Saudi Arabia Elevators & Escalators Market Report 2023-2029: Rising Skyscraper Construction and Ultra HNWI Investment to Propel Vertical Transportation Industry

DUBLIN, Feb. 14, 2024 /PRNewswire/ -- The "Saudi Arabia Elevators & Escalators Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.

The Saudi Arabia elevator and escalator market is forecast to grow from 2,458 Units in 2022 to reach 3,656 Units by 2029 growing at a CAGR of 5.84%. The top four vendors in the Saudi Arabia elevator and escalator market include KONE, Otis, Schindler, and TKE, accounting for 62% of the market share.

The Saudi Standards, Metrology and Quality Organization (SASO) has made every residential and commercial building mandatory to get certified by the Civil Defense Authority. Twenty-two maintenance companies have been authorized for inspection in 2018; therefore, these practices would likely increase the maintenance service market in the Saudi Arabia elevator and escalator market.

ElevatorKERS is a device that uses supercapacitors to reduce elevator energy consumption by more than 50%. It captures the energy when the car goes down or brakes and reuses it when it goes up or accelerates, lowering the grid demand and improving the power quality. The device can be easily installed on any elevator drive, offering many benefits such as lower emissions, lower costs, lower stress, and higher reliability, performance, and comfort.

The Amala mega-project is a luxury tourism development in the Tabuk province of Saudi Arabia. It is near Neom and the Red Sea Project, within the Prince Mohammed bin Salman Natural Reserve. This ambitious project aims to create a new and exclusive tourist destination, often called the 'Riviera of the Middle East. The development will encompass three sites and cover a vast area of 3,000 square kilometers. It will feature various amenities, including 1,800 hotel rooms, 900 private villas, and a retail area with 200 outlets. Additionally, the project will include an academy of the arts that aims to nurture young artists from Saudi Arabia and the broader region. Amala will have its airport and will cater to luxury travelers. The project is expected to be funded by Saudi Arabia's Public Investment Fund, although the exact investment amount has not been disclosed.

In addition to modular construction, businesses in Saudi Arabia can benefit from increased 3D printing capacity. Additive manufacturing company Immensa has established a factory worth 15 million USD in Dammam to meet the growing demand for high-value parts in the petrochemicals, energy, and oil and gas industries. This investment aligns with Saudi Arabia's industrialization plans under Vision 2030 to position the Kingdom as a global manufacturing hub.

The construction of Jazan Economic City is underway. Located on the Red Sea, 60 km north of Jazan City, this strategic location is expected to attract over 100 million Saudi Riyals of private investment from various sectors. Jazan Economic City aspires to become a regional hub for exporting iron ore and pellets to the Middle East. The project commenced in 2006 and is expected to be completed by 2037. The estimated cost of development is approximately USD 27 billion.

Rising Skyscraper Construction and Ultra HNWI Investment in the Country to Propel Vertical Transportation Industry in the Saudi Arabia Elevator And Escalator Market

• Europe, the Middle East, and Africa accounted for 16% of the global new installations market in 2021. As a part of Vision 2030, several projects are onboard that contribute to increasing and comprising a major share of the new installations market in the Saudi Arabia elevator and escalator market.
• The Mukaab is a cube-shaped supertall skyscraper that is being built in the New Murabba district of Riyadh, Saudi Arabia. It is designed to be the largest built structure in the world, measuring 400 meters in height, width, and length. The modern Najdi architectural style inspires the building, featuring a spiraling tower encased in a technological structure to create an immersive experience. The project is set to be completed by 2030 and will support Saudi Arabia's elevator and escalator market growth.
• Jeddah Tower was expected to be completed by 2020. However, due to COVID-19, the construction has been delayed. It will house offices, hotels, apartments, and condominiums. According to KONE, the elevator's speed for this building is 10m/s with elevator rope technology, which enables 660 meters rise of the elevator. Jeddah Economic Company developed Jeddah Tower with an investment of USD 1.2 billion.

Increased New Installations Fuelled by Smart City Projects & Investment Across Public Infrastructure and Industrial Projects in Saudi Arabia

• A program to assist 15 industrial projects by Saudi entrepreneurs in the first quarter of 2023 has been announced by the Ministry of Industry and Mineral Resources. They will receive the program's direction, instruction, and solutions to overcome obstacles and achieve long-term growth. The program fits into the Kingdom's objective to expand the competitiveness of SMEs and diversify its industrial base.
• The Public Investment Fund (PIF) and National Development Fund (NDF) are key investment funding bodies to diversify Saudi Arabia's development in financial infrastructure projects to diversify the country's economy. National Infrastructure Fund (NIF) has hired Black Rock to reinforce and manage up to USD 53 million in upcoming projects over the next ten years.
• Qiddiya, the 'capital of entertainment' of the Kingdom, will be located on the outskirts of Riyadh and cover more than 334 square kilometers. It will have a variety of attractions, including a Formula One-caliber racetrack and a cliff-top stadium with 20,000 seats. The first phase of the USD 8 billion project is scheduled to open in 2023, and construction has been ongoing since January 2019. More than 300 centers for pleasure and education will be in Qiddiya. Qiddiya wants to get up to 17 million tourists a year by 2030.

Key Vendors

• KONE
• TK Elevator
• Schindler
• Mitsubishi Electric
• Otis
• Hyundai Elevator
• Fujitec
• Hitachi

Other Prominent Vendors

• Toshiba Elevator and Building Systems Corporation (TELC)
• KLEEMAN
• Gulf Elevators and Escalators Company (GEEC)
• Sigma Elevator
• Orona
• Atlas Elevators

SEGMENTATION ANALYSIS

Machine Type

• Hydraulic and Pneumatic
• Machine Room Traction
• Machine Room Less Traction
• Others
• Climbing
• Elevators
• Industrial Elevators

Carriage Type

• Passenger
• Freight

Capacity

• 2-15 Persons
• 16-24 Persons
• 25-33 Persons
• 34 Persons and Above

End-User

• Commercial
• Residential
• Industrial
• Others
• Public Transit
• Institutional
• Infrastructural

Escalator Market Segmentation by

Product Type

• Parallel
• Multi Parallel
• Walkway
• Crisscross

End-User

• Public Transit
• Commercial
• Others
• Institutional Sector
• Infrastructure
• Industrial

For more information about this report visit https://www.researchandmarkets.com/r/ut9wmt

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