Industria
Technological Innovations Propel Elevator and Escalator Market to New Heights, Saudi Arabia and Qatar to Experience Tightly Correlated CAGR from 2023 to 2029 - Arizton
This report provides a market forecast for the Saudi Arabia elevators and escalators market for 2020-2029. The market covers details on new installations, modernization, and maintenance. The market forecast has been provided based on volume and value. The market is further bifurcated into new installations, modernization, and maintenance. Modernization has not been accounted for in the Volume market.
Saudi Arabia is one of the emerging economies globally that is determined to transform its cities into smart cities. Over the last three decades, rapid urbanization, infrastructure development, and transformation have led to Saudi citizens' quality of life.
The elevators market in Saudi Arabia in 2023 is witnessing substantial growth, representing medium year-on-year demand for 4.3% for the term 2023-2024 due to increasing manufacturing activities and rising socio-economic status.
Elevators used in the industrial sector accounted for the largest share of 29.7% in 2023, concerning high government and investments in industrial construction projects.
The demand for the 2-15 passenger elevators segment is largely driven in the residential and commercial sectors. The National Housing Company (NHC) has announced various housing projects, including Rawa and Maylaa projects in Riyadh and Jeddah . The housing stock in Jeddah and Riyadh are expected housing by 2023 are 100,000 and 35,000, respectively.
In October 2020 , Real Estate Transaction Tax (RETT) was introduced in Saudi Arabia with reduced VAT from 15% to 5% to boost residential and commercial real estate activity and increase home ownership, which will drive the demand for this segment. Companies such as KONE, Mitsubishi Electric, TK Elevator, Otis, and FUJITEC offer 2-15 passenger elevators. For instance, Otis One is a digital platform that uses IoT to make elevators and escalators smarter and more efficient, launched in the Middle East in Q1, 2023.
KONE, TK Elevator, Schindler, Mitsubishi Electric, Otis, Hyundai Elevator, Fujitec, Hitachi, Toshiba Elevator and Building Systems Corporation (TELC), KLEEMAN, Gulf Elevators and Escalators Company (GEEC), Sigma Elevator, Orona, and Atlas Elevators
How big is the Saudi Arabia elevator and escalator market?
What will the growth rate be in the Saudi Arabia elevator and escalator market?
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The government's investment through 'Qatar National Vision 2030' will likely make the construction industry in Qatar grow. This creates opportunities for foreign investors and aids in expanding the elevator market in Qatar .
The Voya Tower project in Doha, Qatar , is a joint venture between Mazaya Real Estate Development Company and Al-Namaa Real Estate Development Company. The project aims to meet the demand for high-quality, luxurious residential options aligned with Qatar's National Vision 2030. With 119 diverse housing units, including apartments and chalets, the Voya Tower project has obtained all necessary approvals and is set to be completed by 2026. It contributes to Qatar's real estate market growth and supports sustainable development goals.
Qatari Diar has successfully executed numerous ventures, including notable projects such as Lusail City, a futuristic urban hub aligning with Qatar's National Vision 2030, the Qatar National Convention Centre, Sheraton Park, Al Legtaifiya Lagoon, and the commercial street in Abu Hamour . These endeavors collectively reflect Qatari Diar's commitment to driving progressive urban development, contributing significantly to the nation's growth and creating demand for elevators.
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The Qatari government has digitized its services, improving building permit issuance. Additionally, the country has initiated cybersecurity measures. Since Qatar has a high number of high-net-worth individuals (HNWIs), it is expected that the adoption of advanced technology, including cybersecurity, will be witnessed in the coming years.
How big is the Qatar elevator and escalator market?
What will the growth rate be in the Qatar elevator and escalator market?
What factors drive the maintenance and modernization segment in the
Qatar elevator and escalator market?
What are the key Qatar elevator and escalator market players?
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