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Saudi Arabia Elevator and Escalator Market to Witness 16,561 Units of New Installations in the Next 5 Years – Arizton

·4 min read
SIRIUS MANAGEMENT CONSULTING
SIRIUS MANAGEMENT CONSULTING

Saudi Arabia elevator and escalator market size was valued at 14.1 thousand units in 2021 and is expected to reach 22.1 thousand units by 2028.

Chicago, June 13, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Saudi Arabia elevators & escalators market to grow at a CAGR of 6.58% during 2022-2028. Urban Sprawl, increasing development and real estate activities are driving the demand for unique and smart technological innovations. Schindler has developed digital solutions that combine numerous multi-media communication offerings from a single source.

Saudi Arabia Elevators & Escalators Market Report Scope

REPORT ATTRIBUTES

DETAILS

MARKET SIZE BY NEW INSTALLATIONS (2028)

22.1 thousand Units

MARKET SIZE BY NEW INSTALLATIONS (2021)

14.1 thousand Units

CAGR (2021-2028)

6.58%

 

MARKET SIZE BY INSTALLED BASE (2028)

162,425 UNITS

MARKET SIZE BY MODERNIZATION (2028)

USD 879.3 MILLION

BASE YEAR

2021

 

FORECAST YEAR

2022-2028

MARKET SEGMENTATION BY CARRAIGE TYPE

Passenger and Freight

MARKET SEGMENTATION BY PERSON

Persons (2-15, 16-24, 25-33, 34 and above)

MARKET SEGMENTATION BY END-USER

Commercial, Residential, Industrial and Others

MARKET SEGMENTATION BY TYPE

Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

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Key Highlights

  • According to the Saudi Smart Cities Program, in 2021 the government granted $500 billion investment in 285 municipal townships for smart city projects.

  • According to Council of Tall Buildings Urban Habitat (CTBUH) Saudi Arabia has witnessed the highest y-o-y growth rate from 4% in 2008 to 37% in 2018, with 37 buildings over 150+ meter height.

  • Nearly $575 billion is being invested to build over 1.3 million new residences, more than 3 million sqm of world-class offices, and over 100,000 hotel rooms along the country's western seaboard, especially along the Red Sea coast.

  • According to Saudi Arabia's Ministry of Investment, the growth rate of foreign investment permits has accelerated to 264 percent in the second quarter of 2021, compared to the same period in 2015 (before Vision 2030). In the second half of 2021, 3,386 new investment licences were issued, a 23.7 percent increase over the same time in 2020.

  • The percentage of people living in urban areas instead of rural areas has increased rapidly from 20% in 1950 to around 80% 2020, and it is estimated to surpass 90% by 2050. The rise in population increases congestion in the city, specifically in commercial and public transit. Saudi Arabia is planning to triple its rail network as a part of Vision 2030, which reduces the traffic congestion in cities. In NEOM City, an AI-enabled high-speed transit system is in the works.

  • About $147 billion investment in transport and logistics sectors is under plans by the government of Saudi Arabia by 2030, with a proposal to launch a new airline, and expand rail network and airports according to the Ministry of Transport.

Recent Development

  • In 2020, KONE manufactured 180,000 new escalators and elevators. In 2021, KONE had more than 1.5 million units in its maintenance base, resulting in a major market share.

  • TK elevator has integrated cloud-based digital platform MAX into all kinds of new elevator and escalator systems, enabling increased in-service quality and more efficient, reliable, and faster urban transportation worldwide.

  • In December 2021, Mitsubishi Electric launched a new U Series of escalators that enhances passenger comfort and safety and helps achieve significant energy savings compared with the previous models. The targeted annual sales were 500 units in the ASEAN, Latin America, Middle Eastern, and Indian markets.

Key Vendors

  • KONE

  • Mitsubishi Electric

  • TK Elevator

  • Hitachi

  • Hyundai Elevator

  • Otis

  • Fujitec

  • Schindler

Other Prominent Vendors

  • TOSHIBA

  • KLEEMAN

  • GEEC

  • Sigma Elevator

  • ORONA

Saudi Arabia Elevators & Escalators Market Segmentation

Segmentation by Type

  • Hydraulic and Pneumatic

  • Machine Room Traction

  • Machine Room Less Traction

  • Others

Segmentation by carriage Type

  • Passenger

  • Freight

Segmentation by Person

  • 2-15

  • 16-24

  • 25-33

  • 34 and Above

Segmentation by End-User

  • Commercial

  • Residential

  • Industrial

  • Others

Explore our industrial machinery profile to know more about the industry.

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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707