Technavios research report on the elevator and escalator market in the GCC forecasts the market to grow at a CAGR of around 4% during the forecast period.
The developments in elevator and escalator technology will be one of the major trends in the elevator and escalator market in the GCC during 2018-2022. When the handrail UV sterilizer is installed on escalators, it can remove 99.99% of the germs before the handrail comes in contact with human hands. The handrail UV sterilizer device does not require an extra power source as it uses energy from the movement of the handrail. In addition to being beneficial for public health, this technology will also make escalators safer.
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According to Technavio analysts, one of the key drivers for the elevator and escalator market in the GCC is the increasing government spending on construction sector:
Elevator and escalator market in the GCC: Increasing government spending on the construction sector
Construction is one of the largest sectors in the GCC with an investment of more than USD 1 trillion. The construction industry in the GCC was affected badly due to the fall in oil prices in 2014, which caused an economic slowdown. Additionally, the delay by governments in paying contractors negatively impacted the sector and pushed some companies out of the market.
According to a senior research analyst at Technavio, The governments have started undertaking many initiatives to stimulate the construction sector and encourage the private sector to play a major role in the process. The governments in the region started to concentrate on diversification to the non-oil sectors such as tourism, aviation, shipping, logistics, and infrastructure.
Elevator and escalator market in the GCC: Segmentation analysis
This research report on the elevator and escalator market in the GCC provides market segmentation by product (elevator and escalator), by end-user (residential and non-residential), and by region (Saudi Arabia, Qatar, UAE, Oman, Kuwait, and Bahrain). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the elevator segment held the largest elevator and escalator market share in 2017, contributing to approximately 92% of the market. This product segment will dominate the global market throughout the forecast period.
Saudi Arabia held the largest share of the market in 2017, accounting for more than 54% share. It was followed by Qatar and UAE respectively. Saudi Arabia is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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