UAE Elevator & Escalator Maintenance & Repair Services Market Research Report: Forecast (2022-2027)
With the growing number of sky-scrapping buildings across the UAE, the installation of elevators & escalators is mounting swiftly. However, the critical requirement to keep up the efficiency & functionality of these mechanisms is booming, thereby generating a propelling need for maintenance & repair services. These services for elevators & escalators include essential checkups to recognize potential problems beforehand and address them to mitigate dangers and mishaps.
Growing awareness among people about the importance of these services and how their absence or negligence can lead to accidents is stimulating the necessity of elevators & escalators maintenance & repairs services throughout the UAE. It is also why several new entrants and prominent brands are emerging in the country & widening their service offerings, thereby curating the market expansion.
The UAE Elevator and Escalator Maintenance and Repair Services Market are anticipated to grow at a CAGR of around 3.2% during the forecast period, i.e., 2022-27. Most of the market expansion would be driven by the growing government focus on infrastructure developments, demonstrating a rise in the construction & development of sky-scrapping buildings and commercial facilities like airports, shopping malls, and hotels alongside healthcare centers and residential complexes, among others. Such aspects exemplify a rapid utilization of escalators & elevators and directly influence the need for their maintenance & repair services. These parameters are the prominent factors generating lucrative opportunities for the leading players in the industry to widen their service offerings & consumer base throughout the country.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Hitachi, Ltd, Middle East Branch, Kone Middle East LLC, Otis LLC, Schindler Middle East, Al-Futtaim Engineering, Nigma Lifts Installation & Maintenance Co, Thyssenkrupp Elevator, Al Nas Elevator Contracting LLC|
|Unit Denominations||USD Million/Billion|
The UAE Vision 2030 has various approved & ongoing large-scale projects, including the extension of green & red lines of Dubai Metro, expansion of Al Maktoum International airport, & numerous other residential & commercial projects, signifying a substantial growth of the construction industry & its direct influence on the installation of elevators & escalators and their maintenance & repair services.
Moreover, as the government is actively promoting smart solutions to enhance energy efficiency across different facilities, smart elevators integrated with sensors & other innovative technologies are gaining ground across the UAE in order to keep up the elevator performance by helping users identify when maintenance is required & minimize overall maintenance costs, thereby catering to industry's expansion.
Covid-19 Impact on the UAE Elevator & Escalator Maintenance and Repair Services Market
With the advent of Covid-19 in 2020, the UAE government took significant measures to contain the virus's spread which led to a halt in construction activities owing to the closure of construction sites & public places and labor shortage. As a result, consumers stopped investing in new installations due to financial uncertainty, which severely impacted the Elevator & Escalator Maintenance & Repair Market.
However, the market witnessed recovery after the relaxation of restrictions as the commercial & public places reopened with all the safety measures. The resumption of construction activities entwined with various new projects would boost the installations of elevators & escalators in the coming years and, in turn, their maintenance & repair services.
Based on Elevator Type:
Of both, Traction Elevators are anticipated to witness high installation and contribute to the UAE Elevator & Escalator Maintenance & Repair Services Market during 2022-27. This escalation in the demand for these elevators is principally due to the growing inclination of facility owners toward installing efficient elevators entwined with the growing awareness about the benefits of these varieties, like less energy consumption, smoother rides, high speeds, & the capability to serve high-rise buildings like skyscrapers.
Besides, the rapid infrastructural developments and increasing construction of facilities like shopping complexes, hospitals, & offices in the UAE are further boosting the deployment of traction elevators and, in turn, positively influencing the demand for maintenance & repair services. Moreover, their long vertical distance traveling abilities make them ideal for mid-rise, high-rise, & even ultra-high-rise buildings. Backed by such aspects, the installation of traction elevators is mounting and positively influencing the industry altogether.
Based on Application:
Here, the commercial sector dominates the market with the largest share. Commercial spaces require properly working & maintained elevators & escalators all the time, owing to which their maintenance is constantly required. A large number of people using elevators & escalators installed at offices, malls, hospitals, hotels, etc., results in the frequent wear & tear of the equipment and, in turn, maintenance & repairs.
A proper maintenance service plan can help avoid spending massive amounts in one go and prevent dangers. Moreover, the rising use of Cloud & other advanced technologies like the IoT in elevators & escalators is aiding in enhancing their maintenance services across malls, hospitals, & other such places, thereby driving the market across the UAE's commercial sector.
Of all regions in the UAE, Dubai acquires the largest share in the Elevator and Escalator Maintenance and Repair Services Market, primarily due to the extensive presence of high-rise buildings and the rapidly expanding construction industry in the region. The launch of Dubai 2040 urban master plan focusing on utilizing available spaces in the city for new property development and mounting Dubai’s reputation as a financial & business hub is encouraging the need for proper maintenance service plans for the smooth functioning of elevators & escalators.
Further, the rapidly growing tourism sector of Dubai is also providing lucrative growth opportunities to the market. A large number of tourists visiting the region is leading to more construction activities & installations of elevators & escalators at malls, hospitals, hotels, & other public places, which, in turn, is fueling the demand for their maintenance & repair services.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The UAE Elevator and Escalator Maintenance and Repair Services Market is projected to grow at a CAGR of around 3.2% during 2022-27.
A. The increasing construction activities in the UAE and various government initiatives to ensure public safety are the key factors driving the UAE Elevator and Escalator Maintenance and Repair Services Market through 2027.
A. The Commercial sector shall continue dominating the market in the coming years and provide remunerative growth opportunities to the leading market players.
A. Post-Covid-19 Pandemic, the UAE Elevator & Escalator Maintenance & Repair Services Market shall grow steadily owing to the reopening of public places & resumption of construction activities in the UAE that would require elevator maintenance services.