World Expo 2020 spurring UAE elevator market
The Research and Markets ‘UAE Elevator and Escalator Market (2015-2021) report says World Expo 2020, the growing construction market and expansion of public infrastructures are primarily spurring the UAE elevator and escalator market. Its elevator market, which accounts for majority of revenue, is predicted to lead in the forecast period, expanding at a healthy 6% CAGR. Maintenance and new installation segments are major revenue generating segments, where the maintenance segment has captured significant share of the market pie. Also, Saudi Arabia will drive the Middle East market right through 2021, growing at a 7.7% CAGR. Surging demand and increasing competition are resulting in declining prices of elevators and escalators in the Saudi Arabian market, which is poised to register relatively higher growth rates.