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Saudi Arabia Elevator & Escalator Market is Set CAGR of 7.5%

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According to a recently published research report by MarkNtel Advisors, the Saudi Arabia Elevator & Escalator Market is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30. Several factors are likely to propel the market growth such as the vigorous efforts and initiatives of the Saudi government to expand the economy away from the industry of oil and gas.

Moreover, the enormous investments in the expansion of other industries, such as healthcare, retail, building & construction, tourism, IT & telecom, etc., aligned with Saudi Vision 2030 are also likely to propel the market growth. Additionally, Saudi Arabia is observing the construction of several forthcoming infrastructural, commercial, & residential development projects, which are boosting the elevator & escalator installations, thus resulting in driving the inclusive growth of the market.

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Along with this, market players such as ThyssenKrupp Elevator Saudi Arabia, Otis Elevator Company Saudi Arabia Limited, Hyundai Elevator, Toshiba Elevator & Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec Saudi Arabia Co. Ltd., Schindler Olayan Elevator Co. Ltd., Mitsubishi Electric Saudi Ltd., Gulf Elevators and Escalators Co., and Others, are vigorously working on the production & innovation of the escalators & elevators to suffice the rising demand across the country.

Analyzing the Saudi Arabia Elevator & Escalator Market Segmentation

  • By Type (Elevator and Escalator)
  • By Service (New Installation, Modernization, and Maintenance)
  • By End User (Residential, Commercial (Retail, Healthcare, Hospitality, Government & Transportation, and Others), and Industrial)
  • By Region (East, West, South, and Central)

In terms of services, New Installation of elevators and escalators retains a considerable market share over the historical year. The segment’s growth is attributed to expanding urbanization along with several continuing and ongoing construction & industrial development ventures aligned with Saudi Vision 2030, which are resulting in the escalating installations of these machines throughout the country.

Moreover, the snowballing influx of tourists, migrants, and pilgrims in Saudi Arabia has led to the construction of an extensive amount of infrastructure including hotels, resorts, shopping malls, office buildings, hospitals, railway networks, airport expansions, etc. This construction activity has resulted in the installation of several new elevators and escalators that are significantly resulting in the segment’s growth further propelling the overall market growth.

Burgeoning Development of the Healthcare Sector in Saudi Arabia, is expected to Drive the Elevator & Escalator Market in Saudi Arabia

One of the most prominent aspects driving the Saudi Arabia Elevator & Escalator Market is the extensive boost in the healthcare infrastructure developments in the country, assisted by public & private funding. The Saudi government stresses on the healthcare industry, and the country signifies around 60% of the GCC nations’ healthcare expenditure. These investments are majorly done to interest and entice, both domestic and foreign patients, thus boosting medical tourism from countries like the US and Canada.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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