Egypt Elevators Market Outlook

egypt's elevator market has been on the rise since 2018, with major players such as schindler, otis, and kone creating competitive pricing and installations in the country. with the 2021 fifa world cup set to be held in egypt, the government is investing heavily towards infrastructure development, which is bound to spur the demand for elevators as well. the country has seen consistent demand for elevators over the past few years, primarily driven by the ongoing projects in the residential sector. the demand is forecast to grow further over the next decade, driven by increasing investments in desalination plants, power plants, and other commercial buildings. furthermore, the advent of smart cities and the mass urbanization of the country are expected to propel the demand for new elevators in the latter half of the forecast period. in terms of technology, traction elevators and otis's gen2 infinity machine-room-less gearless elevators are slowly but surely gaining ground in the market. similarly, installation of monitoring systems, such as remote diagnostics and preventive maintenance, is becoming popular, as a means to ensure safety and reliability of the elevators. it is also worth noting that the elevator market in egypt is largely traditional and operates with outdated equipment and machinery. to address this, the government is aiming to bring in foreign companies to modernize the sector. to this end, it has proposed to issue tax exemptions and other incentives to foreign players who are willing to set up shop in the country. given the positive outlook in egypt, it is expected that the elevator market will continue to grow over the forecast period of 2018-2032. the sustained demand from both the residential and commercial sectors is likely to attract further investments from major players, while the modernisation initiatives from the government are likely to further boost the growth of the elevator market.