Research and Markets: Elevator and Escalator Market in Saudi Arabia 2012-2016
Research and Markets (http://www.researchandmarkets.com/research/s6px32/elevator_and) has announced the addition of the "Elevator and Escalator Market in Saudi Arabia 2012-2016" report to their offering.
TechNavio's analysts forecast the Elevators and Escalators market in Saudi Arabia to grow at a CAGR of 6.90 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in civil and construction activities across Saudi Arabia. The Elevators and Escalators market in Saudi Arabia has also been witnessing the emergence of eco-friendly elevators and escalators. However, the need for increased capital costs could pose a challenge to the growth of this market.
The key vendors dominating this market space are Fujitec Co. Ltd., Mitsubishi Electric Saudi Ltd., and Schindler Group.
The other vendors mentioned in the report are Gulf Elevator and Escalators Company Ltd (GEEC), Kone Corp., ThyssenKrupp AG, Otis Elevator Company, Hyundai Elevators Co. Ltd, and Toshiba Elevator and Building Systems Corp.
Commenting on the report, an analyst from TechNavio's Engineering team said: ''Movement within buildings is more time consuming in the taller buildings and skyscrapers that are now being built. Therefore, legacy elevators moving at a speed of 2-5 meters per second cannot be used as an effective means of transportation in today's tall buildings. For this reason, several vendors are developing high-speed elevators that will enable the faster movement of people and goods within buildings by reducing the weight of elevator cars and incorporating high-powered motors to increase speed.''
According to the report, one of the main drivers is the increase in civil construction activities in Saudi Arabia. The increase in the construction of commercial, residential, and industrial buildings drives the increased adoption of elevators and escalators.
Further, the report reveals that one of the main challenges in the market is the high cost of elevators and escalators.
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