Market Trends

Soaring Heights: The GCC and Kuwait Elevator and Escalator Industry Forecast

CHICAGO, March 7, 2024 /PRNewswire/ -- A groundbreaking report has been published by Arizton, revealing comprehensive insights into the elevator and escalator markets within the Gulf Cooperation Council (GCC) and specifically Kuwait. The detailed research dives deep into the dynamics shaping these sectors and forecasts the future trends that are expected to drive market growth.

Market Overview and Projections

Within the GCC, the forecast is highly positive, with a projected market size for new elevator and escalator installations reaching 32.7 thousand units by the year 2029, marking a CAGR of 5.10% from 2023. Similarly, Kuwait's market size by new installations is anticipated to hit 862 units by 2029, with a CAGR of 4.24% during the same period.

Reflecting on the historical context, the base year for this analysis is set as 2023, with the preceding years of 2020-2022 as the historic period. The report considers a forecast period stretching from 2024 to 2029, offering a comprehensive look at the market's trajectory based on recent developments.

Digitalization: A Core Driver of Market Expansion

As the world enters an age of digitalization, the GCC stands at the forefront of this transformation. Key digital trends that are actively shaping the region include the surge in digital services centered on citizens, pervasive adoption of 'cloud-first' strategies, bolstered cyber resilience, strategies adept in future-proof data governance, the broadening of AI adoption and innovation, the advent of digital government currencies, and initial ventures into the metaverse.

Deeply integrated into their Vision 2030 blueprints, GCC governments are prioritizing digital transformation as an essential strategy for national development. To explore more about the dynamic market, interested individuals can obtain further insights by visiting https://www.arizton.com/request-sample/4066.

Special Economic Zones: A New Era for Growth

Saudi Arabia has recently announced the inauguration of four Special Economic Zones (SEZs), designed to spur advancements in pivotal sectors like advanced manufacturing, cloud computing, and med-tech. These SEZs include the King Abdullah Economic City (KAEC) SEZ, Jazan SEZ, Ras Al Khair SEZ, and the Cloud Computing SEZ housed within the King Abdulaziz City for Science and Technology (KACST).

These SEZs pivot towards enticing businesses through attractive incentives such as tax reductions, exemptions, and lenient regulations concerning foreign talent. Covering an array of sectors like logistics, shipbuilding, and food production, the SEZs are a strategic component of Saudi Vision 2030. They are anticipated to catalyze a boom in construction and infrastructure projects, thereby profoundly impacting the elevator and escalator market across the GCC.

Urbanization and Its Impact on Elevator Demand

The surging urban population, particularly in metropolitan regions, is expected to trigger a significant increase in elevator demand. Following the introduction of the Real Estate Transaction Tax (RETT) in October 2020, Saudi Arabia reduced the VAT from 15% to 5% to reinvigorate its real estate sector. This policy shift aims to boost property transactions and enhance residential ownership rates, which in turn, will drive residential segment demand.

As for Kuwait, the country utilized approximately 99.45 million square meters for private housing in 2022, with projections to exceed 100 million square meters in 2023. The Public Authority for Housing Welfare (PAHW) in Kuwait is orchestrating the construction of new cities designed to accommodate their growing housing demands.

Furthermore, in Bahrain, the government is actively addressing housing needs through new developments. As of the first quarter of 2023, the Minister of Housing and Urban Planning announced the initiation of tenders for 771 housing units and apartments. This project encapsulates the broad initiative that encompasses government land development rights, in collaboration with the private sector, targeting the completion of 19,000 housing units supported by an investment of USD 2.6 billion.

Should you wish to acquire this comprehensive research, please visit: https://www.arizton.com/market-reports/gcc-elevator-and-escalator-market.

Key Inquiry Points within the Report

This definitive report addresses several pivotal questions important for stakeholders within the market. It offers clarity on the size of the GCC elevator and escalator market, its expected growth rate, and the installed base in the number of units as of 2023. For an extensive understanding of the market, questions like what drives the maintenance segment and who are the key market players are thoroughly analyzed.

