Press Release

Significant FDI to Drive the Kuwait Elevator and Escalator Market Growth Through 2025

The Kenya Elevator and Escalator market is projected to grow at a high rate in the forecast period on account of gradual rise in the number of greenfield investments in the country. The government of Kuwait plans to diversify its oil-dependent economy and further increase foreign investments in the country. Moreover, the increasing initiatives by the government such as Kuwait Vision 2035 which focuses on infrastructure development are strongly contributing to the growth of Kuwait elevator and escalator market, as stated in the MarkNtel Advisors’ research report “Kuwait Elevator and Escalator Market Analysis, 2020”.  

According to MarkNtel Advisors’ research report titled “Kuwait Elevator and Escalator Market Analysis, 2020”, the elevator and escalator market is projected to grow at a CAGR of around 5% during 2020-25. The rising trend of high-rise buildings and boost in the construction activities in the residential and commercial sectors under the Kuwait Vision 2035 are leading to the growth of the Kuwait elevator and escalator market. The numerous technology innovations regarding speed, design, and energy efficiency is expected to drive the elevator and escalator market growth also further anticipated to positively impact the growth of Kuwait elevator and escalator market.

Based on end user, residential and commercial sectors acquired a considerable market share in the Kuwait elevator and escalator market in 2019, due to the increasing construction activities in the country. Under the Kuwait Vision 2035, various residential and commercial projects were introduced by the government. Along with this, surging investment toward the growth of the hospitality and retail sectors are anticipated to positively impact the Kuwait elevator and escalator market growth in the forecast period.

As per MarkNtel Advisors’ study, the key players acquiring a substantial share in the Kuwait elevator and escalator market include AG Melco Elevator, Hitachi, Hyundai, Kone, Otis, Thyssenkrupp, etc.