Tuesday, January 17, 2017

UAE elevators market to grow 8pc till 2021

The UAE elevators market is projected to grow at a CAGR (compound annual growth rate) of eight per cent till 2021, said a report.

Growing disposable income and booming construction market coupled with favorable government initiatives is set to drive the demand for elevators and escalators over the next four years, according to TechSci Research, a leading global management consulting firm.

With increasing urbanisation, growing construction of high rise buildings, booming real estate sector and surging investments by public as well as private entities for the improvement of public infrastructure are expected to drive the demand for elevators and escalators in the UAE during the period, it stated.

By 2015, passenger elevator segment dominated the UAE elevators market, followed by freight elevators, said TechSci in its report entitled "UAE Elevators & Escalators Market, By Type of Carriage, By Type of Machinery, By Type of Door, By End Use, Competition Forecast & Opportunities, 2011 - 2021.'

The report evaluates the future growth potential of UAE elevator and escalators market and provides statistics and information on market size, structure and future market growth.

According to TechSci, an increasing number of high-rise buildings is driving the demand for passenger elevators across different end user segment including residential, commercial, industrial and government institutions.

Major companies operating in the UAE elevators market include ETA Melco, Kone Middle East, Otis, Schindler and ThyssenKrupp, among others.

Northern region dominated the UAE elevators market on account of increase in number of infrastructure projects in the region and growing focus on real estate construction, said the report.

"In order to increase focus on infrastructure and urban development, the Government of UAE has taken an initiative to expand the metro lines, and the construction for the same is going on across the country," remarked Karan Chechi, the research director with TechSci Research.
"For instance, Dubai Metro Green Line will be extended in which 11 new metro stations will be added to the route. Moreover, Alstom, Acciona and Gulermak signed a contract with Roads & Transport Authority (RTA) to design and build the extension of Dubai's Red Metro Line," he noted.

"This extension will be completed by 2020 and it will add 12 stations to the Red Line, which currently has 29 stations. All these developments in the country are expected to generate huge demand for elevators and escalators in the country during forecast period," he added.-TradeArabia News Service

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