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A decline in crude oil prices after 2014 had a negative impact on the construction sector in the Middle East region, thereby causing slow growth in the Kuwait Elevator and Escalator market. However, the revival of crude oil prices in 2017 strongly contributed to the growth of the construction industry, thereby further boosting the demand for elevators and escalators.
According to the MarkNtel Advisors’ research report titled “Kuwait Elevator and Escalator Market Analysis, 2020”, the Elevator and Escalator market is projected to register a CAGR of around 5% during 2020-25. The elevator segment captured the highest market share in the Kuwait Elevator and Escalator market in 2019. The maximum market share is due to an increasing establishment of residential towers, hotels, corporate offices, etc.
Moreover, the new installation service acquired a significant market share in the Kuwait Elevator and Escalator market in 2019 due to increasing initiatives by the government such as the introduction of Kuwait Vision 2035 for boosting the infrastructure development.
As per MarkNtel Advisors’ study, the companies that have captured a significant market share in the Kuwait Elevator and Escalator market include AG Melco Elevator, Hitachi, Hyundai, Kone, Otis, Thyssenkrupp, etc. The companies are increasing gaining contracts for providing their products to the new facilities that are being established in the country.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of KUWAIT Elevator and escalator market during 2020-25?
A. The market size of Kuwait Elevator and escalator market during 2020-25 is forecast to be 5%.
Q. Which type of Elevator and Escalator services would grab the highest market share during 2020-25?
A. It is forecast that the elevator segment captured the highest market share in the Kuwait elevator and escalator market on account of the increasing infrastructure developments in the country.
Q. Who are the key competitors or players operating in Kuwait Elevator and Escalator market?
A. AG Melco Elevator, Hitachi, Hyundai, Kone, Otis, Thyssenkrupp are few of the leading players in the Kuwait Elevator and Escalator market.
Q. Does the report scope cover type wise market statistics also?
A. Yes, the scope of the report encompass detailed elevator and escalator type wise statistics such as market size, market segmentation based on various subcategories.
Q. Which end user segment would emerge as an opportunity area for players in elevator and escalator?
A. Retail, Residential and Hospitality sector would continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of elevator and escalator across Kuwait .
