GCC Passenger Elevators Market Outlook

the gcc passenger elevators market is expected to be driven by the strong presence of government initiatives, urbanization and rapid developments in the construction industry in 2018-2032. to this end, the market is projected to achieve healthy growth over the forecast period. the gcc passenger elevators market is dominated by the presence of numerous international and domestic players. these include thyssenkrupp elevator, hitachi ltd., otis, schindler holding, kone and mitsubishi elevator among others. players in the market have adopted a wide range of strategies such as product innovation, collaborations, and mergers & acquisitions to remain competitive in the market. furthermore, the rising trend towards public-private partnerships to foster high-speed elevators in the region coupled with government funding for the modernization of existing systems is expected to drive the market growth over the forecast period. for instance, in 2017, the group of gcc countries announced a sum of $45 billion to be used for public-private partnerships in the region to fund airport, metro, road and other transport projects. in terms of technical growth, the industrial sector is moving towards greener solutions. key industry players are looking to use energy-efficient devices, such as dc traction drives, in order to reduce their consumption of electricity, leading to cost savings in the long run. this is expected to have a favourable impact on the gcc passenger elevator market. furthermore, the government of the united arab emirates is planning to introduce high-end technology for the maintenance of elevators over the next few years. this is expected to lead to the development of electric and efficient elevators in the region, thus, boosting the passenger elevator market. overall, the gcc passenger elevator market is anticipated to witness healthy growth in 2018-2032 due to the presence of the government initiatives, along with urbanization and rapid developments in the construction industry. therefore, a healthy growth is projected for the market in this time frame, leading to improved prospects for key players operating in the market.