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The revival of crude oil prices in 2017 positively impacted the overall growth of the construction sector. Therefore, several new construction projects are being introduced in the country which would actively deploy building automation services. Moreover, the growing support of the government to diversify the economy from the oil sector has boosted infrastructure development in the country. Therefore, these developments are anticipated to provide new opportunities to the companies providing building automation systems in the country.
According to MarkNtel Advisors’ research report titled “Saudi Arabia Building Automation and Control Market Analysis, 2020”, the Building Automation and Control market is projected to register a CAGR of around 10% during 2020-25. The security and access control system acquired a considerable market share in the Saudi Arabia Building Automation and Control market in 2019. The increasing IT spending, rise in the infrastructure projects, expansion of banking and financial institutions, hospitality sector, and healthcare is projected to strongly contribute to the demand for security and access control systems in these domains in the forthcoming period.
Moreover, the residential and healthcare sector captured a significant market share in the Saudi Arabia Building Automation and Control market in 2019. The surging foreign investments in the country are projected to result in the establishment of new buildings in the country thereby providing more opportunities to the companies providing building automation systems.
According to MarkNtel Advisors, the major players capturing a substantial market share in the Saudi Arabia Building Automation market include Axis Communications, Bosch Security System, Honeywell, Al Salem Johnson Controls, Schindler Olayan, etc. The companies are collaborating to expand their business segments in the country to gain an advantage over its competitors.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Qatar Elevator & Escalator Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value of Qatar Elevator & Escalator Market?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of units sold.
Q. What would be the growth rate or CAGR of Saudi Arabia Building Automation and Control market during 2020-25?
A. The growth rate of Saudi Arabia Building Automation and Control market during 2020-25 is forecast to be 10%.
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 Saudi Arabia Building Automation and Control market on account of the increasing infrastructure developments in the country.
Q. Which Building Automation and Control type segment would emerge as an opportunity area for players in elevator and escalator?
A. The security and access control system grabbed a considerable market share and continue to grow at a highest CAGR in the Saudi Arabia building automation & control market.
Q. Who are the key competitors or players operating in Saudi Arabia Building Automation and Control market?
A. Axis Communications, Bosch Security System, Honeywell, Al Salem Johnson Controls, Schindler Olayan are few of the leading players in the Saudi Arabia Building Automation and Control market.
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 Qatar.
