Growing construction industry, high rise buildings and expansion of public and private infrastructure will boost Saudi Arabia's elevators and escalators market to grow at a CAGR of 7.2 per cent during 2015-21, a report said.
Surging demand and increasing competition is resulting into decline in prices of elevators and escalators in Saudi Arabian market, added the report "Saudi Arabia Elevators and Escalators Market (2015-2021)" released by 6wreseach, a global market research and consulting firm.
Also, growing domestic manufacturing and joint ventures of international players with domestic players have additionally slashed the prices of elevators and escalators in the country.
Elevators have prominently fuelled the growth of the overall market, however in the forecast period; elevators market would marginally lose its market share to the escalators, According to 6Wresearch.
Amongst all the applications, commercial application has captured major share of market pie in overall elevators and escalators market in Saudi Arabia. Expanding retail sector, construction of new hotels, hospitals, metros, and commercial offices/ business parks are spurring elevators and escalators demand in the country. Retail segment accounted for key share in the commercial application.
In Saudi Arabia elevators & escalator market, western region leads the market followed by the central region. Western region is one of the key regions for construction market and has witnessed high degree of urbanization over last few years.
The construction of high rise buildings in the region has fuelled the demand for the elevators and escalators. The key cities in the region are Makkah, Riyadh, Jeddah and Madinah are playing vital role for the growth of the market. – TradeArabia News Service
Media Source: Trade Arabia