Dublin, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The "Kuwait Elevator & Escalator Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering
The Kuwait elevator and escalator market is expected to grow at a CAGR of 3.68% from 2022-2029.
The key players in the Kuwait elevator and escalator market are KONE, T.K.E., Mitsubishi, Schindler, Otis, Hyundai, Fujitec, and Hitachi. Further, the top 5 vendors in the Kuwait elevator and escalator market include KONE, T.K.E., Mitsubishi, Schindler, and Otis hold over 52% of the market.
The Kuwait Elevator and Escalator Market are poised for significant growth, driven by various key factors shaping the country's landscape. Kuwait has seen a surge in private housing development, utilizing vast land areas, with 2022 witnessing the use of 99.45 million square meters for private housing, averaging 480 square meters per land
. The year 2023 is expected to surpass 100 million square meters as Kuwait embarks on building more cities to accommodate the Public Authority for Housing Welfare (PAHW). Notably, the land vacancy rate in Kuwait was only 20 percent in 2022, significantly lower compared to other Gulf countries, where vacancies range from 35 to 40 percent.
Kuwait is actively working to enhance its attractiveness for investments and businesses, with the Ministry of Public Works and the Public Authority for Housing Welfare spearheading multiple nationwide projects and building initiatives. Upcoming smart homes and public place projects in significant centers like Jaber Al Ahmad, West Abdullah Al Mubarak, and East Taima are aimed at meeting the growing housing demand while contributing to the expansion of the Kuwait elevator and escalator market.
Furthermore, Kuwait's thriving tourism and infrastructure projects are driving the demand for new elevator and escalator installations. The Ministry of Health and Public Works has announced a substantial project, backed by an investment of approximately USD 4.42 billion (KD 1.250 billion), to replace or expand nine operational hospitals, including both general and specialized hospitals, over the next decade. This initiative aims to add 5,400 beds, 150 operating rooms, and 500 outpatient clinics to the existing healthcare infrastructure, further enticing international investors to participate in Kuwait's infrastructure projects.
Additionally, the ongoing development of the new T2 passenger terminal at Kuwait International Airport, set to open in 2024, highlights the government's commitment to environmental sustainability and energy efficiency. The terminal is planned to achieve Leadership in Energy and Environmental Design (LEED) Gold Certification and will have a capacity of serving 25 million passengers annually.
Its design includes provisions for accommodating up to 21 Airbus and A380 aircraft simultaneously, with 51 boarding gates and ample parking spaces. This ambitious project is expected to play a pivotal role in driving the growth of the Kuwait elevator and escalator market.
Report Highlights
As part of its Vision 2035, Kuwait intends to entice local and foreign investors to engage in economic development projects. The construction of the southern and northern banks and the two artificial islands of the Sheikh Jaber Al-Ahmad Al-Sabah Causeway is a crucial component of this vision. These districts will be developed into business, employment, recreation, and tourism centers.
Private housing comprises 78% of the Kuwait Metropolitan Area (K.M.A.). The Public Authority for Housing Welfare (PAHW) has plans to provide an additional 35,600 housing plots nationwide by 2025. Approximately 41.5% of Kuwait's population is between 20 and 49 years old. This youthful demographic is anticipated to influence the housing sector positively.
Kuwait's XZero City, to be developed by Dubai-based developer U.R.B., will have zero carbon emissions and no automobiles. Around 30,000 dwellings will be located in the 16-square-kilometer metropolis, each powered by renewable energy and outfitted with sensors for autonomous lighting and ventilation. In addition to a commercial hub, wellness centers, an autism village, educational institutions, a resort, and a wildlife conservation center, it will recycle trash and water. The project's distinctive, resilient landscape strives to advance well-being, social cohesion, biodiversity, and health.
The Directorate-General of Fire Services (DGFS) shut down 15 unlicensed elevator installation and maintenance companies in November 2021. The DGFS urged the public to verify the fire department's authorization before hiring such firms. The DGFS also stated that people who want to install and maintain electric elevators should check the company's fire department approval, which is available on the DGFS website or at the force's license department.
A company from Dubai, U.R.B., plans to build a city called "XZero City" in Kuwait. It will be a green and car-free city with up to 100,000 people. Here are some essential things about this city: It will be in the south of Kuwait on a 16-square-kilometer area, with 30,000 homes powered by renewable energy and intelligent technology, and shall recycle all their water and waste.
The development comprises offices, shops, healthcare centers, and schools. U.R.B. also plans to have a resort and nature conservation area to attract tourists. The result of this project is projected for the growth of the Kuwait elevator and escalator market.
KEY QUESTIONS ANSWERED:
- How big is the Kuwait elevator and escalator market?
- What will be the growth rate of the Kuwait elevator and escalator market?
- What is the number of installed bases in the Kuwait elevator and escalator market in 2022?
- What are the key opportunities in the Kuwait elevator and escalator industry?
- What are the key Kuwait elevator and escalator market players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 111 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value in 2022 | 517 Units |
| Forecasted Market Value by 2029 | 666 Units |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Kuwait |
Key Vendors
- KONE
- TK Elevator
- Schindler
- Mitsubishi Electric
- Otis
- Hyundai Elevator
- Fujitec
- Hitachi
Other Prominent Vendors
- Delmon United
- Atlas Elevators
- Modayan Elevators
- Marafie Elevators & Escalators
- Hosting Elevator
- Ahmadiah Contracting & Trading Co.
- United Elevators
SEGMENTATION ANALYSIS
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
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/kyc30i
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