Saudi Arabia Elevators & Escalators Market - Strategic Assessment & Forecast 2023-2029

Description

List of Tables

The Saudi Arabia elevator and escalator market is expected to grow at a CAGR of 5.84% from 2022-2029.

KEY HIGHLIGHTS

Saudi Standards, Metrology and Quality Organization (SASO) of the country has made every residential and commercial building mandatory to get certified by the Civil Defense Authority. Twenty-two maintenance companies have been authorized for inspection in 2018; therefore, these practices would likely increase the maintenance service market in the Saudi Arabia elevator and escalator market.
ElevatorKERS is a device that uses supercapacitors to reduce elevator energy consumption by more than 50%. It captures the energy when the car goes down or brakes and reuses it when it goes up or accelerates, lowering the grid demand and improving the power quality. The device can be easily installed on any elevator drive, offering many benefits such as lower emissions, lower costs, lower stress, and higher reliability, performance, and comfort.
The Amala mega-project is a luxury tourism development in the Tabuk province of Saudi Arabia. It is near Neom and the Red Sea Project, within the Prince Mohammed bin Salman Natural Reserve. This ambitious project aims to create a new and exclusive tourist destination, often called the 'Riviera of the Middle East. The development will encompass three sites and cover a vast area of 3,000 square kilometers. It will feature various amenities, including 1,800 hotel rooms, 900 private villas, and a retail area with 200 outlets. Additionally, the project will include an academy of the arts that aims to nurture young artists from Saudi Arabia and the broader region. Amala will have its airport and will cater to luxury travelers. The project is expected to be funded by Saudi Arabia's Public Investment Fund, although the exact investment amount has not been disclosed.
In addition to modular construction, businesses in Saudi Arabia can benefit from increased 3D printing capacity. Additive manufacturing company Immensa has established a factory worth 15 million USD in Dammam to meet the growing demand for high-value parts in the petrochemicals, energy, and oil and gas industries. This investment aligns with Saudi Arabia's industrialization plans under Vision 2030 to position the Kingdom as a global manufacturing hub.
The construction of Jazan Economic City is underway. Located on the Red Sea, 60 km north of Jazan City, this strategic location is expected to attract over 100 million Saudi Riyals of private investment from various sectors. Jazan Economic City aspires to become a regional hub for exporting iron ore and pellets to the Middle East. The project commenced in 2006 and is expected to be completed by 2037. The estimated cost of development is approximately USD 27 billion.

SEGMENTATION ANALYSIS

Machine Type

Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others

I. Climbing

II. Elevators

III. Industrial Elevators

Carriage Type

Passenger
Freight

Capacity

2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above

End-User

Commercial
Residential
Industrial
Others

I. Public Transit

II. Institutional

III. Infrastructural

Escalator Market Segmentation by

Product Type

Parallel
Multi Parallel
Walkway
Crisscross

End-User

Public Transit
Commercial
Others

I. Institutional Sector

II. Infrastructure

III. Industrial

Rising Skyscraper Construction and Ultra HNWI Investment in the Country to Propel Vertical Transportation Industry in the Saudi Arabia Elevator And Escalator Market

Europe, the Middle East, and Africa accounted for 16% of the global new installations market in 2021. As a part of Vision 2030, several projects are onboard that contribute to increasing and comprising a major share of the new installations market in the Saudi Arabia elevator and escalator market.
The Mukaab is a cube-shaped supertall skyscraper that is being built in the New Murabba district of Riyadh, Saudi Arabia. It is designed to be the largest built structure in the world, measuring 400 meters in height, width, and length. The modern Najdi architectural style inspires the building, featuring a spiraling tower encased in a technological structure to create an immersive experience. The project is set to be completed by 2030 and will support Saudi Arabia's elevator and escalator market growth.
Jeddah Tower was expected to be completed by 2020. However, due to COVID-19, the construction has been delayed. It will house offices, hotels, apartments, and condominiums. According to KONE, the elevator's speed for this building is 10m/s with elevator rope technology, which enables 660 meters rise of the elevator. Jeddah Economic Company developed Jeddah Tower with an investment of USD 1.2 billion.

