TechSci Research expects Saudi smart elevator market growth for next five years
Firm says demand for better and efficient infrastructure and reducing energy consumption are some of the factors that will drive the market
Global management consulting firm TechSci Research expects Saudi Arabia’s smart elevator market to continue its promising performance over the next five years. The firm said the Saudi market’s growth data up to 2019 had been promising, and notes that the sector owes its growth to factors such as rapidly evolving technologies that are implemented for consumer’s ease and comfortable lives.
The market is bound to experience the intended growth on account of the increasing disposable income of the country’s population, which will keep supporting market growth until 2026, the firm said in its statement.
“Factors like demands for reducing energy consumptions and rising geriatric population along with their demands for development of better and efficient infrastructure is supporting the tentative growth of the Saudi Arabia smart elevator market in the upcoming five years,” stated Karan Chechi, research director with TechSci Research.
Furthermore, development of smart cities and therewith the smart infrastructure is rapidly increasing in various regions of the country, the statement noted.
He added, “With surging demand for technologically advanced services and products along with the growth in urbanisation is driving the potential market growth. The high cost of these smart technologies may put a mild restraint but expandable income among the population and growing economic stature of the country based on its oil supply chains is anticipated to overcome the setbacks and support the Saudi Arabia smart elevator market in the forecast years until 2026.”
Based on application, the smart elevator market is further bifurcated into residential, commercial and industrial, the statement pointed out.
Commercial applications are anticipated to register the largest revenue shares of the market on the account of rapidly increasing smart infrastructure and the demand for the elevators for the convenience of the population. With disposable income at hand, and trend of smart technologies, the segment is expected to dominate the segment over the next five years, the firm explained.
Chechi remarked, “Residential applications are expected to register significant growth in the next five years on the account of surging number of high-rise building, skyscrapers, and similar infrastructure.”
He also stated that smart elevators are in demand owing to the rapidly increasing infrastructure development. He concluded, “The market seems to grow exponentially in the next five years with the growing demand of building smart cities and rising disposable income is further aiding the growth of the market. New market players may focus on the technological advancements that supports their brand establishment and further growth in the market. Collaborating with the existent market players would be of great benefits for them.”
