Summary

Saudi Arabia smart elevator market is expected to register significant growth during the forecast period. The growth can be attributed to the rising demands for smart infrastructure and a growing number of technological advancements for improved product performance. Additionally, the development of advanced and intelligent residential complexes is contributing to the growth of the Saudi Arabia smart elevator market. The inclusion of smart technologies such as virtual reality, predictive cloud maintenance, artificial intelligence, etc., in elevators to identify future needs accurately and adoption of cable-free lifts are anticipated to drive the growth of Saudi Arabia smart elevator market. Increased spending capabilities of customers and improved global economies have led to the installation of smart elevators for enhanced mobility experiences, advanced security, and high energy efficiency, encouraging the growth of Saudi Arabia smart elevator market. The commercial usage of smart elevators accounts for one-third of the total market revenue, and their increasing use in institutional buildings is expected to encourage the growth of Saudi Arabia smart elevator market. High initial costs for installation of smart elevators, timely maintenance, and after-sales services could restrict the growth of Saudi Arabia smart elevator market.
The Saudi Arabia smart elevator market is segmented by component, speed, application, service, application, regional distribution, and competitional landscape. Based on components, the market is further sub-segmented into communication systems, maintenance systems, and control systems. The control systems are expected to dominate the Saudi Arabia smart elevator market as they provide improved security and management in crowded buildings. The control systems can be further segmented into elevator control, access control, and security control. The elevator control sub-segment is expected to register the highest growth since the feature is required for the basic functioning and maintenance of elevators.
Otis Elevator Company Saudi Arabia Limited, Schindler Olayan Elevators Co. Ltd, ThyssenKrupp Elevator Saudi Limited, Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona Elevator Co. KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator Saudi Arabia Limited., Arshad Abdullah Al-Saleh & Partner Co. ASCO Elevators (ASCO), Elegant Elevators Company, and CGC Elevators & Escalators are the major players operating in the Saudi Arabia smart elevator market. Increasing R&D initiatives for improved product performance and collaborations are the key strategies adopted by the market players to strengthen their position in Saudi Arabia smart elevator market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F–2027F
Objective of the Study:
• To analyze the historical growth in the market size of Saudi Arabia smart elevator market from 2017 to 2021.
• To estimate and forecast the market size of Saudi Arabia smart elevator market from 2022E to 2027F and growth rate until 2027F.
• To classify and forecast Saudi Arabia smart elevator market based on component, speed, application, service, competitional landscape, and regional distribution.
• To identify dominant region or segment in the Saudi Arabia smart elevator market.
• To identify drivers and challenges for Saudi Arabia smart elevator market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia smart elevator market.
• To identify and analyze the profile of leading players operating in Saudi Arabia smart elevator market.
• To identify key sustainable strategies adopted by market players in Saudi Arabia smart elevator market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers, suppliers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufactures which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufactures, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of Saudi Arabia smart elevator market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
• Smart elevator manufacturers, end users, and other stakeholders
• distributors and suppliers of the products and other stakeholders
• Organizations, forums, and alliances related to smart elevator
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, Saudi Arabia smart elevator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Saudi Arabia Smart Elevator Market, By Component:
o Communication Systems
o Maintenance System
o Control Systems (Security Control, Elevator Control, Access Control)
• Saudi Arabia Smart Elevator Market, By Speed:
o Less than 2m/s
o 2-5m/s
o 5.1-8m/s
o Above 8 m/s
• Saudi Arabia Smart Elevator Market, By Application:
o Residential
o Commercial
o Industrial
• Saudi Arabia Smart Elevator Market, By Service:
o New Installation
o Modernization
o Maintenance
• Saudi Arabia Smart Elevator Market, By Region:
o Northern & Central
o Southern
o Eastern
o Western
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia smart elevator market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).

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