Saudi Arabia smart elevator market is bound to experience impressive growth with anticipated CAGR in the forecast period, 2023-2027, on the account of surging demands for the smart infrastructure, and smart technological advancements. Moreover, the development of products that use renewable energy sources is another major driving factor for the market growth in the next five years. Widespread usage in residential, industrial, and commercial sectors, along with rapid infrastructure development and government mandates pertaining to deployment of such advanced elevators in new structures and thereby supporting the growth of the Saudi Arabia smart elevator market in the forecast years until 2027.
The Saudi Arabia smart elevator market is segmented by component, speed, application, service, application, regional distribution, and competitional landscape. Based on component, the market is further sub-segmented into communication systems, maintenance system, and control systems. The control systems are anticipated to hold the largest revenue shares of the market and dominate the segment in the next five years, growing on the account of enhanced security and management offered by these systems in crowded buildings. The control systems are differentiated into security control, elevator control, access control. Elevator control is the most important and most demanded control system, since it provides the basic necessity for the elevators control, movement, and maintenance. Fast connectivity parameters, advanced access control, and video surveillance that guarantee high passenger comfort and elevator security, thereby contributing to the smart elevator market expansion.
A partial list of market player in the Saudi Arabia smart elevator market includes Otis Elevator Company Saudi Arabia Limited, Schindler Olayan Elevators Co. Ltd, ThyssenKrupp Elevator Saudi Limited, Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona Elevator Co. KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia, Toshiba Elevator And Building Systems Corporation, Hitachi Elevator Saudi Arabia Limited., Arshad Abdullah Al-Saleh & Partner Co. ASCO Elevators (ASCO), Elegent Elevators Company, CGC Elevators & Escalators, among others. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products and services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
Objective of the Study
- To analyze the historical growth of the market size of Saudi Arabia smart elevator market from 2017 to 2020.
- To estimate and forecast the market size of Saudi Arabia smart elevator market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast Saudi Arabia smart elevator market based on component, speed, application, service, competitional landscape, and regional distribution.
- To identify dominant region or segment in the Saudi Arabia smart elevator market.
- To identify drivers and challenges for Saudi Arabia smart elevator market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia smart elevator market.
- To identify and analyze the profile of leading players operating in Saudi Arabia smart elevator market.
- To identify key sustainable strategies adopted by market players in Saudi Arabia smart elevator market.
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Market Insights Research performed both primary as well as exhaustive secondary research for this study. Initially, Market Insights Research sourced a list of manufacturers, suppliers, and service providers across the country. Subsequently, Market Insights Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market Insights Research could include the manufactures which could not be identified due to the limitations of secondary research. Market Insights Research analyzed the manufactures, distribution channels and presence of all major players across the country.
Market Insights Research calculated the market size of Saudi Arabia
Key Target Audience
- Smart elevator manufacturers, end users, and other stakeholders
- Distributers and suppliers of the products and other stakeholders
- Organizations, forums, and alliances related to smart elevator
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Component · Speed · Application · Service |
| Regional scope | Western Region, Northern and Central Region, Eastern Region, Southern Region |
| Key companies profiled | Otis Elevator Company Saudi Arabia Limited, Schindler Olayan Elevators Co. Ltd, ThyssenKrupp Elevator Saudi Limited, Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona Elevator Co. KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia, Toshiba Elevator And Building Systems Corporation, Hitachi Elevator Saudi Arabia Limited., Arshad Abdullah Al-Saleh & Partner Co. ASCO Elevators (ASCO), Elegent Elevators Company, CGC Elevators & Escalators. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
