Saudi Arabia Elevator and Escalator Market 2018-2024 with Hyundai, Kone, Mitsubishi, Otis, Schindler Olayan & ThyssenKrupp Taking the Market to the Next Level
DUBLIN, Sept. 17, 2018 /PRNewswire/ --
The "Saudi Arabia Elevator and Escalator Market (2018-2024): Market Forecast by Segments, by Services, by Verticals, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
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Saudi Arabia Elevator & Escalator Market is expected to grow at a CAGR of 4.9% during 2018-24.
During 2014-17, Saudi Arabia elevator and escalator market have registered high installation as a result of the completion of ongoing construction projects in the country. However, book order volume witnessed a plummet in demand owing to deteriorating economic conditions, primarily due to a slump in oil prices. During this period, major government spending was cut down, resulting in a halt in several construction projects in the country. Further in 2017, change in the government taxation policy for the import of goods had resulted in an increase in prices of the imported products.
In 2017, the market declined due to falling government spending owing to declining oil prices. The market is anticipated to bounce back with the recovery of oil prices post 2017. Growing urbanization rate and rise in the installation of elevators in the residential sector in Saudi Arabia is forecast to boost the growth of the Elevator and Escalator market. Amongst all the elevators segments, machine room elevators acquired the highest revenue share of the market.
In Saudi Arabia, the central region held the major market for Elevator and Escalator systems in terms of volume owing to increasing infrastructure development activities, especially in the commercial and residential verticals. During the forecast period, the western region is expected to register higher growth in the market.
Markets Covered
By Segments
-- Elevators
-- Machine Room
-- Machine Room Less
-- Escalator
-- Moving Stairs
-- Moving Walkways
By Services
-- New Installation
-- Modernization
-- Maintenance
By Verticals
-- Residential
-- Commercial
-- Industrial
By Regions
-- Central
-- Eastern
-- Western
-- Southern
Companies Mentioned
-- Hyundai Elevator Co. Ltd
-- Kone Middle East LLC
-- Mitsubishi Electric Saudi Ltd.
-- Otis Elevator Co. Saudi Arabia Ltd.
-- Schindler Olayan Elevator Co. Ltd.
-- ThyssenKrupp Elevator Saudi Arabia LLC
For more information about this report visit
https://www.researchandmarkets.com/research/hsrr7h/saudi_arabia?w=5
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SOURCE Research and Markets
