A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Elevators and Escalators Market is predicted to grow at a CAGR of 7.8%, by the end of 2028. Building and construction sector expansion has been a major driver of the Saudi Arabia Elevators and Escalators Market. Elevators and escalators, which are essential components of both residential and commercial structures, are experiencing a significant increase in demand all over the world. Furthermore, Saudi Arabia Elevators and Escalators Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of installation, handling, and maintenance of elevators and escalators, in turn, may act as a huge restraining factor for the market growth.
Using Energy-Saving Products and Green Building Standards
As environmental concerns have grown, so has the desire for green, ecologically friendly products. Premium green construction materials for escalators, elevators and moving walkways are becoming increasingly popular as value-added items among consumers. Green building materials can significantly reduce emissions. They aid in energy conservation. achieving sustainability while reducing emissions and safeguarding the environment. During the projected period, all of these factors contribute to the growth of the Saudi Arabia Elevators and Escalators Market (2022-2028).
Growing Pressure to Reduce Building Energy Use
As a result of expanding industrialization and urbanization, Saudi Arabia consumes a significant amount of energy. According to the study, commercial buildings utilized 20% of overall energy consumption. Furthermore, cities account for 75% of CO2 (carbon dioxide) emissions and absorb three-quarters of natural resources in the United States. As a result of these considerations, numerous governments throughout the country have mandated efficient and smart energy consumption. Furthermore, smart elevators would reduce this reliance and consumption rate. Elevator manufacturers are developing energy-efficient elevators for mid- and high-rise buildings, complete with smart controls, hardware, and other low-energy technologies. As a result, the Saudi Arabia Elevators and Escalators Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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Challenge: High Maintenance Costs of Industrial Handling Equipment
From production to installation, the entire process cycle for elevators and escalators is expensive and requires competent handling. Industrial handling equipment requires regular maintenance, upgrades, and other services as needed, which take time and demand technical expertise. These facilities range from residential complexes to large industrial structures. Due to these reasons, small to medium-sized residential structures, institutions, and other establishments have not yet shown an interest in industrial handling equipment.
Saudi Arabia Elevators and Escalators Market – By Service
Based on service, the Saudi Arabia Elevators and Escalators Market is segmented into Maintenance & Repair, New Installation, and Modernization. The new installation segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The rapid urbanization, shifting demographics, and increase in construction activity are blamed for this. Additionally, it is anticipated that maintenance and modernization of the current equipment would experience significant expansion in the future. Value-added services are the main thing that manufacturers are working on. This influences the new installation segment to dominate the market share in the upcoming years.
Impact of COVID-19 on Saudi Arabia Elevators and EscalatorsMarket
Due to the rise of COVID-19 instances, urgent measures were taken, and several activities and facilities were shut down in 2020. The market for elevators and escalators has been adversely affected by the COVID-19 outbreak. This is so since the majority of countries in APAC, Europe, and North America are home to the headquarters of elevator and escalator corporations. A lack of personnel and raw materials resulted from COVID-19’s disruption of the supply chain, which hampered market expansion. The COVID-19 pandemic hardly affected the elevator and escalator industry in 2020, which led to a little drop in CAGR. Decreased production of raw materials and issues with the supply chain have hurt the market.
The leading market players in the Saudi Arabia Elevators and Escalators Market are KONE, Mitsubishi Electric, TK Elevator, Hitachi, Hyundai Elevator, Fujitec, Schindler, and other prominent players. The Saudi Arabia Elevators and Escalators Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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