Elevator and Escalator Services Market in GCC 2019-2023 | Evolving Opportunities with AG MELCO Elevator and Hitachi | Technavio
Technavio has been monitoring the elevator and escalator services market in GCC since 2018 and the market is poised to grow by USD 712.08 million during 2019-2023, progressing at a CAGR of more than 7% during the forecast period. Request free sample pages
Read the 110-page report with TOC on "Elevator and Escalator Services Market in GCC Analysis Report by Product (Elevators and Escalators), Geography (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman), and the Segment Forecasts, 2019-2023".
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The market is driven by the growing trend of smart cities. In addition, the use of regenerative drives is anticipated to boost the growth of the elevator and escalator services market.
The rapid migration of the rural population to urban areas in the GCC countries has increased the need for efficient urban plans to accommodate the influx of people. This has increased the investments in smart city projects to ensure proper planning of urban areas to cope with rapid urbanization and ensure the availability of basic amenities to citizens. In 2017, Saudi Arabia announced its plan to construct a USD 500 billion mega-city called Neom on the Red sea. The project will focus on achieving the highest sustainability standards and all the services and processes in the city will be completely automated to make it the most efficient destination in the world. Many such smart city projects will fuel the demand for elevator and escalator services during the forecast period.
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Major Five Elevator and Escalator Services Market Companies:
AG MELCO Elevator
AG MELCO Elevator operates its business through segments such as ELEVATORS, ESCALATORS, MOVING WALKS, and DUMBWAITERS. MODERNIZATION and INSTALLATION are the key services offered by the company.
Hitachi
Hitachi operates its business through segments such as Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, Electronic Systems & Equipment, Construction Machinery, High Functional Materials & Components, Automotive Systems, Smart Life & Ecofriendly Systems, and Others. Modernization and Maintenance are the key services offered by the company.
KONE
KONE operates its business through segments such as New equipment sales and Service sales. MAINTENANCE SOLUTIONS and MODERNIZATION SOLUTIONS are the key services offered by the company.
Otis Elevator
Otis Elevator operates its business through segments such as Elevator products, Enhance your elevator, and Escalators & moving walks. Elevonic R Series modernization and HydroAccel modernization are the key offerings of the company.
Schindler
Schindler operates its business through segments such as Products & Solutions, Service & Maintenance, and Modernization. Schindler Escalator Upgrade Programs and Schindler Mid-Rise Modernization Solution are the key offerings of the company.
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Technavio has segmented the elevator and escalator services market based on the product and region.
Elevator and Escalator Services Product Outlook (Revenue, USD Million, 2019 - 2023)
- Elevators
- Escalators
Elevator and Escalator Services Regional Outlook (Revenue, USD Million, 2019 - 2023)
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
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