U.S. Markets closed

  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     

  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     

  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     

  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     

  • Crude Oil

    107.06
    +2.79 (+2.68%)
     

  • Gold

    1,828.10
    -1.70 (-0.09%)
     

  • Silver

    21.13
    +0.09 (+0.42%)
     

  • EUR/USD

    1.0559
    +0.0034 (+0.3273%)
     

  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     

  • Vix

    27.23
    -1.82 (-6.27%)
     

  • GBP/USD

    1.2274
    +0.0013 (+0.1056%)
     

  • USD/JPY

    135.1600
    +0.2270 (+0.1682%)
     

  • BTC-USD

    21,294.01
    +58.32 (+0.27%)
     

  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     

  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     

  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

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

SIRIUS MANAGEMENT CONSULTING
·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

Click Here to Download the Free Sample Report

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.

Click Here to Download the Free Sample Report

Read some of the top-selling reports:

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.

Click Here to Contact Us

Call: +1-312-235-2040

+1 302 469 0707

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


Recommended Stories

  • ‘The whole market is in danger of collapsing’: Germany warns of a ‘Lehman moment’ if Russia cuts off natural gas to Europe

    Russia’s fiddling with gas flows to Europe could create an economic spillover effect, warns Germany’s top economy minister.

  • Gas prices ‘will continue declining’ for another 1-2 weeks, analyst says

    GasBuddy Head of Petroleum Analysis Patrick De Haan joins Yahoo Finance Live to discuss why gas costs so much, forecasts for lowering gas prices, President Biden's proposed federal gas tax holiday, and travel trends.

  • You're One Step Closer to Being Able to Delay Your RMDs in Retirement

    A bill is headed for consideration by the full Senate that would move the age at which you have to start drawing down your retirement plan savings to 75. The House of Representatives passed a similar measure, so sponsors are … Continue reading → The post You're One Step Closer to Being Able to Delay Your RMDs in Retirement appeared first on SmartAsset Blog.

  • Bosses Swear by the 90-Day Rule to Keep Workers Long Term

    Chipotle, Waste Management and others gear hiring around reaching a milestone they say is critical to employee retention.

  • AT&T, Verizon Raise Prices and Test Consumer Budgets

    The wireless companies are boosting monthly fees and increasing the cost of mostly older cellphone plans.

  • Almost $4 Billion in Bitcoin Miner Loans Are Coming Under Stress

    (Bloomberg) -- The prolonged slump in Bitcoin is making it more difficult for some miners to repay the up to $4 billion in loans they have backed by their equipment, posing a potential risk to major crypto lenders.Most Read from BloombergSupreme Court Overturns Roe, Transforming Abortion-Rights FightProtest Latest: NY, DC Marches Grow as Justice’s Home TargetedJustice Kavanaugh Says States May Not Bar Travel to Obtain an AbortionStocks Roar Back With Best Week in a Month: Markets WrapEnding Roe

  • Mega fabs and mega cranes: A look at Intel's ambitious construction

    Georgian architecture is an impractical ask for Intel’s planned New Albany manufacturing facility — but it very likely will have plenty of white fencing.

  • Toyota, Subaru shares drop on "embarrassing" recalls of first EVs

    Toyota Motor shares slipped after it recalled some of its first mass-made all-electric cars, launched two months ago, because of a risk of wheels coming loose, a setback to its ambitions to electrify its model range. Toyota, the world's largest automaker by sales, said on Thursday it would recall 2,700 bZ4X SUVs globally. Subaru Corp, in which Toyota has a nearly 20% stake, also said it was recalling about 2,600 units of the Solterra, a related model.

  • Crypto correction creating 'opportunity in the market,' Binance CEO says

    Binance CEO Changpeng Zhao joins Yahoo Finance Live to discuss the bear market in crypto, buying opportunities, as well as the outlook for bitcoin and other cryptocurrencies.

