Saudi smart elevator market set for solid growth in five years

 

The sector owes its growth to key factors like rapidly evolving technologies that are implemented for the consumer’s easier and comfortable lives.

 

The market is bound to experience the intended growth on the account of increasing disposable income of the population of the country and keep supporting the market growth untill 2026.

 

"Factors like demands for reducing energy consumptions and rising geriatric population along with their demands for development of better and efficient infrastructure is supporting the tentative growth of the Saudi Arabia smart elevator market in the upcoming five years," remarked Karan Chechi, the research director with TechSci Research.

 

Furthermore, development of smart cities and therewith the smart infrastructure is rapidly increasing in various regions of the country.

 

"With surging demand for the technologically advanced services and products along with the growth in urbanization is driving the potential market growth. High cost of these smart technologies may put a mild restraint but expandable income among the population and growing economic stature of the country based on its oil supply chains is anticipated to overcome the setbacks and support the Saudi Arabia smart elevator market in the forecast years until 2026," he added.

 

Based on application, the smart elevator market is further bifurcated into residential, commercial and industrial.

 

Commercial applications is anticipated to register largest revenue shares of the market on the account of rapidly increasing smart infrastructure and the demand for the elevators for the convenience of the population, stated the report.

 

With disposable income at hand, and trend of smart technologies the segment is expected to dominate the segment over the next five years.

 

"Residential applications are expected to register significant growth in the next five years on the account of surging number of high-rise building, skyscrapers, and similar infrastructure," stated Chechi.

 

The top players in this sector include the Saudi units of Otis Elevator; ThyssenKrupp Elevator; Mitsubishi Electric; Kone; Fujitec; Hyundai; Toshiba and Hitachi in addition to Gulf Elevator & Escalator; Schindler Olayan Elevators and Asco Elevators).

 

According to Chechi, smart elevators are in demand owing to the rapidly increasing infrastructure development.

 

"The market seems to grow exponentially in the next five years with the growing demand of building smart cities and rising disposable income is further aiding the growth of the market. New market players may focus on the technological advancements that supports their brand establishment and further growth in the market," he stated.

 

"Collaborating with the existent market players would be of great benefits for them," he added.-TradeArabia News Service