Kuwait Elevator and Escalator Market Analysis, Size, Growth

Name: Kuwait Elevator and Escalator Market Size & Growth Forecast 2023-2029
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THE KUWAIT ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 517 UNITS IN 2022 AND IS EXPECTED TO REACH 666 UNITS BY 2029, GROWING AT A CAGR OF 3.68% FROM 2022-2029

Kuwait Elevator and Escalator Market Size (Volume)

Installation Base
New Installation Type
Modernization (In Million)
Maintenance (In Million)

Kuwait Elevator Market Size (Volume)

Installation Base
New Installation Type
Modernization & Maintenance (In Million)

Kuwait Escalator Market Size by Volume

Installation Base
New Installation Type
Modernization & Maintenance (In Million)

Kuwait Elevator and Escalator Size, Share, & Trends Analysis Report by

Elevator Market Segmentation

Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
Carriage Type: Passenger and Freight
Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2023-2029

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Most Exhaustive Report

111 Pages

17 Tables

54 Charts

1 Regions

1 Countries

15 Companies

6 Market Segment

KUWAIT ELEVATOR AND ESCALATOR MARKET REPORT SCOPEX

Report Attribute	Details
MARKET SIZE BY NEW INSTALLATIONS (2029)	666 units
MARKET SIZE BY NEW INSTALLATIONS (2022)	517 units
CAGR (2022-2029)	3.68%
MARKET SIZE BY INSTALLED BASE (2029)	30.7 thousand units
MARKET SIZE BY MODERNIZATION (2022)	USD 106.4 Million
BASE YEAR	2022
FORECAST YEAR	2023-2029
SEGMENTATION BY CARRIAGE TYPE	Passenger and Freight
SEGMENTATION BY CAPACITY	2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USER	Commercial, Residential, Industrial, and Others
SEGMENTATION BY TYPE	Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KEY VENDORS	KONE, TK Elevator, Schindler, Mitsubishi Electric, Otis, Hyundai Elevator, Fujitec, and Hitachi

MARKET INSIGHTS

The Kuwait elevator and escalator market by new installations accounted for 517 units in 2022 and is expected to reach 666 units by 2029, growing at a CAGR of 3.68% during the forecast period. Kuwait's Vision 2035 plan aims to make the country a regional financial, economic, and cultural hub, attracting foreign investors and promoting government-private sector partnerships on infrastructure projects. The growth of the Kuwait elevator and escalator market aligns with these objectives, potentially yielding returns on investments.

KEY HIGHLIGHTS

As part of its Vision 2035, Kuwait intends to entice local and foreign investors to engage in economic development projects. The construction of the southern and northern banks and the two man-made islands of the Sheikh Jaber Al-Ahmad Al-Sabah Causeway is a crucial component of this vision. These districts will be developed into business, employment, recreation, and tourism centers.
Private housing comprises 78% of the Kuwait Metropolitan Area (K.M.A.). The Public Authority for Housing Welfare (PAHW) has plans to provide an additional 35,600 housing plots nationwide by 2025. Approximately 41.5% of Kuwait's population is between 20 and 49 years old. This youthful demographic is anticipated to influence the housing sector positively.
Kuwait's XZero City, to be developed by Dubai-based developer U.R.B., will have zero carbon emissions and no automobiles. Around 30,000 dwellings will be located in the 16-square-kilometer metropolis, each powered by renewable energy and outfitted with sensors for autonomous lighting and ventilation. In addition to a commercial hub, wellness centers, an autism village, educational institutions, a resort, and a wildlife conservation center, it will recycle trash and water. The project's distinctive, resilient landscape strives to advance well-being, social cohesion, biodiversity, and health.
The Directorate-General of Fire Services (DGFS) shut down 15 unlicensed elevator installation and maintenance companies in November 2021. The DGFS urged the public to verify the fire department's authorization before hiring such firms. The DGFS also stated that people who want to install and maintain electric elevators should check the company's fire department approval, which is available on the DGFS website or at the force's license department.
A company from Dubai, U.R.B., plans to build a city called "XZero City" in Kuwait. It will be a green and car-free city with up to 100,000 people. Here are some essential things about this city: It will be in the south of Kuwait on a 16-square-kilometer area, with 30,000 homes powered by renewable energy and intelligent technology, and shall recycle all their water and waste. The development comprises offices, shops, healthcare centers, and schools. U.R.B. also plans to have a resort and nature conservation area to attract tourists. The result of this project is projected for the growth of the Kuwait elevator and escalator market.
Even though there have been some challenges in starting and finishing projects in Kuwait, developers and investors are still focused on developing their infrastructure. This is important to meet the needs of future generations and reach their goals outlined in Kuwait Vision 2035. While the number of projects awarded in 2022 was lower than in previous years, there's optimism because there are many projects in the planning stage worth around USD 27.6 billion, which could benefit the infrastructure sector.

Increasing Demand for Private Housing and Development of Cities to Boost the Kuwait Elevator and Escalator Market

Kuwait used 99.45 million square meters of land for private housing in 2022, with an average of 480 square meters per land. It expects to use more than 100 million square meters in 2023, as it plans to build more cities for housing the Public Authority for Housing Welfare (PAHW). Kuwait had only 20 percent of its private housing land vacant in 2022, which is very low compared to other Gulf countries, with 35 to 40 percent of its land vacant.
Kuwait wants to become an excellent place for investments and businesses. The Ministry of Public Works and the Public Authority for Housing Welfare have planned multiple projects and buildings nationwide. Jaber Al Ahmad, West Abdullah Al Mubarak, and East Taima are significant centers for upcoming smart homes and multiple public place projects. These projects are meant to meet some of the growing demand for housing and support the Kuwait elevator and escalator market growth.
In Kuwait, there's a big project called Silk City, or Madinat Al-Hareer. It will be a massive city with business, culture, homes, and entertainment. The project will be developed in stages and cover 250 square kilometers in Subiya. The city is expected to cost about USD 132 billion. The Burj Mubarak, a super tall 1 kilometer high, will be at the city's center. It will take about 25 years to finish and will have 234 floors, with space for 7,000 people. Silk City will also have an Olympic stadium, a nature area, a new airport, and many other things. It will be divided into four parts: Finance City, Leisure City, Ecological City, and Residential City.

