This report provides a comprehensive analysis of the Saudi Arabia Elevator and Escalator Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the Saudi Arabia Elevator and Escalator Market
Base Year: 2023
Forecast Years: 2024-2030
Historical Years: 2019-2022
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Scope of the Saudi Arabia Elevator and Escalator Market Report:
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. The market expansion would be driven by active efforts of the Saudi government toward diversifying the economy away from the oil & gas sector, coupled with massive investments in the development of other industries, such as healthcare, retail, building & construction, tourism, IT & telecom, etc., in line with Saudi Vision 2030. Consequently, the country is witnessing various ongoing & upcoming infrastructural, commercial, & residential development projects, i.e., stimulating elevator & escalator installations and fueling the overall market growth.
Which prominent factor is expected to drive the Saudi Arabia Elevator and Escalator Market during 2024-30?
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.
What are the different Segment Available in the Saudi Arabia Elevator and Escalator Market?
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)
By Region
- East
- West
- South
- Central.
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Leading Saudi Arabia Elevator and Escalator companies operating in the Market
- 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.
- Others.
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