Saudi Arabia Elevator and Escalator Market Report 2022: Featuring Key Players Mitsubishi Electric, Hitachi, Hyundai Elevator – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Saudi Arabia Elevator and Escalator – Market Size and Growth Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

KEY HIGHLIGHTS OF THE SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET

• National Investment Strategy schemes have been attracting investments in the Country; as the central organization, NIS has FDI, local and public investments, and the Shareek program under it, all of which have a significant impact on Vision 2030 and provide various opportunities to investors worldwide, likely accelerating various projects in the Country and driving demand for elevators.
• According to the Saudi smart Cities Program, in 2021, the government has already granted USD 500 Billion investment in 285 municipal townships for smart city projects.
• According to the Jeddah Economic Company, the Jeddah Tower (1008 meters) and Makkah Royal Clock Tower Hotel(6011 meters) are included in the top 10 tallest skyscrapers worldwide.
• Jeddah Tower was expected to be complete by 2019, but due to Covid-19, the construction has been delayed. It will house offices, hotels, apartments, and condominiums. According to KONE, the Elevator’s speed equipped for this building is 10m/s with elevator rope technology which enables 660 meters rise of the Elevator. Jeddah Economic Company develops Jeddah tower with an investment of 1.2 Billion USD.

Expanding Infrastructure & Commercial Construction to propel Elevators and Escalators demand

• Europe, the Middle East & Africa accounted for 16% of the global new installations market in 2021. As a part of vision 2030, several projects are on onboard that contribute to increasing and comprise the major Saudi Arabia elevator market share for the new installations units.
• The public Investment Fund (PIF)and National Development Fund (NDF)are key investment funding bodies to diversify Saudi Arabia’s development in financial infrastructure projects. Black rock is hired by (NIF) National Infrastructure fund to reinforce and manage up to USD 53 Million in upcoming projects over the next ten years.

The real estate industry is backed by Real Estate Development Fund (REDF) and mortgage financing to boost Elevators installations

• Saudi Arabia contributed a major share of 41% of all real estate transactions in GCC countries. With increased government support in housing developments through initiatives like Real Estate Development Fund (REDF) and mortgage financing to increase the homeownership rate to 70% in 2030 and increase real estate development, Elevator and escalator to gain more traction during the forecast period.
• Saudi Central Bank data showed a 50% increase in new residential loan contracts from the first quarter of 2020 to 2021 with USD 12.4 billion. In the second quarter of 2021, the residential real estate sales accelerated by 2% compared to the previous year with around 58,000 transactions. Residential transactions in Riyadh and Jeddah show a positive impact which further drives demand for elevators.

Increased New Installations fuelled by Smart City Projects & Investment across public infrastructure

• A $1 billion project, ‘Qiddiya’ is Kingdom’s entertainment site and was part of Vision 2030, launched in 2017. It is close to King Khaled international airport and Riyadh and is expected to attract 17 million visitors by 2030.
• 8 new cities (Smart) are planned, mostly on the Country’s western seaboard, along the Red Sea coast, where nearly $575 billion is being spent to deliver over 1.3 million new homes, more than 3 million sqm of world-class offices, and over 100,000 hotel rooms

Maintenance Market pushed by Saudi Arabian Equipment Standard Requirements

• EMEA region accounts for 40% of the overall global maintenance market. Saudi Arabia is the most prominent market amongst all the countries in the Middle East region for Elevators & Escalators.
• Modernization accounts for 27.8% of the entire maintenance & modernization market in Saudi.
• Saudi Arabian standards, metrology, and Quality Organization (SASO) have made it mandatory for every residential and commercial building to get certified by the Civil Defense authority. 22 maintenance companies were authorized for inspection in 2018; therefore, these practices would likely increase the maintenance service market in Saudi Arabia.

Segmentation by Type

• Hydraulic and Pneumatic
• Machine Room Traction
• Machine Room Less Traction
• Others

Segmentation by carriage Type

• Passenger
• Freight

Segmentation by Person

• 2-15
• 16-24
• 25-33
• 34 and Above

Segmentation by End-User

• Commercial
• Residential
• Industrial
• Others.

Key Topics Covered:

Section 1 Introduction

Section 2 Saudi Arabia Elevators Market

Section 3 Saudi Arabia Escalators Market

Section 4 Saudi Arabia Elevators &Escalators Market by Service (Maintenance & Modernization)

Section 5 Geographical Analysis

• Key Economic Cities in Saudi Arabia

Section 6 Market Dynamics

• Market Drivers, Opportunities, Restraints, Trends

Section 7 Technological Development

Section 8 Competitive Landscape

Companies Mentioned

• KONE
• Mitsubishi Electric
• TK Elevator
• Hitachi
• Hyundai Elevator
• Otis
• Fujitec
• Schindler
• TOSHIBA
• KLEEMAN
• GEEC
• Sigma Elevator
• ORONA

For more information about this report visit https://www.researchandmarkets.com/r/8iwuuw

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