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Elevator and Escalator Market in the GCC 2018-2022 | Industry Analysis and Forecast | Technavio

December 31, 2018

LONDON--(BUSINESS WIRE)--Dec 31, 2018--Technavio’s research report on the elevator and escalator market in the GCC forecasts the market to grow at a CAGR of around 4% during the forecast period.

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Technavio predicts the elevator and escalator market in the GCC to grow at a CAGR of around 4% by 2022. (Graphic: Business Wire)

The developments in elevator and escalator technology will be one of the major trends in the during 2018-2022. When the handrail UV sterilizer is installed on escalators, it can remove 99.99% of the germs before the handrail comes in contact with human hands. The handrail UV sterilizer device does not require an extra power source as it uses energy from the movement of the handrail. In addition to being beneficial for public health, this technology will also make escalators safer.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio analysts, one of the key drivers for the elevator and escalator market in the GCC is the increasing government spending on construction sector:

Elevator and escalator market in the GCC: Increasing government spending on the construction sector

Construction is one of the largest sectors in the GCC with an investment of more than USD 1 trillion. The construction industry in the GCC was affected badly due to the fall in oil prices in 2014, which caused an economic slowdown. Additionally, the delay by governments in paying contractors negatively impacted the sector and pushed some companies out of the market.

According to a senior research analyst at Technavio, “The governments have started undertaking many initiatives to stimulate the construction sector and encourage the private sector to play a major role in the process. The governments in the region started to concentrate on diversification to the non-oil sectors such as tourism, aviation, shipping, logistics, and infrastructure.”

Elevator and escalator market in the GCC: Segmentation analysis

This research report on the elevator and escalator market in the GCC provides market segmentation by product (elevator and escalator), by end-user (residential and non-residential), and by region (Saudi Arabia, Qatar, UAE, Oman, Kuwait, and Bahrain). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the two major products, the elevator segment held the largest elevator and escalator market share in 2017, contributing to approximately 92% of the market. This product segment will dominate the global market throughout the forecast period.

Saudi Arabia held the largest share of the market in 2017, accounting for more than 54% share. It was followed by Qatar and UAE respectively. Saudi Arabia is expected to dominate the market throughout the period 2018-2022.

Looking for more information on this market?

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 Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181231005039/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 12/31/2018 05:23 AM/DISC: 12/31/2018 05:23 AM

http://www.businesswire.com/news/home/20181231005039/en

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