UAE Elevators and Escalators Market is expected to grow at a robust CAGR of 5.92% Through 2029
UAE
Elevators and Escalators Market is expected to grow owing to requirement from
diverse industries including tourism, real estate, and commerce, contributes to
increased construction activities throughout the forecast period.
According
to TechSci Research report, “UAE
Elevators and Escalators Market –
By Region, Competition, Forecast and Opportunities, 2019-2029”, the
UAE Elevators and Escalators Market is expected to register CAGR of 5.92% growth during the forecast period.
Ongoing advancements in elevator and escalator technology, including the
integration of IoT (Internet of Things) and smart controls, drive the need for
modernization and the installation of advanced systems to meet user
expectations for efficiency and convenience.
As
the UAE's cities continue to grow and expand, the demand for vertical
transportation systems in both residential and commercial buildings is on the
rise. Opportunities exist for elevator and escalator manufacturers and service
providers to cater to the construction of high-rise buildings, mixed-use
developments, and infrastructure projects.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "UAE Elevators and Escalators Market."
Based
on service, the
Modernization and Maintenance & Repair segment is expected to dominate the
market during the forecast period. In 2023, the UAE Elevators and Escalators Market is anticipated to be predominantly driven by the Modernization and Maintenance & Repair segment, reflecting a strategic focus on enhancing infrastructure longevity, safety, and efficiency. Modernization services are expected to see significant demand due to the aging infrastructure in key urban areas such as Dubai and Abu Dhabi. Many existing buildings require upgrades to align with contemporary safety standards, technological advancements, and energy efficiency goals. These modernization efforts are fueled by the rapid pace of innovation in elevator and escalator technology, which offers substantial improvements in performance, safety, and energy consumption. Property owners and managers are increasingly motivated to invest in modernizing their systems to capitalize on these advancements, thereby ensuring that their buildings remain competitive and compliant with regulatory requirements.
The UAE government has implemented stringent regulations that mandate the adherence to updated safety and operational standards. This regulatory environment compels building owners to undertake modernization projects to avoid potential penalties and ensure the safety of occupants. The push towards sustainability and energy efficiency further amplifies the need for modernization. As part of broader sustainability initiatives, there is a strong emphasis on upgrading elevators and escalators to more energy-efficient models, which not only reduce operational costs but also contribute to the overall environmental goals of reducing carbon footprints and enhancing resource efficiency.
Simultaneously, the Maintenance & Repair segment is poised for robust growth due to the high usage rates of elevators and escalators in the UAE’s densely populated urban centers. Regular maintenance is crucial to ensure the continuous and safe operation of these systems, preventing breakdowns and extending their operational lifespan. The increasing reliance on preventive maintenance practices, which focus on regular inspections and timely repairs, helps to minimize downtime and ensure safety compliance. Additionally, the integration of advanced technologies such as the Internet of Things (IoT) and predictive analytics in maintenance practices enables predictive maintenance strategies. These technologies facilitate the early detection of potential issues, allowing for proactive repairs and reducing the likelihood of unexpected malfunctions.
The rapid urbanization and expansion of high-rise buildings in the UAE result in a significant increase in the daily use of elevators and escalators, further emphasizing the importance of consistent and effective maintenance services. This combination of factors ensures that the Modernization and Maintenance & Repair segment will dominate the UAE Elevators and Escalators Market in 2023, driven by the need to modernize aging infrastructure, comply with stringent regulations, adopt sustainable practices, and maintain high service reliability amidst a rapidly growing urban environment.
Key
market players in the UAE Elevators and Escalators Market are:
- KONE Corporation
- Schindler Holding Ltd.
- Otis Worldwide Corporation
- TK Elevator GmbH
- Mitsubishi Electric Corporation
- Hyundai Elevator
- FUJITEC CO., LTD.
- Omega Elevators
- Al-Futtaim Group company
- Elevators & Escalators Company LLC
Download Free Sample Report
Customers can also request
for 10% free customization on this report.
“In 2023, the UAE Elevators and Escalators Market in Dubai is set to be the dominant force, driven by the city's rapid urbanization and extensive development projects. Dubai's skyline, characterized by its numerous high-rise buildings and ambitious architectural endeavors, necessitates advanced and reliable vertical transportation systems. The booming real estate sector, coupled with significant investments in infrastructure, has led to a surge in demand for modern, efficient, and safe elevators and escalators. High-profile projects, including commercial complexes, residential towers, and hospitality establishments, are key drivers of this demand. Furthermore, Dubai's commitment to innovation and smart city initiatives is fostering the integration of cutting-edge technologies in building systems, including elevators and escalators. Additionally, Dubai's role as a global business and tourism hub amplifies the need for robust and efficient vertical transportation solutions to accommodate the high footfall in commercial spaces and public venues. The city’s regulatory environment, emphasizing safety and energy efficiency, further propels the modernization and maintenance of existing systems. As a result, both the installation of new systems and the upgrading of older ones are expected to dominate the market, solidifying Dubai’s leading position in the UAE Elevators and Escalators Market for 2023.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“UAE
Elevators and Escalators Market Segmented By Type (Elevator, Escalator and
Moving Walkways), By Elevator Door Type (Automatic and Manual), By Elevator
Technology (Traction, Machine Room-Less Traction and Hydraulic), By Service
(Modernization and Maintenance & Repair, New Installation), By End User
(Residential, Commercial, Infrastructural, Institutional, and Others), By
Region, and By Competition, 2019-2029,” has evaluated the future growth
potential of UAE Elevators and Escalators Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in UAE Elevators and Escalators Market.
Contact Us-
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: [email protected]
Website: www.techsciresearch.com