Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "GCC Elevator and Escalator Market - Size & Growth Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The GCC elevator and escalator market by new installations accounted for 7.9 thousand units in 2023 and is expected to grow at a CAGR of 4.60% to 2029
Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the GCC elevator and escalator market, with a share of 61%. The relatively basic technology necessary for manufacturing elevator components such as cabin/doors, guide rails, and installation, together with easy access to raw materials, presents a highly scalable investment opportunity with potential for localization along the value chain. They are localizing component manufacturing, such as controls and motors, to fulfill the demand of existing elevator manufacturers in the GCC, with the possibility of exporting to neighboring MENA markets.
Saudi Arabia has recently launched four new special economic zones (SEZs) to promote growth in key sectors such as advanced manufacturing, cloud computing, and medical technology. These SEZs include the King Abdullah Economic City (KAEC) SEZ, Jazan SEZ, Ras Al Khair SEZ, and a Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST).
Saudi Arabia's Special Economic Zones (SEZs) aim to attract businesses with tax reductions, exemptions, and regulations for foreign talent. These strategic locations cover sectors like logistics, shipbuilding, and food. Aligned with the Saudi Vision 2030, these SEZs are expected to boost construction projects and infrastructure development, further supporting the growth of the GCC elevator and escalator market.
The Oman Over Time Museum in the Wilayat of Manah hosted the eighth gathering of tourism ministers from the Gulf Cooperation Council (GCC) nations. The GCC common tourist visa, shared among member countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and The United Arab Emirates (UAE), facilitates streamlined entry for visitors.
This initiative encourages cross-border tourism, allowing travelers holding a GCC tourist visa to explore multiple regional countries. A common tourist visa simplifies travel logistics and enhances the experience for individuals exploring the diverse attractions of the Gulf nations and promoting tourism, cultural exchange, and economic cooperation.
The upcoming 2024 U23 Asian Cup, scheduled to be hosted by Qatar, is anticipated to stimulate the advancement of diverse infrastructure projects nationwide. Moreover, Qatar has bid to host the 2027 Asian Cup and has already been granted the rights to host the 2030 Asian Games. This wave of events is set to catalyze the construction of several high-rise buildings, thereby projecting to act as a catalyst for the GCC elevator and escalator market growth.
Saudi Arabian Standards, Metrology And Quality Organization (SASO), in March 2018, announced that all the new elevators in residential and commercial buildings should be certified by the civil defense authority. Maintenance companies will evaluate existing installations. It is informed that all elevators should meet international standards. According to SASO, the main factor for elevator malfunctioning was engineering offices were unable to look into construction companies to ensure safety standards. About 55 authorizations are provided to companies, of which 22 are specially for maintenance companies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 8 Thousand Units |
| Forecasted Market Value by 2029 | 10.9 Thousand Units |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Middle East |
Key Vendors
- Otis
- TK Elevator
- Schindler
- KONE
- Mitsubishi Electric
- Fujitec
- Hyundai Elevator
- Hitachi
Other Prominent Vendors
- Delmon United
- Atlas Elevator
- AL-Modayan Elevators
- Marafie Elevators & Escalators
- Hosting Elevator
- Ahmadiah Contracting & Trading Co.
- Sigma Elevator
- Orona
- Kleemann
- United Elevators
- Toshiba Elevator and Building Systems Corporation
- Alfa Elevator Co. LLC
- Sodimas Elevator Company
- Almuftah Group
- Bayern Systems
- Gulf Elevators & Escalators Company (GEEC)
- Johnson Lifts and Escalators
- Europe Elevators
- BEC Group
Elevator Market Segmentation
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
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/5z8nb7
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