Elevator and Escalator Services Market in GCC 2019-2023|Growth Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--Dec 4, 2018--The research report by on the elevator and escalator services market in GCC predicts the market to post a CAGR of more than 7% during the period 2019-2023.
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Technavio has released a new market research report on the elevator and escalator services market in GCC for the period 2019-2023. (Graphic: Business Wire)
A key driver for the elevator and escalator services market in GCC is the increasing demand for smart elevators. Some of the major advantages offered by smart elevators are better control of elevator traffic, enhanced energy efficiency, reduced wait times, and integrated access control features. Smart elevators have been witnessing an exponential increase in popularity owing to their advantages, which is expected to contribute to the growth of the elevator and escalator services market in GCC during the forecast period.
This research report on the also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the elevator maintenance using IoT platform as one of the key trends in the elevator and escalator services market in GCC:
Elevator and escalator services market in GCC: Elevator maintenance using IoT platform
IoT allows real-time monitoring, which helps businesses by providing actionable analytics. IoT systems help the management teams in implementing effective building and equipment control, thereby reducing operating costs. The integration of IoT with elevator systems will help in enhancing service efficiency and reducing downtime. IoT-enabled elevator systems will help in the predictive and prescriptive maintenance of these systems.
“The monitoring of remote systems has become easier owing to IoT-enabled devices. But they are also associated with certain security risks. However, the threats posed to security have decreased with continuous developments. The developments in IoT-enabled elevators are expected to have a major impact on the elevator and escalator services market in the coming years,” says a senior research analyst at Technavio.
Elevator and escalator services market in GCC: Segmentation analysis
This report on the elevator and escalator services market in GCC segments the market by product (elevators and escalators) and geography (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman).
The elevators segment held the largest elevator and escalator services market share in 2018, accounting for more than 83% of the market. This product segment is expected to dominate the global market throughout the forecast period.
Saudi Arabia led the market in 2018 with close to 48% of the market share, followed by the UAE and Qatar, respectively. Saudi Arabia is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: BUILDING SYSTEMS MANUFACTURING ENGINEERING CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Technavio Research
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