700,000 New Elevators to Be Installed in MENA by 2018, Forecasts SRI in Cutting-Edge Research Report Available at MarketPublishers.com05 Sep 2016 • by Natalie Aster
LONDON – The value of the worldwide market for elevator and escalator stood at USD 86 billion in 2012. This market is predicted to see stable growth in the years ahead spurred mainly by the robust demand form the Asian region. Countries in the Asian region make substantial investments in their infrastructure, especially airports and public transport; this has resulted in the increasing demand for novel escalator and elevator installations.
China ranks the top elevator consumer and producer in the world. For instance, in 2013 this country contributed 67% to the global elevator installations. Demand for elevators in China is predicted to see robust growth through the next year.
Around 700,000 new elevators are anticipated to be installed in the MENA region by 2018. The elevator industry in this region is dependent mainly on the construction industry; recently, the regional market has been under pressure given the falling oil prices together with weakening economy.
Currently, Africa can’t boast many skyscrapers, and the demand in the region is primarily for elevator maintenance and repair. Poor infrastructure is the key hinder to the market growth, however the demand for elevator is anticipated to rise in the offing. Kenya is emerging as the major market for elevators in the African region owing to rapid unbanisation and increasing population number together with expanding middle-class.
New topical report “Assessment of the Middle East, Africa& India Elevator Market 2016” elaborated by Smart Research Insights (SRI) gives an all-round overview of the current situation in the elevator market in India and the MENA region. It touches upon the key growth influencing factors, top trends, emerging opportunities and major challenges. The report reviews the main competitive pressures and uncovers details on the leading companies. The research study discusses the key industry issues and points out lucrative growth prospects. Moreover, future forecasts for the MENA and Indian elevator markets are available in the repot.
Many other insightful research reports are provided at the Smart Research Insights page.