GCC Emerges as Leader in Elevators & Escalators Market with Projected 32.7 Thousand New Installations by 2029; Kuwait to Witness Surge to 862 Units - Arizton

CHICAGO, March 7, 2024 /PRNewswire/ -- Arizton publishes the latest research report on the GCC elevator and escalator market & Kuwait elevator and escalator market.

GCC & Kuwait Elevator & Escalator Market Report Scope

The GCC Elevator and Escalator Market by New Installations to Reach 32.7 Thousand Units by 2029

Digital trends are shaping the GCC in 2022 and beyond. These trends include investment-powered digital transformation, citizen-centric digital services, the power of 'cloud-first', achieving cyber resilience, future-proof data governance strategies, expanded AI adoption and innovation, a new dawn for digital government currencies, and entering the metaverse. GCC governments have doubled down on their digital transformation strategies as a core component of their respective Vision 2030 plans.

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Saudi Arabia has recently launched four new Special Economic Zones (SEZs) to promote growth in key sectors such as advanced manufacturing, cloud computing, and medical technology. These SEZs include the King Abdullah Economic City (KAEC) SEZ, Jazan SEZ, Ras Al Khair SEZ, and Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST). Saudi Arabia's Special Economic Zones (SEZs) aim to attract businesses with tax reductions, exemptions, and regulations for foreign talent. These strategic locations cover sectors like logistics, shipbuilding, and food. Aligned with Saudi Vision 2030, SEZs are expected to boost construction projects and infrastructure development, driving the market for elevators and escalators across the GCC.

Rising Urban Population in Metropolises to Witness a Hike in Elevator Demand

• In October 2020, the Real Estate Transaction Tax (RETT) was introduced in Saudi Arabia, reducing VAT from 15% to 5% to boost residential and commercial real estate activity and increase home ownership, driving the demand for the residential segment.
• Kuwait used 99.45 million square meters of land for private housing in 2022, with an average of 480 square meters per land. It expects to use more than 100 million square meters in 2023, as it plans to build more cities for housing the Public Authority for Housing Welfare (PAHW). Kuwait had only 20 percent of its private housing land vacant in 2022, which is very low compared to other Gulf countries, which had 35 to 40 percent of their land vacant.
• Private housing areas constitute 78% of the Kuwait Metropolitan Area (KMA). The Public Authority for Housing Welfare (PAHW) has plans to provide an additional 35,600 housing plots nationwide by 2025.
• Bahrain is addressing rising housing demand through new projects, with the Minister of Housing and Urban Planning announcing the bidding launch for 771 housing units and apartments as of Q1 2023. The initiative includes 131 housing units and 360 apartments in Salman Town and 280 housing units in Khalifa Town. The project involves three land plots for development, part of the government land development rights program in collaboration with the private sector. The first phase targets 19,000 housing units with a USD 2.6 billion investment.

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Key Questions Answered in the Report:

How big is the GCC elevator and escalator market?

What will be the growth rate of the GCC elevator and escalator market?

What is the number of installed bases in the GCC elevator and escalator market in 2023?

What factors drive the maintenance segment in the GCC elevator and escalator market?

What are the key GCC elevator and escalator market players?

The Kuwait Elevator and Escalator Market by New Installations to Reach 862 Units by 2029

Kuwait wants to become a great place for investments and businesses. The Ministry of Public Works and the Public Authority for Housing Welfare have planned multiple projects and buildings nationwide. Jaber Al Ahmad, West Abdullah Al Mubarak, and East Taima are significant centers for the upcoming smart homes and multiple public place projects. These projects are meant to meet some of the growing demand for housing.

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In the South, in Sabah Al-Ahmad City, which is 80 kilometers away from Kuwait City, a new city is being constructed to house around 280,000 residents and offer 145,000 jobs in different industries like construction, medicine, and culture. Parks, public transportation, and other amenities will make people's life easy with sustainability in focus. Authorities plan to build different types of homes, like apartments and houses, and use a special construction method to ensure everything is high quality. They started building this city in 2017 and expected to finish by 2040.

In Kuwait, there's a big project called Silk City, or Madinat Al-Hareer. It will be a huge city with business, culture, homes, and entertainment. The project will be developed in stages, covering 250 square kilometers in Subiya. The city is expected to cost about $132 billion. The Burj Mubarak, a super tall tower that is 1 kilometer high, will be at the center of the city. It will take about 25 years to finish and will have 234 floors, with space for 7,000 people. Silk City will also have an Olympic stadium, a nature area, a new airport, and many other things. It will be divided into four parts: Finance City, Leisure City, Ecological City, and Residential City.

Kuwait's Tourism and Infrastructure Projects Boost the Demand for New Installations

• With an investment of around USD 4.42 billion (KD 1.250 billion), The Ministry of Health and Public Works announced a project to replace or expand nine operating hospitals (five general and four specialized hospitals) in the upcoming decade. The objective is to add 5,400 beds, 150 operating rooms, and 500 outpatient clinics to the current 7,095 hospital beds countrywide as of 2022. The government's investment in the healthcare sector in Kuwait is expanding and advancing, offering international investors an opportunity to collaborate with the government on infrastructure projects and earn attractive returns on their investments.
• At Kuwait International Airport, work on the new T2 passenger terminal, which is scheduled to open in 2024, is nearing completion. The forthcoming terminal is a prime example of the government's dedication to environmental sustainability and energy efficiency. It is planned to be Leadership in Energy and Environmental Design (LEED) Gold Certified. With a capacity of 25 million passengers annually, the T2 terminal offers ease and comfort to customers. It would also enable effective operations by hosting up to 21 Airbus and A380 aircraft simultaneously, with 51 boarding gates and ample parking spaces. The project will support propelling the Kuwait elevator and escalator market growth.

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Key Questions Answered in the Report:

How big is the Kuwait elevator and escalator market?

What will be the growth rate of the Kuwait elevator and escalator market?

What is the number of installed bases in the Kuwait elevator and escalator market in 2023?

What are the key opportunities in the Kuwait elevator and escalator industry?

What are the key Kuwait elevator and escalator market players?

GCC & Kuwait Elevator and Escalator Market Segmentation

Elevator and Escalator Market Size (Volume) 

• Installation Base
• New Installation Type
• Modernization (In Million)
• Maintenance (In Million)

Elevator Market Size (Volume) 

• Installation Base
• New Installation Type
• Modernization & Maintenance (In Million)

Escalator Market Size by Volume 

• Installation Base
• New Installation Type
• Modernization & Maintenance (In Million)

Elevator and Escalator Size, Share, & Trends Analysis Report by 

Elevator Market Segmentation

• Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
• Carriage Type: Passenger and Freight
• Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above 
• End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

• Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
• End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

What's Included

• CAGR for the forecast period 2023-2029
• All types of tracked escalators and elevators.
• Industries for elevators include oil & gas, mining, marine, and manufacturing.
• Escalators are used in commercial, residential, public transit, and institutional sector applications.
• Moving walkways are considered under the escalators type.
• Volume within the country is based on domestic demand and supply.
• Elevators are used in building, construction, and industrial.
• Elevators and escalators new equipment's are exported to other countries.
• All the currency conversions are in US$ unless expressly stated.

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