The UAE Elevator and Escalator Market is expected to witness around 4% CAGR during 2021-26, says MarkNtel Advisors in their research report. Rapid urbanization, the already booming construction sector of the UAE, and massive government investments in infrastructure developments across the country are the prime factors driving the UAE Elevator and Escalator Market through 2026. Moreover, the mounting inflow of tourists in the UAE is leading to more & more hotels, malls, complexes, etc., being constructed across the country, which, in turn, is fueling the installation of elevators & escalators in them.
Further, various initiatives by the UAE government to diversify its economy from conventional crude oil services to other sectors drive the market during 2021-26. Moreover, the rapidly increasing integration of technologies like IoT & Robotics into elevators & escalators, coupled with surging construction activities in the country, are other crucial aspects projected to drive the market in the coming years, further states the research report. “UAE Elevator and Escalator Market Analysis, 2021.
Rapid New Installations of Elevators & Escalators to Drive the Market through 2026
The surging number of commercial constructions like malls, restaurants, hotels, etc., owing to the booming tourism sector in the UAE, is the prime reason behind the dominance of new installations of elevators & escalators in the market. In addition to this, the launch of ambitious projects like Dubai Expo 2020 is likely to fuel various construction projects across the country, which, in turn, will infuse more installations of elevators & escalators.
Further, elevators & escalators present in old high-rise buildings require modernization as per technological advancements. In addition, the wear & tear of old equipment can lead to system breakdown, which, as a result, fuels the need for proper routine maintenance services of systems. Hence, the considerably growing demand for elevator & escalator modernization & maintenance also contributes to the overall market growth.
With Various Ongoing & Upcoming Large-Scale Construction Projects, Dubai Dominates the Market
Among all regions in the UAE, Dubai captured the largest market, primarily due to the increasing number of construction projects, including the Dubai Metro Red Line extension, the Container Terminal 4 (Jebel Ali Port) expansion, and Royal Atlantis Resort & Residences (Palm Jumeirah). These extensive projects are likely to boost the demand for elevator & escalator installations to enhance customer experience.
Further, Dubai Expo 2021 is another crucial aspect projected to provide lucrative growth opportunities for the UAE’s construction sector. As a result, it would propel the demand for elevators & escalators in new buildings and boost the overall market in the coming years, reveals MarkNtel Advisors in their research report, “UAE Elevator and Escalator Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the UAE Elevator & Escalator Market are Thyssenkrupp Elevator, Otis Elevator, AG Melco Elevator, Hyundai Elevator, Toshiba Elevator, and Others.
Key questions answered in the study:
UAE Elevator and Escalator Market
UAE Elevator Market
UAE Escalator Market