Increased New Installations Fuelled by Smart City Projects & Investment Across Public Infrastructure and Industrial Projects in Saudi Arabia

A program to assist 15 industrial projects by Saudi entrepreneurs in the first quarter of 2023 has been announced by the Ministry of Industry and Mineral Resources. They will receive the program's direction, instruction, and solutions to overcome obstacles and achieve long-term growth. The program fits into the Kingdom's objective to expand the competitiveness of SMEs and diversify its industrial base.
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 to diversify the country's economy. National Infrastructure Fund (NIF) has hired Black Rock to reinforce and manage up to USD 53 million in upcoming projects over the next ten years.
Qiddiya, the "capital of entertainment" of the Kingdom, will be located on the outskirts of Riyadh and cover more than 334 square kilometers. It will have a variety of attractions, including a Formula One-caliber racetrack and a cliff-top stadium with 20,000 seats. The first phase of the USD 8 billion project is scheduled to open in 2023, and construction has been ongoing since January 2019. More than 300 centers for pleasure and education will be in Qiddiya. Qiddiya wants to get up to 17 million tourists a year by 2030.

VENDOR LANDSCAPE

The key players in the Saudi Arabia elevator and escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec.
The top four vendors in the Saudi Arabia elevator and escalator market include KONE, Otis, Schindler, and TKE, accounting for 62% of the market share.

Key Vendors

KONE
TK Elevator
Schindler
Mitsubishi Electric
Otis
Hyundai Elevator
Fujitec
Hitachi

Other Prominent Vendors

Toshiba Elevator and Building Systems Corporation (TELC)
KLEEMAN
Gulf Elevators and Escalators Company (GEEC)
Sigma Elevator
Orona
Atlas Elevators

KEY QUESTIONS ANSWERED:

1. How big is the Saudi Arabia elevator and escalator market?

2. What will be the growth rate of the Saudi Arabia elevator and escalator market?

3. What is the number of installed bases in the Saudi Arabia elevator and escalator market in 2022?

4. What factors drive the maintenance segment in the Saudi Arabia elevator and escalator market?

5. What are the key Saudi Arabia elevator and escalator market players?

Product Code: ARZCE231004

1. Introduction

1.1. Market Scope
1.2. Market Snapshot of Elevators
1.3. Market Snapshot of Escalators
1.4. Executive Summary

2. Saudi Arabia Elevators Market

2.1. Future Outlook -Saudi Arabia Elevator Market by Volume
2.2. Saudi Arabia Escalators Market- By Segments
- 2.2.1. Saudi Arabia Escalators Market, By Volume
  - 2.2.1.1. Saudi Arabia Escalators Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.2. Saudi Arabia Elevators Market, By Type
  - 2.2.2.1. Hydraulic and Pneumatic , Market Size and Forecast, Volume (Units),2019-2029
  - 2.2.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.2.4. Others, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.3. Saudi Arabia Elevators & Escalators Market by Carriage Type
  - 2.2.3.1. Passenger, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.3.2. Freight, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.4. Saudi Arabia Elevators Market by Persons
  - 2.2.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.5. Saudi Arabia Elevators Market by End Users
  - 2.2.5.1. Commercial, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.2. Residential, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.3. Industrial, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.4. Others, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.6. Saudi Arabia Escalators Market
  - 2.2.6.1. Future Outlook - Saudi Arabia Escalators Market by Volume

3. Saudi Arabia Escalators Market- By Segments

3.1. Saudi Arabia Escalators Market, By Volume
- 3.1.1. Saudi Arabia Escalators Market Size and Forecast, Volume (Units), 2019-2029
3.2. Saudi Arabia Escalator Market by Type
- 3.2.1. Parallel, Market Size and Forecast, Volume (Units), 2019-2029
- 3.2.2. Multi-parallel, Market Size and Forecast, Volume (Units), 2019-2029
- 3.2.3. Walkway, Market Size and Forecast, Volume (Units), 2019-2029
- 3.2.4. Crisscross, Market Size and Forecast, Volume (Units), 2019-2029
3.3. Saudi Arabia Escalator Market by End users
- 3.3.1. Commercial, Market Size and Forecast, Volume (Units), 2019-2029
- 3.3.2. Public Transit, Market Size and Forecast, Volume (Units), 2019-2029
- 3.3.3. Others, Market Size and Forecast, Volume (Units), 2019-2029

