CHICAGO, May 8, 2024 /PRNewswire/ -- According to Arizton's latest research report, the UAE elevator and escalator market is growing at a CAGR of 4.91% during 2023-2029.
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The UAE Elevator and Escalator Market Report Scope
Report Attributes | Details |
Market Size by New Installations (2029) | 12.8 thousand units |
Market Size by New Installations (2023) | 9.6 thousand units |
CAGR (2023-2029) | 4.91 % |
Market Size by Installed Base (2029) | 112.214 thousand units |
Market Size by Modernization (2029) | USD 604.5 Million |
Historic Data | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
The governments across the Gulf, including the UAE, have been proactive in diversifying and promoting various sectors such as tourism, real estate, finance, and technology. This diversification strategy has created ample investment opportunities and economic stability, fostering market expansion. Favorable regulatory frameworks further facilitate the entry of international players into the region. Dubai has established itself as a prominent global city and a premier luxury destination. Its distinctive skyline, top-notch infrastructure, and dynamic lifestyle appeal to affluent individuals and luxury brands alike. The development of luxury properties and high-end projects in Dubai underscores the robust demand for upscale real estate and the city's commitment to maintaining its reputation as a global luxury hotspot. The UAE is poised to sustain its growth momentum in the coming years. The region's diversification efforts, conducive regulatory landscape, and status as a luxury destination collectively contribute to its optimistic outlook. The property market in the UAE continues to rebound strongly, driven by government initiatives and overall economic growth, particularly in the booming non-oil sectors. Dubai and Abu Dhabi witnessed robust property sales last year, and market prices are anticipated to continue their upward trajectory in the current year.
Recent Developments in the UAE Elevator and Escalator Market
- In March 2024, Emaar Properties hired Otis to upgrade 34 elevators and eight escalators in the Burj Khalifa. The upgrade involves installing an advanced elevator management system (EMS panorama) for real-time remote control and management.
- In June 2023, Otis launched its Otis ONE IoT service platform in the Middle East, offering over 30 years of remote monitoring expertise with cutting-edge cloud technology, machine learning, and IoT. This solution provides transparent, real-time monitoring to customers and service professionals, enabling proactive identification and resolution of potential issues to ensure the smooth operation of elevators and escalators. It is currently accessible in the UAE, Kuwait, Qatar, Bahrain, and the Kingdom of Saudi Arabia.
- In June 2023, KONE was selected to provide elevators for the fourth phase of our large-scale Riviera project in MBR City. KONE LLC will supply and install upscale KONE elevators for the initial six buildings within phase four of Riviera, a waterfront community in MBR City inspired by the French Mediterranean lifestyle.
Future Analysis
The elevator and escalator markets in the UAE and the broader Middle East are poised to stay vibrant and fiercely competitive due to ongoing urbanization and infrastructure expansions. KONE, Schindler, and Otis are expected to ramp up their efforts to capitalize on market openings and differentiate themselves through innovation, technology integration, and customer-centric strategies. KONE's focus on sustainability and adaptability positions them well for future growth, while Schindler's strategic alliances and technological progressions bolster their competitive standing. Otis' concentration on high-profile projects and integration of IoT in modernization solutions is set to cater to evolving customer demands effectively. The introduction of Otis ONE in the Gulf region underscores their dedication to offering transparent, real-time monitoring and predictive maintenance solutions.
The UAE has actively diversified its economy, particularly in tourism and real estate sectors, fostering investment prospects and economic resilience. Dubai's rise as a global city and luxury destination, supported by robust infrastructure and lifestyle amenities, continues to attract affluent individuals and premium brands, fueling demand for upscale real estate. In conclusion, major players in the elevator and escalator sector must maintain agility, innovation, and a strong focus on customer needs to sustain competitiveness and capitalize on emerging opportunities in the evolving market dynamics of the UAE and the Middle East.
Key Vendors
- KONE
- Otis
- Mitsubishi Electric
- TK Elevator
- Hitachi
- Hyundai Elevator
- Fujitec
- Schindler
- KÖHLER Elevator GmbH
Other Prominent Vendors
- Sigma Elevator
- Orona
- Toshiba Elevator And Building Systems Corporation
- KLEEMANN
- Royal Fuji
- Gulf Elevator Co. LLC
- Easy Move Elevator LLC
- Orient Lines Elevators
- ALFA Elevator Co. LLC
- Demi Elevators
- Atlas Elevator Factory LLC
- CEDAS EF LLC
- MASSAED
- York Lift
- Skodtec Elevators
- SHAMS AL JABAL LIFT MAINTENANCE LLC.
Elevator Market Segmentation by
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
Key Questions Answered in the Report:??
What will be the growth rate of the UAE elevator and escalator market?
How big is the UAE elevator and escalator market?
What factors drive the maintenance and modernization segment in the UAE elevator and escalator market?
Who are the key companies in the UAE elevator and escalator market?
Get the Detailed TOC @ https://www.arizton.com/market-reports/uae-elevator-and-escalator-market?
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