Saudi Arabia Elevator and Escalator Market Witness Highest Growth at a CAGR of 7.5% by 2030

A Quick Overview of Saudi Arabia Elevator and Escalator Market

The key object of this report on the Saudi Arabia Elevator and Escalator Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the Saudi Arabia Elevator and Escalator Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

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Saudi Arabia Elevator and Escalator Market Scenario:

The Saudi Arabia Elevator & Escalator Market is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30. The market expansion would be driven by active efforts of the Saudi government toward diversifying the economy away from the oil & gas sector, coupled with massive investments in the development of other industries, such as healthcare, retail, building & construction, tourism, IT & telecom, etc., in line with Saudi Vision 2030. Consequently, the country is witnessing various ongoing & upcoming infrastructural, commercial, & residential development projects, i.e., stimulating elevator & escalator installations and fueling the overall market growth.

Saudi Arabia Elevator and Escalator Market - Industry Dynamics, Size, And Opportunity Forecast To 2030:

Market Driver - Mushrooming Growth of the Healthcare Sector in Saudi Arabia

The extensive boom in healthcare infrastructure projects in the country, facilitated by public & private investments served as a prominent factor driving the demand for elevators and escalators in Saudi Arabia. According to Trade.gov, Saudi Arabia represents around 60% of the GCC nations' healthcare spending, and the country's government continues to place a high focus on the industry. The investments are dominantly made to attract both domestic and foreign patients, thereby fostering medical tourism from countries like the US and Canada.

Moreover, the Saudi government's ambitious investment plan of around USD 66 billion to bolster the healthcare industry by 2030 would further propel construction activities in this sector. As a result, the burgeoning healthcare sector, supported by both public-private partnerships and government investments, is set to drive the demand for elevators and escalators in Saudi Arabia for improved building infrastructure in the foreseeable future.

Saudi Arabia Elevator and Escalator Market Segmentation Analysis:

Saudi Arabia Elevator and Escalator Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

By Type

Elevator- Market Size & Forecast 2019-2030, (Thousand Tons)
Escalator- Market Size & Forecast 2019-2030, (Thousand Tons)

By Service

New Installation- Market Size & Forecast 2019-2030, (Thousand Tons)
Modernization- Market Size & Forecast 2019-2030, (Thousand Tons)
Maintenance- Market Size & Forecast 2019-2030, (Thousand Tons)

By End User

Residential- Market Size & Forecast 2019-2030, (Thousand Tons)
Commercial- Market Size & Forecast 2019-2030, (Thousand Tons)
- Retail- Market Size & Forecast 2019-2030, (Thousand Tons)
- Healthcare- Market Size & Forecast 2019-2030, (Thousand Tons)
- Hospitality- Market Size & Forecast 2019-2030, (Thousand Tons)
- Government & Transportation- Market Size & Forecast 2019-2030, (Thousand Tons)
- Others- Market Size & Forecast 2019-2030, (Thousand Tons)
Industrial- Market Size & Forecast 2019-2030, (Thousand Tons)

By Region

East
West
South
Central.

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Who are the Key Market Players in the Saudi Arabia Elevator and Escalator Market?

In the fast-changing Saudi Arabia Elevator and Escalator Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the Saudi Arabia Elevator and Escalator market ruling the industry are:

List of Key Companies Profiled:

Thyssenkrupp Elevator Saudi Arabia
Otis Elevator Company Saudi Arabia Limited
Hyundai Elevator
Toshiba Elevator and Building Systems Corporation
Hitachi Elevator
Kone Middle East LLC
Fujitec Saudi Arabia Co. Ltd.
Schindler Olayan Elevator Co. Ltd.
Mitsubishi Electric Saudi Ltd.
Gulf Elevators and Escalators Co.
Others.

Saudi Arabia Elevator and Escalator Recent Development:

June 2023: Otis Global Corporation launched the Otis ONE IoT service platform in Saudi Arabia, which integrates over 30 years of remote monitoring experience with cloud technology, machine learning, and Internet-of-Things (IoT). This innovative solution for elevators combines real-time surveillance with proactive issue detection to facilitate quick recovery.

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