and escalator are often speedier and give a far better user experience. During the projected period, the Saudi Arabia elevator and escalator maintenance and repair services market is predicted to develop at a stable rate. The government's severe laws to safeguard public safety, as well as the burgeoning building industry, have contributed to market expansion. Increased government investment in infrastructural development in the Saudi Arabia, as well as an increasing number of commercial projects in various areas, are likely to boost the country's elevator and escalator maintenance and repair services market in the approaching years.
Elevator and escalator manufacturers are focused on enhancing aftermarket services for clients, which is projected to drive the growth of the Saudi Arabia elevator and escalator maintenance and repair market. During the projection period, the Saudi Arabia elevator and escalator maintenance and repair service market would benefit from the development of smart cities and technical developments in new elevators, such as the integration of circuit boards and new controllers. Elevator and escalator modernization can boost performance, making them more efficient and dependable. It also helps to reduce maintenance costs because all of the old parts are replaced with new, modern parts that will keep the elevator and escalator running well for a long time. One of the most essential reasons for elevator and escalator modernization is to improve safety to meet current requirements. The cost of elevator and escalator modernization will be worth it in the end since it will be able to strengthen the safety requirements. The elevator and escalator modernization market is expected to develop significantly during the forecast period, owing to an increase in elevator and escalator safety concerns in high-rise buildings and the introduction of new technologies into the Saudi Arabia industry. The Internet of Things (IoT) is a technology that has the potential to transform commercial real estate.
COVID-19 impacts: The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in Saudi Arabia due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of Saudi Arabia prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years.
The Gen2 elevators are gearless traction elevators, with smaller machine room above the shaft. These elevators are designed for low to mid rise buildings like hotels, airports, railway stations and hospitals. The elevators are coated with steel belts, this system replaces the steel ropes with the steel coated belts. This system is also energy efficient system, which saves energy up to 50% and additionally the system’s flat, polyurethane coated steel belts don’t require any extra lubrication. With the help of new technologies, the new installations are also taking place. The commercial, residential and industrial areas are shifting towards installing the new innovative elevators and escalators. As a result, the new installations in Saudi Arabia are holding the highest market share.
Key Players: ThyssenKrupp AG, Schindler, KONE CORPORATION, HYUNDAI ELEVATOR CO., LTD, Mitsubishi Electric Corporation, FUJITEC CO., LTD, Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., Orona Elevator Co. KSA
Considered in this report
Geography: Saudi Arabia
Historic Year: 2016
Base year: 2021
Estimated year: 2022
Forecast year: 2027
Aspects covered in this report
Saudi Arabia Elevator & Escalator Market with its value and forecast along with its segments
Application wise tire industry distribution
Various drivers and challenges
On-going trends and developments
Top profiled companies
Based on By Types:
Based on By Services:
Maintenance and repair
Based on by End use types:
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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List of Figures
Figure 1: Saudi Arabia Elevators and Escalators Market Size By Value 2016 to 2027 (In USD Billion)
Figure 2: Saudi Arabia Elevators and Escalators Market Share By Type (2016, 2021 & 2027)
Figure 3: Saudi Arabia Elevators and Escalators Market Share By Service (2016, 2021 & 2027)
Figure 4: Saudi Arabia Elevators and Escalators Market Share By End-use Industry (2016, 2021 & 2027)
Figure 5: Market Attractiveness Index, By Types
Figure 6: Market Attractiveness Index, By Service
Figure 7: Market Attractiveness Index, By End-use Industry
Figure-8: Porter's Five Forces Meter of Elevators and Escalators industry in Saudi Arabia
List of Tables
Table 1: Saudi Arabia Elevators and Escalators Market Size of Elevators (passenger, freight, single, and double deck elevators) (2016 to 2027F) (In USD Billion)
Table 2: Saudi Arabia Elevators and Escalators Market Size of Escalator (2016 to 2027F) (In USD Billion)
Table 3: Saudi Arabia Elevators and Escalators Market Size of Moving walkways (2016 to 2027F) (In USD Billion)
Table 4: Saudi Arabia Elevators and Escalators Market Size of New installation (2016 to 2027F) (In USD Billion)
Table 5: Saudi Arabia Elevators and Escalators Market Size of Maintenance & repair (2016 to 2027F) (In USD Billion)
Table 6: Saudi Arabia Elevators and Escalators Market Size of Modernization (2016 to 2027F) (In USD Billion)
Table 7: Saudi Arabia Elevators and Escalators Market Size of Residential (2016 to 2027F) (In USD Billion)
Table 8: Saudi Arabia Elevators and Escalators Market Size of Commercial (2016 to 2027F) (In USD Billion)
Table 9: Saudi Arabia Elevators and Escalators Market Size of Others (Industrial, Infrastructure, industrial and marine industry) (2016 to 2027F) (In USD Billion)
Table 10: Key Facts of Company 1
Table 11: Key Facts of Company 2
Table 12: Key Facts of Company 3
Table 13: Key Facts of Company 4
Table 14: Key Facts of Company 5
Table 15: Key Facts of Company 6
Table 16: Key Facts of Company 7
Table 17: Key Facts of Company 8