Dublin, March 01, 2022 (GLOBE NEWSWIRE) -- The "Kuwait Elevator And Escalator Market Outlook 2021-2027: Market Forecast By Types Product, By Services, By Application, By Region" report has been added to ResearchAndMarkets.com's offering.
Kuwait Elevator and Escalator Market size is projected to grow at a CAGR of 5.1% during 2021-2027.
Kuwait Elevator and Escalator Market report thoroughly covers the elevator and escalator market by types, service types, application, and regions.
The report provides an unbiased and detailed analysis of the on-going Kuwait Elevator and Escalator Market trends, opportunities, high growth areas, market drivers, and market share by companies, which would help stakeholders to devise and align market strategies according to the current and future market dynamics.
Kuwait Elevator and Escalator Market Synopsis
Kuwait elevator and escalator market is expected to exhibit moderate growth during the forecast period owing to the government investment into the construction sector and infrastructural development such Bubiyan Island, Silk City project, Kuwait National Rail Project, international airport expansion and many more.
The market witnessed a slowdown in 2020 owing to the ongoing pandemic of COVID-19 which resulted in halt in construction projects, suspension of economic activities and lockdown across the country. However, with the gradual recovery of the economic activities and relaxation in lockdown measures, the market is expected to regain its momentum during the forecast period.
Kuwait elevator and escalator market is expecting a moderate rise in the coming years, where the expansion in the construction market, upcoming transportation and hospitality sector projects would complement the growth. Further, by type, elevator accounted for the highest share in 2020 due to its wider scope in residential and commercial sectors.
Market by Elevator Type Analysis
By types, passenger and home elevators accounted for more than 90% of market revenues, with, home elevators leading the market. Passenger elevators account a significant portion of the overall elevator market revenues and volume in 2020 owing to rising urbanization and a growing retail sector in the country.
Further, passenger elevator is expected to continue dominating the market revenue share in the overall Kuwait elevator market during the forecast period owing to increasing demand for vertical transportation solutions in domains such as shopping malls, hotels, and public transport infrastructure.
Market by Application Analysis
By applications, the residential segment is anticipated to grow at the highest rate in the overall market with 24% revenue share for elevators & escalators in the coming years owing to the upcoming housing ventures of high-rise buildings within the nation such as the Al-Ahmad Residential City project, MGP City Arrange, and Abdali City which would be a new urban community of 50,000 individuals.
Further, with Kuwait's construction sector recapturing its force, unfaltering development is anticipated in the market.
Company Profiles
- Otis Elevator Company
- TK Elevator Kuwait
- Hitachi Limited
- Hyundai Elevator Co Ltd
- Kone Corporation
- Mitsubishi Electric Corporation
- Fuji Lifts Kw
- Modayan Elevators
- Abyat Elevators
- Golden Atlantic Company for Elevators & Escalators W.L.L.
Key Attractiveness of the Report:
- COVID-19 Impact on the Market
- 10 Years Market Numbers
- Historical Data Starting from 2017 to 2020
- Base Year: 2020
- Forecast Data until 2027
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report:
- Kuwait Elevator and Escalator Market Overview
- Kuwait Elevator and Escalator Market Outlook
- Kuwait Elevator and Escalator Market Size
- Kuwait Elevator and Escalator Market Forecast
- Kuwait Elevator and Escalator Market Share
- Historical Data and Forecast of Kuwait Elevator and Escalator Market Revenues for the Period 2017-2027F
- Market Drivers and Restraints
- Kuwait Elevator and Escalator Market Trends
- Market Industry Life Cycle
- Porter's Five Forces Model
- Market Opportunity Assessment
- Market Player's Revenue Shares
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Product Type:
- Elevator
- Passenger
- Cargo
- Home
- Escalator
- Moving Stairways
- Moving Walkways
By Service Type:
- Maintenance
- Modernization
- By Application
- Commercial
- Industrial
- Residential
By Regions:
- Northern (Abdali, Ar Rawdatayn, Bubiyan)
- Southern (Al Maqwa, Al Wafrah, Al Ahmadi)
- Central (Al Jahrah, Al Abraq, Al Farwahniya, Salemy)
For more information about this report visit https://www.researchandmarkets.com/r/rayqqf
