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
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| 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 | |
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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
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- 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
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