The growth in construction market owing to the upcoming FIFA World Cup and increasing investments will boost Qatar’s elevators and escalators market to grow at a compounded annual growth rate (CAGR) of 5.6 per cent during 2015-21, a report said.
Qatar is emerging as key growing elevator and escalator market in GCC region, explained the report entitled “Qatar Elevator and Escalator Market (2015-2021)” by 6wresearch, a global market research and consulting firm specializing in niche and emerging markets.
The growth of the market is primarily anticipated to upcoming FIFA World Cup 2022. For this event, more than $300 billion are expected to be invested in the country to build the infrastructure. Mega construction activities in the areas of hospitality, retail, healthcare, transportation, and leisure & entertainment would create opportunities for elevator and escalator market players in the country, the report said.
In Qatar’s elevator and escalator market, maintenance and new installation segments are expected to contribute majorly in the growth of overall market. Though, share of maintenance segment is largest and is anticipated dominate through the forecast period.
Among all applications, commercial application captured major share of pie in overall Qatar’s elevator and escalator market. Growing construction activities in the areas of hotels and shopping malls are propelling the demand for elevator and escalator under commercial segment.
In Qatar’s elevator and escalator market, southern region generated majority of the market revenue in 2014, the report said.
Key cities such as Al-Rayyan, Al-Wakrah and Doha are playing vital role for the growth of southern region market. Major construction of hotels, transportation infrastructure, airport, stadiums and hospitals is expected, which would drive elevator & escalator business in the region.
Also, population of this region has increased by 100 per cent in last one decade, creating requirement for new residential complexes. The demand is forecast to increase further, boosting elevator & escalator market in Qatar.
The key companies in Qatar Elevator and Escalator market are namely, Schindler, Fujitec, ThyssenKrupp, KONE, OTIS, Hyundai, and Mitsubishi.
The report provides in-depth analysis with 100 figures and 25 tables covered in 152 pages. It also gives insights on price trends, market trends, competitive landscape, company profiles, market drivers and restraints.