TechNavio recognizes the following companies as the key players in Elevator and Escalator Market in Saudi Arabia: Fujitec Saudi Arabia Co. Ltd., Mitsubishi Electric Saudi Ltd., Otis Elevator Co. Saudi Arabia Ltd., and Schindler Olayan Elevator Co. Ltd.
Commenting on the report, an analyst from TechNavio’s team said: “The Elevator and Escalator market in Saudi Arabia is witnessing the emergence of “green elevators and escalators” in the region. As a result of the growing demand for energy-efficient elevators and escalators in Saudi Arabia, vendors are spending more on their R&D activities to develop new-generation products. For instance, “Schindler 3300” elevators by Schindler claim to be 60 percent more energy-efficient than traditional hydraulic elevators. Mitsubishi’s R&D activities are focused on manufacturing Mitsubishi elevators and escalators “Number One Green” in the industry. Otis claims its Gen2 machine-roomless elevators reduce energy consumption by 50 per cent of that of traditional units. Moreover, elevators are being incorporated with corridor illumination controls that help in reducing energy consumption in buildings. Furthermore, vendors are designing elevators that shut down their inside lighting until a passenger call arises. Vendors are also incorporating regenerative drives into elevators for increased energy saving. Thus, the Elevator and Escalator market in Saudi Arabia is expected to witness the demand for “green elevators” being increased during the forecast period.”
According to the report, the Elevator and Escalator market in Saudi Arabia is driven by many growth factors, one of which is the increasing construction of skyscrapers. This has driven the growth of the market in Saudi Arabia as the sale of elevators and escalators is highly correlated with the construction of high buildings. The rising demand for commercial and residential buildings is fueling the growth of the market.
Further, the report states that the high cost of elevators and escalators is one of the key challenges. The price of elevators and escalators has increased because of technological advancements. Moreover, although the newer models consumer less electricity, they are too costly.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/elevator-and-escalator-market-in-saudi-a…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/engineering-and-automation
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TechNavio Announces the Publication of its Research Report – Elevator and Escalator Market in Saudi Arabia 2014-2018
