The Saudi Arabia Elevator and Escalator Market by New Installations to Reach 3.6 Thousand Units by 2029 - Arizton

According to Arizton's latest research report, the Saudi Arabia elevators and escalators market will grow at a CAGR of 5.84% from 2022 to 2029.

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This report provides a market forecast for the elevators and escalators market during 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. The new installations and maintenance market has been further bifurcated into by type, carriage type, passenger, and end-users.

Smart Cities Projects in Saudi Arabia to Drive Demand for New Installation of Elevators

Saudi Arabia is one of the global emerging economies 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 government has taken up initiatives to create balanced development across nations and launched the implementation of the smart city project in ten cities across the Kingdom. By 2020, this initiative will have targeted five Saudi cities: Makkah, Riyadh, Jeddah, Al-Madinah, and Al-Ahsa.

In February 2022, The Ministry of Municipal, Rural Affairs, and Housing planned 50 plus initiatives, which will be launched across nine sectors by 2030.

Development of NEOM City, including THE LINE, Oxagon, and TROJEAN regions where various sectorial construction and advanced infrastructure are under pipeline, will likely accelerate the demand for elevators and escalator market installation.

Key Insights

Saudi Arabian Standards, Metrology and Quality Organization (SASO) announced in March 2018 that all the new elevators in residential and commercial buildings should be certified by the civil defense authority. Existing installations will be evaluated by maintenance companies. It is informed that all elevators should meet international standards. According to SASO, the main factor for elevator malfunctioning was engineering officers were unable to investigate with construction companies to ensure safety standards. About 55 authorizations are provided to companies, of which 22 are specially for maintenance companies.

As of 2022, 85% of the population of Saudi Arabia resided in metropolitan regions, according to data from the World Bank. But to do so, there needs to be a departure from the global trend toward doing city planning and management business as usual. The Kingdom of Saudi Arabia regards the New Urban Agenda as a crucial road map for transforming its cities into more enticing and successful locations to live and work while realizing that this transformation is a journey rather than a destination. Creating a livelier and more inclusive environment for everyone involves nurturing creative housing solutions, encouraging multimodal transportation, density, and mixed-use development, and constructing and activating public areas.

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Key Vendors

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

Atlas Elevators

Elevator Market Segmentation by

Machine Type

Hydraulic and Pneumatic

Machine Room Traction

Machine Room Less Traction

Others 

Climbing

Elevators

Industrial Elevators

Carriage Type

Passenger

Freight 

Capacity

2-15 Persons

16-24 Persons

25-33 Persons

34 Persons and Above 

End-User

Commercial

Residential

Industrial

Others 

Public Transit

Institutional

Infrastructural

Escalator Market Segmentation by

Product Type

Parallel

Multi Parallel

Walkway

Crisscross

End-User

Public Transit

Commercial

Others

Institutional Sector

Infrastructure

Industrial

Key Questions Answered in the Report: 
How big is the Saudi Arabia elevator and escalator market?
What will be the growth rate of the Saudi Arabia elevator and escalator market?
What is the number of installed bases in the Saudi Arabia elevator and escalator market in 2022?
What factors drive the maintenance segment in the Saudi Arabia elevator and escalator market?
What are the key Saudi Arabia elevator and escalator market players?

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This release was published on openPR.