4. Saudi Arabia Elevators &Escalators Market, By service (Maintenance & Modernization)

5. Geographical Analysis

5.1. Key Economic cities in Saudi Arabia

6. Market Dynamics

6.1. Market Drivers, Opportunities, Restraints, Trends

7. Technological Development

8. Competitive Landscape

8.1. Company Profile of major Vendors
8.2. Other Prominent vendors

9. Report Summary

9.1. Key Insights
9.2. List of Abbreviations

10. Appendix (Report Scope & Definition)

10.1. Research Methodology
10.2. Market Definition, Inclusion & Exclusion

Product Code: ARZCE231004

List Of Exhibits

LIST OF EXHIBITS

1. Saudi Arabia Elevator & Escalator Installed Base by Volume 2019-2029(Units)

2. Saudi Arabia Elevator & Escalator New Installations by Volume 2019-2029 (Units)

3. Market Share 2022: Maintenance

4. Market Share 2022: Modernization

5. Total Installed Base: Volume (Units in Thousands)

6. Total New Installations: Volume (Units in Thousands)

7. Global Elevators & Escalators Market: Products & Services 2022

8. Maintenance market: global Regions vs Saudi Arabia 2020

9. Installed base of elevators by volume (units)

10. New Installations of elevators by volume (units)

11. Maintenance & Modernization Value($Million)

12. Maintenance & Modernization 2021(%)

13. Installed base of escalators by volume (units)

14. New Installations of escalators by volume (units)

15. Maintenance & Modernization Value($Million)

16. Maintenance & Modernization 2022(%)

17. Elevator Density per 1,000 population

18. Installed base and New installations of Elevators (Units)

19. New Installations of Elevators (Units)

20. Total Housing Units by Region 2019

21. Percentage of Housing units by Housing type 2019

22. Average life expectancy of an elevator component

23. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)

24. Machine Room less Traction Elevators Installed base and New Installations (Units)

25. Machine Room Traction Elevators Installed base and New Installations (Units)

26. Others Machine Elevators Installed base and New Installation (Units)

27. Installed base and new installations of Passenger Elevators (Units)

28. Installed base and new installations of Freight Elevators (Units)

29. Installed base and new installations of 2-15 persons elevators (Units)

30. Installed base and new installations of 16-24 persons elevators (Units)

31. Installed base and new installations of 25-33 persons elevators (Units)

32. Installed base and new installations of 34 persons and above elevators (Units)

33. Installed base and new installations of Commercial Elevators (Units)

34. Installed base and new installations of Residential Elevators (Units)

35. Installed base and new installations of Industrial Elevators (Units)

36. Installed base and new installations of other end-user Elevators (units)

37. Installed base and new installations of escalators (Units)

38. New installations of escalators (Units)

39. Installed base and new installations of Parallel Escalators (Units)

40. Installed base and new installations of Multi parallel Escalators (Units)

41. Installed base and new installations of Moving Walkway Escalators (Units)

42. Installed base and new installations of Criss cross Escalators (units)

43. Installed base and new installations of Public Transit Escalators (Units)

44. Installed base and new installations of Commercial Escalators (Units)

45. Installed base and new installations of Other End user Escalators (units)

46. Saudi Arabia Elevators & Escalators Maintenance Market ($ Mn)

47. Saudi Arabia Elevators & Escalators Modernization Market ($ Mn)

48. Housing Units by Region 2019

49. Growth in Urban population in Saudi Arabia

50. Urban Settlement by different settlement size classes,1990-2020

51. Market Share 2022 (% share)

52. Kone, total sales by segment 2022 (% share)

53. Mitsubishi electric, total sales by segment 2022 (% share)

54. Otis, total sales 2019-2022($ billion)

55. Hitachi, total sales by segment 2022 (% share)

56. Fujitec, Net sales 2017-2022($ billion)

57. Schindler, total sales 2017-2022

List Of Tables

LIST OF TABLES