The Elevator And Escalator Market in GCC will register a CAGR of over 7% by 2023
NEW YORK, Dec. 10, 2018 /PRNewswire/ -- About this market
Owing to the increasing adoption of IoT platform for conducting elevator maintenance, the elevator and escalator market in GCC is likely to gain traction in the forthcoming years. The integration of IoT will allow reduced downtime and improved service efficiency. Technavio's analysts have predicted that the elevator and escalator market in GCC will register a CAGR of over 7% by 2023.
Read the full report: https://www.reportlinker.com/p05647283
Market Overview
Growing popularity of smart cities
With the growing population and uncontrolled urbanization, various authorities in the region are focusing on adopting the smart city model for offering adequate delivery of basic amenities to the citizens. Such rising trend of developing smart cities will drive the market's growth during the forecast period.
Stringent safety regulations for elevators and escalators
Using elevators and escalators may often lead to fatal accidents if not used properly. These accidents may further pose threat to the personnel engaged in their maintenance and service. As a result, such stringent safety regulations for elevators and escalators may pose a threat to the market's growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the elevator and escalator market in GCC during the 2019-2023, view our report.
Competitive Landscape
The elevator and escalator market is fragmented with players focusing on integrating advanced technologies such as IoT to offer products catering to the latest trend of smart city development. The report offers comprehensive analysis of the strategies the companies are adopting, in turn, helping the clients to gain a competitive advantage over other counterparts.
Read the full report: https://www.reportlinker.com/p05647283
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