Emergence of High-Speed Elevators Spurring Growth Opportunities in the Elevator and Escalator Market in Saudi Arabia: Technavio Report

Renewable energy


London, 21 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the elevator and escalator market in Saudi Arabia 2015-2019, which is estimated to grow at a CAGR of 3.39% during 2014-2019.

With sustained growth of the economy and the rise in the country’s population, the demand for high-quality public infrastructure in the country is increasing. Therefore, under the Tenth Development Plan (2015-2019), the government of Saudi Arabia will focus on the development of the country’s infrastructure. 

“Construction companies are now installing high-speed elevators in their buildings to travel to the higher stories of the skyscrapers in minimal time,” says Faisal Ghaus, Vice President of Technavio.

“The 3,037 feet high tower, currently under construction, will become the tallest skyscraper in the world after its completion in 2019. The double-decker MiniSpace (range of elevators) for the towers, provided by KONE, will travel at a speed ranging from 32.8-41 feet per second.”

Key Market Drivers

  • More construction of high-rise buildings
  • Growth in the elevator and escalator maintenance and repair business
  • Focus on public infrastructure development
  • Increase in aging population

Key Market Trends

  • Adoption of environment-friendly elevators and escalators
  • Emergence of high-speed elevators

Key Market Vendors

  • Gulf Elevators & Escalators
  • OTIS Elevator Company
  • KONE Middle East
  • Mitsubishi Electric Saudi
  • Schindler Olayan Elevator

To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.