Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Qatar Elevators and Escalators Market - Size & Growth Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Qatar elevator and escalator market is expected to account for 973,000 units by 2029 from 729,000 units in 2022, growing at a CAGR of 4.21%
The key players in the Qatar elevator and escalator market are KONE, TKE, Schindler, Otis, Hyundai, Fujitec, and Hitachi. The top 5 prominent vendors, including KONE, TKE, Schindler, and Otis, hold 58% of the Qatar elevator and escalator market.
Qatar is establishing itself as a prominent sports destination through successful hosting of the FIFA World Cup in 2022 and securing rights for the 2030 Asian Games. It has also taken on hosting the AFC Asian Cup 2023, originally planned for China. These events highlight the need for improved infrastructure, including stadiums, accommodations, and airport facilities, as well as vertical transportation solutions to support the growth of the Qatar elevator and escalator market.
Key projects aligned with Qatar National Vision (QNV) 2030 include the Qatar Integrated Rail, a comprehensive urban metro and high-speed railway system with an investment of USD 40 billion. The New Port Project, a USD 7.4 billion initiative, addresses food security infrastructure and warehousing needs. Additionally, the expansion of Hamad International Airport, with a budget of USD 15.5 billion, is part of these extensive efforts.
In July 2023, Mannai - Microsoft Solutions, an ICT division of Mannai Trading Company WLL and a leading Microsoft Solutions provider in Qatar, announced a strategic partnership with Wizard Cyber, a global cybersecurity firm. This partnership offers enhanced services, expertise, and solutions across Qatar, Oman, Bahrain, and Kuwait. It introduces the Sentinel CyberShield platform, powered by Microsoft Sentinel, in Qatar's Microsoft data center to provide Modern SOC services.
The Accessible Qatar initiative by Sasol aims to improve accessibility for people with disabilities in Qatar. It provides accurate and instant information about the accessibility levels of public and tourist places through a smartphone app and a website. The initiative empowers individuals with disabilities and tourists to explore Qatar confidently while considering accessibility factors. By sharing this information publicly, it encourages establishments to make necessary adjustments for inclusivity. Ultimately, the "Accessible Qatar" app promotes Qatar as an accessible destination for everyone.
Qatar's ambitious 2050 Transport Plan is set to have a significant impact on various sectors. The plan includes 22 new projects in 2023, with an estimated expenditure of USD 2.7 billion. These projects are expected to drive growth in the Qatar elevator and escalator market, particularly within the expanding construction and infrastructure landscape in Qatar.
Qatar's Tourism and Infrastructure Projects Boost the Demand for New Installations in the Qatar Elevator and Escalator Market
Doha Port has undergone a transformation into a permanent port for hosting tourist ships, becoming a significant attraction in the heart of Doha. It now has the capacity to accommodate two large vessels simultaneously. With these improvements, tourism companies are optimistic that the sector will welcome 500,000 visitors arriving via tourist ships by the year 2026.
The upcoming 2024 U23 Asian Cup, slated to be hosted by Qatar, is expected to stimulate various infrastructure projects across the country and is likely to boost the Qatar elevator and escalator market. Furthermore, the region has submitted a bid to host the 2027 Asian Cup and has already secured the rights to host the 2030 Asian Games. These upcoming events are poised to drive the construction of numerous high-rise buildings.
In February 2023, Doha was honored as the Arab Tourism Capital for the year by the Arab Ministerial Council for Tourism. This recognition is set to strengthen the region's tourism initiatives with the goal of attracting 6 million visitors annually by the year 2030.
The Ministry of Interior has introduced an extended special card for fans and organizers of the FIFA World Cup in Qatar in 2022. This card offers privileges such as the ability to bring family and friends, seamless entry and exit from the country, and access to a dedicated service known as "Hayya with Me." This significant initiative aims to further bolster and fortify the tourism sector.
Government Focus to Increase Foreign Property Investment, Institutional, and Major Line Up of Projects in Qatar to Boost Demand for Installation of Elevators
The government has approved a new law that regulates partnerships between the public and private sectors, a move expected to attract more foreign direct investments into the country. These measures align with Qatar's development targets for 2030 and are anticipated to support the continuous growth of the construction sector in Qatar, consequently benefiting the Qatar elevator and escalator market.
In March 2022, United States President Joe Biden officially designated Qatar as a major non-NATO ally of the United States. Construction work for the new United States embassy in Doha has already commenced. The new embassy building incorporates various energy-saving techniques and demonstrates environmental responsibility while drawing inspiration from rich Qatari culture and American ideals. This new U.S. Embassy, situated on a 12-acre property in Doha's Wadi al Banat, is expected to facilitate the ongoing growth of diplomatic, security, and commercial relations between the U.S. and Qatar, with completion set for 2026.
The Public Works Authority (Ashghal) has unveiled its building project plan for 2023, known as 'Ashghal 2023'. This initiative encompasses 22 new building projects valued at approximately QR 4.1 billion (USD 1.1 billion) in total. Furthermore, additional projects are scheduled for tender in the third quarter of 2023, indicating a robust outlook for construction and infrastructure development in the region.
KEY QUESTIONS ANSWERED:
- How big is the Qatar elevator and escalator market?
- What will be the growth rate of the Qatar elevator and escalator market?
- What is the number of installed bases in the Qatar elevator and escalator market in 2022?
- What factors drive the maintenance and modernization segment in the Qatar elevator and escalator market?
- What are the key Qatar elevator and escalator market players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value in 2022 | 729 Thousand Units |
| Forecasted Market Value by 2029 | 973 Thousand Units |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Qatar |
VENDOR LANDSCAPE
Key Vendors
- KONE
- TK Elevator
- Schindler
- Otis
- Hyundai Elevator
- Fujitec
- Hitachi
Other Prominent Vendors
- Sodimas Elevators Qatar
- Almuftah Group
- Bayern Systems
- Sigma Elevator
- Orona
- Johnson Lifts Pvt. Ltd.
- Europe Elevators
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/1evoxz
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