  • Oil CEOs Get Olive Branch From Granholm in Gas-Price Huddle

    (Bloomberg) -- The US energy chief struck a conciliatory tone in a high-stakes meeting with top oil executives to discuss soaring gasoline prices on Thursday, though the huddle yielded little progress on a plan to address the supply crunch. Most Read from BloombergJuul’s Vaping Products Are Ordered Off the Market in the USElon Musk Says New Tesla Plants Are ‘Money Furnaces’ Losing BillionsThese Are the World’s Most Liveable Cities in 2022Recession Worries Boost Treasuries; Stocks Advance: Market

  • Lori Augustine has United flying high at SFO

    Lori Augustine took a familiar path to the Bay Area, loading up a U-Haul and moving here from Missouri for better economic opportunities and the freedom to be herself as a gay woman. Finding a job was a secondary concern, joining United Airlines as a customer service agent shortly after arriving in the Bay Area 25 years ago. Today, after senior leadership roles for United in Los Angeles and its Chicago headquarters, she dubs herself the CEO of United’s hub at SFO, where she oversees much of the carrier’s operations.

  • China's live-streaming e-commerce offers lifeline to fruit farmers amid Covid restrictions and short season

    Each June, Xishan Island, an eastern tourist destination surrounded by green mountains along Suzhou's Taihu Lake, is typically congested with tourists in what has become known as the "loquat traffic jam" or "bayberry traffic jam", a result of visitors from nearby regions such as Shanghai rushing to get a taste of the hyper-seasonal local fruits. This year, however, the town is quiet. Travel-wary consumers remain concerned about Covid-19 restrictions and quarantine rules owing to recent outbreaks

  • Google Tells U.S. Employees They Can Relocate to States Where Abortion Is Legal

    In the wake of the Supreme Court’s decision Friday overturning Roe v. Wade, which eliminates the constitutional right to abortion, Google has notified American employees that it will allow them to relocate to another state — no questions asked. In a memo Friday (via CNBC), Fiona Cicconi, Google’s chief people officer, reiterated that the internet […]

  • German sugar maker Suedzucker to raise prices, shift to coal power -report

    German sugar producer Suedzucker plans "significant" price hikes to offset rising costs and prepares to shift to coal as Russian gas supplies to Western Europe slow in the wake of the Ukraine war, the Mannheimer Morgen newspaper reported on Saturday. "The costs of beet cultivation and energy are rising, and these are two significant blocks of production," Chief Executive Niels Poerksen said in an interview with the newspaper. The company is also ramping up stocks for use at the plants where coal can also be used as not all Suedzucker factories are equipped to run on other energy sources if there is no more gas, Poerksen told the newspaper.

  • A Chinese venture capitalist says these three companies exemplify China’s future economy

    Consumer tech firms are out of vogue. In fashion are companies that can transform China into a high-tech manufacturing giant.

  • Bristol Myers must face $6.4 billion lawsuit over delayed cancer drug

    A U.S. judge on Friday refused to dismiss a $6.4 billion lawsuit accusing Bristol Myers Squibb Co of delaying its Breyanzi cancer drug to avoid payments to shareholders of the former Celgene Corp, which the drugmaker bought for $80.3 billion in 2019. U.S. District Judge Jesse Furman in Manhattan rejected Bristol Myers' claim that it was never properly notified about its alleged default on its merger obligations by UMB Bank NA, the trustee representing the former Celgene shareholders. Bristol Myers and its lawyers did not immediately respond to requests for comment.

  • Low Bitcoin Price Weighs on Crypto Mining Stocks

    Worried about falling profits and high fixed costs, investors have been dumping publicly traded bitcoin miners like Riot Blockchain and TeraWulf amid the cryptocurrency selloff.

  • Chevron to relocate head office within California, sell existing HQ

    "The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population," the company said in an email. Chevron is expected to shift its headquarters to the new site during the third quarter of 2023. Rival Exxon in January also relocated its corporate headquarters from Irving, Texas to its campus north of Houston.

  • Oil's Dive Won't Bring Any Immediate Relief on Inflation

    (Bloomberg) -- Anyone hoping that the recent slump in oil prices will bring a quick fix for rampant global inflation needs to think again. Most Read from BloombergSupreme Court Overturns Roe, Transforming Abortion-Rights FightStocks Roar Back With Best Week in a Month: Markets WrapJustice Kavanaugh Says States May Not Bar Travel to Obtain an AbortionProtest Latest: NY, DC Marches Grow as Justice’s Home TargetedEnding Roe Is Institutional Suicide for Supreme CourtWhile Brent crude has shed 10% in

  • Class action lawsuit claims TD Bank 'misrepresented' fraud issues with Zelle payment system

    The complaint alleges the bank told customers that Zelle was safe to use despite “huge” security risks and “virtually no resource” for defrauded customers to get their money back.