Elevator and Escalator Market in Saudi Arabia 2015-2019
About elevators and escalators
Elevators and escalators help move people and goods easily and efficiently within a building's premises. They are installed in commercial buildings, residential buildings, mixed-used buildings, IT parks, hotels, restaurants, and retail outlets. They are also installed in parking areas to help in optimum utilization of space.
Technavio's analysts forecast the elevator and escalator market in Saudi Arabia to grow at a CAGR of 1.5%, in terms of newly installed units, over the period 2014-2019.
Covered in this report
In this report, Technavio includes the present scenario and growth prospects of the elevator and escalator market in Saudi Arabia for the period 2015-2019. To calculate the market size, we consider the number of new elevator and escalator units installed in the country during the forecast period. The report also presents the vendor landscape and a corresponding detailed analysis of the five key vendors in the market, and a brief description on other prominent vendors. In addition, the report discusses the major drivers that influence the growth of the market, outlines the challenges faced by the vendors and the market at large, and highlights the key trends visible in the market.Key customer segments
Technavio Announces the Publication of its Research Report – Elevators and Escalators Market in Saudi Arabia 2015-2019
Technavio recognizes the following companies as the key players in the Elevators and Escalators Market in Saudi Arabia: GEEC, KONE, MELSA, Otis and Schindler
The other prominent vendors are: Hyundai, SIGMA, ThyssenKrupp and Toshiba
Commenting on the report, an analyst from Technavio’s team said: “With the increase in construction of skyscrapers in Saudi Arabia, there is high demand for high-speed elevators in the country. Traditional elevators run at speeds of 6.5-29.5 feet per second. Construction companies are now installing high-speed elevators in their buildings to travel to the higher stories of the skyscrapers in minimal time. For instance, KONE will provide seven double-decker high-speed elevators for the Kingdom Tower in Jeddah. The 3,037 feet high tower, currently under construction, will become the tallest skyscraper in the world after its completion in 2019. The double-decker MiniSpace (range of elevators) for the towers, provided by KONE, will travel at a speed ranging from 32.8-41 feet per second.”
According to the report, the construction industry in Saudi Arabia attracted huge investments during 2013-2014. Due to the advances in technology in the construction market, the government plans to invest in the construction of high-rise building, including skyscrapers, during the forecast period.
Further, the report states that the high cost of elevators and escalators is likely to curtail market growth.
GEEC, KONE, MELSA, Otis, Schindler, Hyundai, SIGMA, ThyssenKrupp,Toshiba