Elevator and Escalator Market in the GCC 2018-2022
About this market
Elevators that go sideways as well as up and down are expected to drive growth in the market. The design of an elevator is a major consideration during its construction, as cable systems take more space in tall buildings. However, elevators that can move sideways can help improve efficiency and facilitate the construction of taller buildings. These rope-less elevators can move side-to-side as well as up and down. Technavio’ s analysts have predicted that the elevator and escalator market in the GCC will register a CAGR of more than 4% by 2022.
Increasing government spending on construction sector
Governments started undertaking various initiatives to stimulate the construction sector and encourage the private sector to play a key role in the process. Governments in the region started focusing on diversification to the non-oil sectors such as tourism, aviation, shipping, logistics, and infrastructure.
Volatility in raw material prices
Raw materials required for elevators and escalators include steel stock, wire rope, and stainless steel. These materials are used to manufacture different components of elevators and escalators. However, the cost of these materials has been fluctuating due to gap in the demand and supply.
For the detailed list of factors that will drive and challenge the growth of the elevator and escalator market in the GCC during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Mitsubishi Electric, and Schindler the competitive environment is quite intense. Factors such as the increasing government spending on construction sector and the elevators that go sideways as well as up and down, will provide considerable growth opportunities to elevator and escalator manufactures. FUJITEC, Hitachi, HYUNDAI ELEVATOR, KONE, Mitsubishi Electric, and Schindler are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Elevator and Escalator Market in the GCC 2018-2022
Technavio recognizes the following companies as the key players in the elevator and escalator market in the GCC: FUJITEC, Hitachi, HYUNDAI ELEVATOR, KONE, Mitsubishi Electric, and Schindler.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the elevators that go sideways as well as up and down.”
According to the report, one of the major drivers for this market is the increasing government spending on construction sector.
Further, the report states that one of the major factors hindering the growth of this market is the volatility in raw material prices.
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