UAE Elevator and Escalator Market Report 2024: Market Size Projected to Reach 12,794 Units by 2029 - Expanding Residential Construction to Hike Elevators and Escalators Demand
Dublin, April 11, 2024 (GLOBE NEWSWIRE) -- The "UAE Elevator and Escalator Market - Size & Growth Forecast 2024-2029" report has been added to * ResearchAndMarkets.com's* offering.
The UAE Elevator and Escalator Market size consisted of 9,598 units in 2023, and is projected to reach 12,794 units by 2029, showcasing a CAGR of 4.91%.
The UAE elevator market by the installed base is expected to reach 94,397 thousand units by 2029. The increasing investment in UAE real estate, which results in the need for passengers to commute between levels, will likely elevate the demand for passenger elevators. Some new megaproject developments in Dubai are the Al Quoz Creative Zone, Dubai Urban Tech District, Mohammed bin Rashid Library, and many more.
The tourism industry in the United Arab Emirates is booming, mainly due to an influx of business, sports, leisure, and religious visitors. Dubai and Abu Dhabi are the most popular destinations for international visitors in the United Arab Emirates. With 10.1 million visitors in the first eight months of 2022, Dubai was 4th among the world's most famous cities. With 5.26 million visitors, Abu Dhabi was ranked 94th.
As the government presses on with different programs, such as the Dubai 2040 urban development plan, the Energy Strategy 2050, the Sheikh Zayed Housing Programme, and the Dubai Tourism Strategy, infrastructure will play a critical role in the UAE's expansion goals and contribute to the UAE elevator and escalator market progress.
*Expanding residential construction to hike elevators and escalators demand.*
· Five supertall skyscraper developments are underway in the region, which is expected to support the UAE elevator and escalator market - construction of Ciel Tower (366 m), Primo Tower 1 (356 m), Uptown Tower (339 m), One Za'abeel Residential Tower (330 m), and Al Wasl Tower (302 m) . As a result, demand for traction elevators is likely to rise as more skyscrapers are constructed.
· UAE under-construction private villa or low-rise projects (such as Emaar Majestic Vistas, Emaar Surf, etc.) increased from 5,165 in 2020 to 5,642 in 2021, increasing the demand for 2-15-person elevators in the UAE elevator and escalator market.
*Ongoing demand for building construction in infrastructure and commercial sector to boost demand for installation of elevators and escalators.*
· The Dubai Land Department (DLD) registered 2,845 commercial property transactions totaling Dh33.9 billion (USD 9.2 billion) in the third quarter of 2021. Compared to the previous quarter, transaction volumes were up 1%, and year-over-year, they were 34% higher.
· With government-backed companies (Abu Dhabi Investment Council, Aabar Investments, etc.) projected to remain the primary source of demand for Grade A office space, an improvement in the macroeconomic situation could contribute to an increase in the entire commercial elevator industry in the future years.
· One of the under-construction commercial projects in Abu Dhabi is Masdar City, with a projected value of USD 22,000 million and should be completed by 2025.
*The government's efforts to expand infrastructure across the nation to increase demand for new installations.*
· To help expand this industry even more, the Gulf aims to introduce a uniform visa procedure for international travelers, making travel formalities easier. In addition to operating flights on new routes in Asia, Europe, and Africa, regional airlines such as Etihad Airways, Qatar Airways, and Emirates Airlines are extending their codeshare arrangements with various airlines. As a result of these advancements, passengers will have access to more diverse travel options. The combination of these efforts will increase international tourist arrivals in the country.
· UAE approves development projects worth nearly USD 54 million. The approved development initiatives include implementing a USD 49 million project linking Sheikh Khalifa Specialty Hospital with the Federal Road Network.
· Zenatix has expanded its operations to the Middle East and the UAE region to offer organizations asset management solutions and robust cloud-based energy. Zenatix arrives in the topography at the perfect time with strategic initiatives declared by the Dubai government and corporates around climate preservation and sustainability and the Dubai Clean Energy Strategy 2050.
*Elevators are reaching their average life expectancy, mainly in high-rise apartment buildings, to boost the demand for maintenance in the UAE elevator and escalator market.*
· Otis has introduced its enhanced 'Signature Service' offering in the UAE elevator and escalator market. Signature Service includes new digital technologies with the company's legacy of special care for its customers' people-moving equipment.
· A digital economy approach drives the long-term growth potential of the modernization industry in UAE by integrating emerging technologies like Artificial Intelligence Cyber Security and supporting SME digitization.
· The maintenance and modernization in the UAE elevator and escalator market accounted for 67% and 33%, respectively, in 2022.
*VENDOR LANDSCAPE*
*Key Vendors*
· KONE
· Mitsubishi Electric
· TK Elevator
· Hitachi
· Hyundai Elevator
· Otis
· Fujitec
· Schindler
· KOHLER Elevator GmbH
*Other Prominent Vendors*
· Sigma Elevator
· Orona
· KLEEMANN
· Toshiba Elevator And Building Systems Corporation
· ALFA Elevator Co. LLC
*KEY QUESTIONS ANSWERED*
· How big is the UAE elevator and escalator market?
· What will the growth rate be in the UAE elevator and escalator market?
· Who are the key companies in the UAE elevator and escalator market?
· What factors drive the maintenance and modernization segment in the UAE elevator and escalator market?
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 142
Forecast Period 2023 - 2029
Estimated Market Value in 2023 9598 Units
Forecasted Market Value by 2029 12794 Units
Compound Annual Growth Rate 4.9%
Regions Covered United Arab Emirates
*SEGMENTATION ANALYSIS*
*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
For more information about this report visit https://www.researchandmarkets.com/r/htukzu
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*Attachment*
· UAE Elevator and Escalator Market
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