The Elevators and Escalators market in Saudi Arabia is to grow at a CAGR of 6.90 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in civil and construction activities across Saudi Arabia. The Elevators and Escalators market in Saudi Arabia has also been witnessing the emergence of eco-friendly elevators and escalators. However, the need for increased capital costs could pose a challenge to the growth of this market.
Movement within buildings is more time consuming in the taller buildings and skyscrapers that are now being built. Therefore, legacy elevators moving at a speed of 2-5 meters per second cannot be used as an effective means of transportation in today's tall buildings. For this reason, several vendors are developing high-speed elevators that will enable the faster movement of people and goods within buildings by reducing the weight of elevator cars and incorporating high-powered motors to increase speed.
One of the main drivers is the increase in civil construction activities in Saudi Arabia. The increase in the construction of commercial, residential, and industrial buildings drives the increased adoption of elevators and escalators.
The key vendors dominating this market space are Fujitec Co. Ltd., Mitsubishi Electric Saudi Ltd., and Schindler Group. The other vendors mentioned in the report are Gulf Elevator and Escalators Company Ltd (GEEC), Kone Corp., ThyssenKrupp AG, Otis Elevator Company, Hyundai Elevators Co. Ltd, and Toshiba Elevator and Building Systems Corp.
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