CHICAGO, May 8, 2024 /PRNewswire/ -- According to
Arizton's latest research report, the UAE elevator and escalator
market is growing at a CAGR of 4.91% during 2023-2029.
To Know More, Click:
https://www.arizton.com/market-reports/uae-elevator-and-escalator-market
The UAE Elevator and Escalator Market Report Scope
Report
Attributes
|
Details
|
Market Size by New
Installations (2029)
|
12.8 thousand
units
|
Market Size by New
Installations (2023)
|
9.6 thousand
units
|
CAGR
(2023-2029)
|
4.91 %
|
Market Size by
Installed Base (2029)
|
112.214 thousand
units
|
Market Size by
Modernization (2029)
|
USD 604.5
Million
|
Historic
Data
|
2020-2022
|
Base
Year
|
2023
|
Forecast
Year
|
2024-2029
|
The governments across the Gulf, including the UAE, have been
proactive in diversifying and promoting various sectors such as
tourism, real estate, finance, and technology. This diversification
strategy has created ample investment opportunities and economic
stability, fostering market expansion. Favorable regulatory
frameworks further facilitate the entry of international players
into the region. Dubai has
established itself as a prominent global city and a premier luxury
destination. Its distinctive skyline, top-notch infrastructure, and
dynamic lifestyle appeal to affluent individuals and luxury brands
alike. The development of luxury properties and high-end projects
in Dubai underscores the robust
demand for upscale real estate and the city's commitment to
maintaining its reputation as a global luxury hotspot. The UAE is
poised to sustain its growth momentum in the coming years. The
region's diversification efforts, conducive regulatory landscape,
and status as a luxury destination collectively contribute to its
optimistic outlook. The property market in the UAE continues to
rebound strongly, driven by government initiatives and overall
economic growth, particularly in the booming non-oil sectors.
Dubai and Abu Dhabi witnessed robust property sales last
year, and market prices are anticipated to continue their upward
trajectory in the current year.
Recent Developments in the UAE Elevator and Escalator
Market
- In March 2024, Emaar Properties
hired Otis to upgrade 34 elevators and eight escalators in the Burj
Khalifa. The upgrade involves installing an advanced elevator
management system (EMS panorama) for real-time remote control and
management.
- In June 2023, Otis launched its
Otis ONE IoT service platform in the Middle East, offering over 30 years of remote
monitoring expertise with cutting-edge cloud technology, machine
learning, and IoT. This solution provides transparent, real-time
monitoring to customers and service professionals, enabling
proactive identification and resolution of potential issues to
ensure the smooth operation of elevators and escalators. It is
currently accessible in the UAE, Kuwait, Qatar, Bahrain, and the Kingdom of Saudi Arabia.
- In June 2023, KONE was selected
to provide elevators for the fourth phase of our large-scale
Riviera project in MBR City. KONE LLC will supply and install
upscale KONE elevators for the initial six buildings within phase
four of Riviera, a waterfront community in MBR City inspired by the
French Mediterranean lifestyle.
Future Analysis
The elevator and escalator markets in the UAE and the broader
Middle East are poised to stay
vibrant and fiercely competitive due to ongoing urbanization and
infrastructure expansions. KONE, Schindler, and Otis are expected
to ramp up their efforts to capitalize on market openings and
differentiate themselves through innovation, technology
integration, and customer-centric strategies. KONE's focus on
sustainability and adaptability positions them well for future
growth, while Schindler's strategic alliances and technological
progressions bolster their competitive standing. Otis'
concentration on high-profile projects and integration of IoT in
modernization solutions is set to cater to evolving customer
demands effectively. The introduction of Otis ONE in the Gulf
region underscores their dedication to offering transparent,
real-time monitoring and predictive maintenance solutions.
The UAE has actively diversified its economy, particularly in
tourism and real estate sectors, fostering investment prospects and
economic resilience. Dubai's rise
as a global city and luxury destination, supported by robust
infrastructure and lifestyle amenities, continues to attract
affluent individuals and premium brands, fueling demand for upscale
real estate. In conclusion, major players in the elevator and
escalator sector must maintain agility, innovation, and a strong
focus on customer needs to sustain competitiveness and capitalize
on emerging opportunities in the evolving market dynamics of the
UAE and the Middle East.
Key Vendors
- KONE
- Otis
- Mitsubishi Electric
- TK Elevator
- Hitachi
- Hyundai Elevator
- Fujitec
- Schindler
- KÖHLER Elevator GmbH
Other Prominent Vendors
- Sigma Elevator
- Orona
- Toshiba Elevator And Building Systems Corporation
- KLEEMANN
- Royal Fuji
- Gulf Elevator Co. LLC
- Easy Move Elevator LLC
- Orient Lines Elevators
- ALFA Elevator Co. LLC
- Demi Elevators
- Atlas Elevator Factory LLC
- CEDAS EF LLC
- MASSAED
- York Lift
- Skodtec Elevators
- SHAMS AL JABAL LIFT MAINTENANCE LLC.
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
-
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
-
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
Key Questions Answered in the Report:
What will be the growth rate of the UAE elevator and escalator
market?
How big is the UAE elevator and escalator market?
What factors drive the maintenance and modernization segment in
the UAE elevator and escalator market?
Who are the key companies in the UAE elevator and escalator
market?
Get the Detailed TOC @
https://www.arizton.com/market-reports/uae-elevator-and-escalator-market
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