World News: 08:55 GMT Friday 11th January 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The elevator and escalator market in the GCC will register a CAGR of more than 4% by 2022.Elevators that go sideways as well as up and down are expected to drive growth in the market. The design of an elevator is a major consideration during its construction, as cable systems take more space in tall buildings. However, elevators that can move sideways can help improve efficiency and facilitate the construction of taller buildings. These rope-less elevators can move side-to-side as well as up and down. Governments started undertaking various initiatives to stimulate the construction sector and encourage the private sector to play a key role in the process. Governments in the region started focusing on diversification to the non-oil sectors such as tourism, aviation, shipping, logistics, and infrastructure.Raw materials required for elevators and escalators include steel stock, wire rope, and stainless steel. These materials are used to manufacture different components of elevators and escalators. However, the cost of these materials has been fluctuating due to gap in the demand and supply.The market appears to be fragmented and with the presence of several companies including Mitsubishi Electric, and Schindler, the competitive environment is quite intense. Factors such as the increasing government spending on construction sector and the elevators that go sideways as well as up and down, will provide considerable growth opportunities to elevator and escalator manufactures. Fujitec, Hitachi, Hyundai Elevator, KONE, Mitsubishi Electric, and Schindler are some of the major companies covered in this report.
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Related Topics: Elevators and Escalators
Globe Newswire: 08:55 GMT Friday 11th January 2019
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