Posted On: 2022-01-05
Elevators acquired the largest market revenue share in the Kuwait elevator and escalator market – 6Wresearch
Under the Kuwait National Development Plan 2035 initiative, endeavors are being made to convert the oil-dependent economy of the nation to a non-oil subordinate one. Moreover, in general increased government investing would result in considerable infrastructural advancement over a few divisions of the economy over the coming years. The recuperation in oil costs has also driven the revival of the construction sector within the nation and around 700 projects are right now within the development stage in Kuwait, with a combined esteem of around USD 230 billion. Hence, the elevator and escalator market of Kuwait is anticipated to encounter healthy development during the forecast period.
According to 6Wresearch, Kuwait Elevator And Escalator Market size is projected to grow at CAGR of 5.1% during 2021-2027. Significant investment for Kuwait National Development Plan 2035 initiative by the government and development of large-scale ventures such as the expansion of Kuwait International Airplane terminal 2, Kuwait metro rail project and a few other commercial and private projects, would drive the demand for product in upcoming years.
New installation of elevator and escalator is majorly dependent upon construction activities. Thus, due to weak economic activities and halt in construction projects on account of outbreak of COVID-19, the market for new installation of elevators and escalator witnessed a decline in revenues in 2020. However, service sector in comparison to new installation registered less decline owing to mandatory need for repair & maintenance of existing elevators.
According to Eshita Goel, Assistant Manager, 6Wresearch, “In 2020, Central region occupied the major revenue share in the Kuwait elevator and escalator market owing to the presence of the international as well as military airports in the region such as Kuwait international airport and Ali Al Salem Air Base. Further, the area also includes big malls and hotels such as The avenues, D malls, Radisson Blue, Millennium Central Kuwait Downtown and more which occupied the dominant share of elevators and escalators in the region.”
According to Kajal Saraswat, Research Analyst, 6Wresearch, “The commercial sector captured the highest revenue in the overall Kuwait elevator and escalator market in 2020. Further, with an estimated investment of $250 million for the construction across the country and the development of malls, hospitals and universities, the commercial sector of Kuwait is expected to grow significantly in the future and thus increase the demand for elevators and escalators in the commercial domain of the country. Moreover, the government is also planning to invest $135 billion in residential development across the country. As both passenger and home elevators are used in the residential sector, the demand for such elevators is predicted to grow modestly in the future.”
“Kuwait Elevator and Escalator market (2021-2027)” report provides an in-depth analysis with 30 figures and 16 tables, covered in 96 pages. The report estimates and forecast the overall Kuwait Elevator and Escalator market by product type, service type, application, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.a