Market Insights
As per recent research by MarkNtel Advisors, The Saudi Arabia Elevator and Escalator Market is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30.
Saudi Arabia Elevator & Escalator Market Driver:
Mushrooming Growth of the Healthcare Sector in Saudi Arabia – The extensive boom in healthcare infrastructure projects in the country, facilitated by public & private investments served as a prominent factor driving the demand for elevators and escalators in Saudi Arabia. According to Trade.gov, Saudi Arabia represents around 60% of the GCC nations’ healthcare spending, and the country’s government continues to place a high focus on the industry. The investments are dominantly made to attract both domestic and foreign patients, thereby fostering medical tourism from countries like the US and Canada.
Moreover, the Saudi government’s ambitious investment plan of around USD 66 billion to bolster the healthcare industry by 2030 would further propel construction activities in this sector. As a result, the burgeoning healthcare sector, supported by both public-private partnerships and government investments, is set to drive the demand for elevators and escalators in Saudi Arabia for improved building infrastructure in the foreseeable future.
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Market Segmentation and Consumer Behavior:
By Type
- Elevator- Market Size & Forecast 2019-2030, (Thousand Tons)
- Escalator- Market Size & Forecast 2019-2030, (Thousand Tons)
By Service
- New Installation- Market Size & Forecast 2019-2030, (Thousand Tons)
- Modernization- Market Size & Forecast 2019-2030, (Thousand Tons)
- Maintenance- Market Size & Forecast 2019-2030, (Thousand Tons)
By End User
- Residential- Market Size & Forecast 2019-2030, (Thousand Tons)
- Commercial- Market Size & Forecast 2019-2030, (Thousand Tons)
- Retail- Market Size & Forecast 2019-2030, (Thousand Tons)
- Healthcare- Market Size & Forecast 2019-2030, (Thousand Tons)
- Hospitality- Market Size & Forecast 2019-2030, (Thousand Tons)
- Government & Transportation- Market Size & Forecast 2019-2030, (Thousand Tons)
- Others- Market Size & Forecast 2019-2030, (Thousand Tons)
- Industrial- Market Size & Forecast 2019-2030, (Thousand Tons)
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Saudi Arabia Elevator and Escalator Market Geographical Analysis:
By Region:
- East
- West
- South
- Central
Key Players and Competitive Strategies in the Saudi Arabia Elevator and Escalator Market
Several prominent players dominate the Saudi Arabia Elevator and Escalator Market, including:
- Thyssenkrupp Elevator Saudi Arabia
- Otis Elevator Company Saudi Arabia Limited
- Hyundai Elevator
- Toshiba Elevator and 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.
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Questions Addressed in this Study
1.What factors are driving the Saudi Arabia Elevator and Escalator Market growth?
2.How is the Saudi Arabia Elevator and Escalator Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Saudi Arabia Elevator and Escalator Market?
4.What is the current size of the Saudi Arabia Elevator and Escalator Market, and how is it projected to change in the future?
5.What is the future outlook for the Saudi Arabia Elevator and Escalator Market in terms of technological advancements and market expansion?
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