To gain a more detailed perspective, visit the various sections of the report through the provided URLs detailing the market's size, growth rate, installed base, and driving factors:

• How big is the GCC elevator and escalator market? Click here
• What will be the growth rate of the GCC elevator and escalator market? Click here
• What is the number of installed bases in the GCC elevator and escalator market in 2023? Click here
• What factors are propelling the maintenance segment in the GCC elevator and escalator market? Click here
• Who are the key market players? Click here

Kuwait's Ambitious Elevator and Escalator Initiatives

The Kuwait elevator and escalator market are poised for substantial growth, propelled by the nation's endeavors to become a prime destination for investments and business enterprises. The Ministry of Public Works and PAHW are steering a multitude of national projects. Towns such as Jaber Al Ahmad, West Abdullah Al Mubarak, and East Taima stand as significant hubs for upcoming smart homes and public developments, aimed at satiating the burgeoning demand for housing.

For an in-depth peek into the market, you can download a free sample report at: https://www.arizton.com/request-sample/3999.

In the southern region, namely Sabah Al-Ahmad City, a new city is under construction about 80 kilometers from Kuwait City. Upon completion, this urban development will provide accommodations for approximately 280,000 residents and offer 145,000 job opportunities across various industries, replete with parks, public transportation, and amenities that exemplify sustainable living.

Additionally, Kuwait has unveiled plans for 'Silk City' or Madinat Al-Hareer, a colossal integrated urban landscape intended for business, cultural, residential, and recreational purposes. This multi-phased project is estimated at a staggering $132 billion and will feature the iconic Burj Mubarak skyscraper, projected stands at 1 kilometer tall with 234 floors.

This futuristic city concept also includes plans for an Olympic-sized stadium, an ecological park, a cutting-edge airport, and many other infrastructures. Divided into four distinct zones - Finance, Leisure, Ecological, and Residential - the development of Silk City is a testament to Kuwait's architectural ambitions.

Stimulating Investments in Tourism and Infrastructure

Kuwait is bolstering its demands for new installations by investing in significant projects in tourism and infrastructure sectors. The healthcare sector, in particular, is witnessing a surge with investments approximated at USD 4.42 billion aimed at revamping and expanding operation capacity of its hospitals. This move offers lucrative opportunities for international investors to partner in foundational development projects.

At the heart of this transportation upgrade is Kuwait International Airport's new T2 passenger terminal, poised for launch in 2024. Designed with sustainability and energy efficiency as core principles, the upcoming terminal underpins the government's commitment to environmental stewardship and is expected to achieve LEED Gold Certification.

Featuring a capacity for 25 million passengers annually, the terminal is prepped to facilitate seamless customer experiences and airline operations, directly influencing the elevator and escalator market in Kuwait. If you're looking to delve into this sector's research, you can purchase the report at: https://www.arizton.com/market-reports/kuwait-elevator-and-escalator-market.

Comprehensive Market Segmentation Insights

Detailed analysis on the elevator and escalator market segmentation is also enclosed within the report, meticulously categorizing the market by size, both in terms of volume and installation base. Additionally, nuances of elevator and escalator differentiation based on variables such as machine type, carriage type, capacity, end-user preferences, and product type are elaborately mapped out.

The encompassing segmentation analysis includes diverse end-user sectors such as public transit, commercial enterprises, and institutional frameworks. Inclusive of industry-specific applications, this report provides a holistic understanding of the trends shaping the market's future outlook.

Why Choose Arizton?

Arizton Advisory and Intelligence stands as a paragon of innovation and quality in offering robust research solutions worldwide. With a strong reputation for delivering comprehensive market intelligence reports and world-class advisory services, Arizton is a trusted partner for market insights.

Priding itself on 100% customer satisfaction, Arizton caters to an international client base, including over 200 Fortune 500 companies. The firm's commitment to pioneering research is evident, with a portfolio boasting over 1500 outstanding reports, many of which are first in the industry.

With an expert team of seasoned analysts, Arizton is at the vanguard of market research, furnishing clients with decisively crafted reports that enable informed decision-making.

For further inquiries or to learn more about Arizton's expertise, please reach out using the following contact details:

• Call: +1-312-235-2040 | +1 302 469 0707
• Email: [email protected]
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This news was sourced from Arizton Advisory & Intelligence.