Kuwait's Tourism and Infrastructure Projects Boost the Demand for New Installations

With an investment of around USD 4.42 billion (KD 1.250 billion), The Ministry of Health and Public Works announced a project to replace or expand nine operating hospitals (five general and four specialized hospitals) in the upcoming decade. The objective is to add 5,400 beds, 150 operating rooms, and 500 outpatient clinics to the current 7,095 hospital beds countrywide as of 2022. The government's investment in the healthcare sector in Kuwait is expanding and advancing, offering international investors an opportunity to collaborate with the government on infrastructure projects and earn attractive returns on their investments.
At Kuwait International Airport, work is nearing completion on the new T2 passenger terminal, which is scheduled to open in 2024. The forthcoming terminal is a prime example of the government's dedication to environmental sustainability and energy efficiency. It is planned to be Leadership in Energy and Environmental Design (LEED) Gold Certified. With a capacity of 25 million passengers annually, the T2 terminal offers ease and comfort to customers. It would also enable effective operations by hosting up to 21 Airbus and A380 aircraft simultaneously, with 51 boarding gates and ample parking spaces. The project will support propelling the Kuwait elevator and escalator market growth.
In 2022, Kuwait approved more than USD 60 billion worth of spending for infrastructure, health, environment, and energy projects, with 5% of partnerships with the private sector. The projects include 14 major public projects with an aggregate value of approximately USD 59 billion and four partnership projects worth around USD 3.2 billion. With Kuwait's substantial investment in a wide range of infrastructure, development, and partnership projects, the demand for new installations is poised to rise significantly.

VENDOR LANDSCAPE

The key players in the Kuwait elevator and escalator market are KONE, T.K.E., Mitsubishi, Schindler, Otis, Hyundai, Fujitec, and Hitachi. Further, the top 5 vendors in the Kuwait elevator and escalator market include KONE, T.K.E., Mitsubishi, Schindler, and Otis hold over 52% of the market.
Otis Worldwide Corp. has introduced the Otis O.N.E. Internet of Things (IoT) service platform in the Middle East, available in Bahrain, Saudi Arabia, Kuwait, Kuwait, and the U.A.E. combining remote-monitoring experience, cloud technology, machine learning, and IoT; it offers real-time monitoring, proactive issue identification, and faster resolution for elevators and escalators. The platform also powers the eView in-car screen display, providing passengers with news and updates during regular operation and as an innovative video connection to Otis experts in case of technical breakdowns.
AG MELCO Elevator Co. L.L.C. has installed 68 thousand units and 20,000 projects in the past four decades in the EMEA region.

Kuwait Elevator and Escalator Market Size & Growth Forecast 2023-2029

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Frequently Asked Questions

How big is the Kuwait elevator and escalator market?

The Kuwait elevator and escalator market size by new installations accounted for 517 units in 2022 and is expected to reach 666 units by 2029.

What will be the growth rate of the Kuwait elevator and escalator market?

The Kuwait elevator and escalator market share by new installations is expected to grow at a CAGR of 3.68% during the forecast period.

What is the number of installed bases in the Kuwait elevator and escalator market in 2022?

The number of installed bases in the Kuwait elevator and escalator market accounts for approximately 27.6 thousand units in 2022.

What are the key opportunities in the Kuwait elevator and escalator industry?

The key opportunities in the Kuwait elevator and escalator industry are the scope for digitization and smart cities aligning with Kuwait's Vision 2035 and the government’s plan to boost the vertical transportation market.

What are the key Kuwait elevator and escalator market players?

The key players in the Kuwait elevator and escalator market are KONE, TK Elevator, Schindler, Mitsubishi Electric, Otis, Hyundai Elevator, Fujitec, and Hitachi.

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The Kuwait elevator and escalator market size by new installations was estimated at 517 units in 2022 and is expected to reach 666 units by 2029, growing at a CAGR of 3.68% during the forecast period.

The following factors are likely to contribute to the growth of the Kuwait elevator and escalator market during the forecast period:

Need for Housing and Rise in Licensing to Driving the Demand
Upcoming Major Hospitals and Low Bed Density to Drive the Demand for Hospital Elevators
Gaining Traction of Modular Construction to Drive Kuwait Elevator Market

Base Year: 2022

Forecast Year: 2023-2029

The report considers the present Kuwait elevator & escalator market scenario and market dynamics from 2023 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the Kuwait elevator & escalator market.

Key Vendors

KONE
TK Elevator
Schindler
Mitsubishi Electric
Otis
Hyundai Elevator
Fujitec
Hitachi

Other Prominent Vendors

Delmon United
Atlas Elevators
Modayan Elevators
Marafie Elevators & Escalators
Hosting Elevator
Ahmadiah Contracting & Trading Co.
United Elevators

Elevator Market Segmentation by

Machine Type

Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others
- Climbing
- Elevators
- Industrial Elevators

Carriage Type

Passenger
Freight

Capacity

2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above

End-User

Commercial
Residential
Industrial
Others
- Public Transit
- Institutional
- Infrastructural

Escalator Market Segmentation by

Product Type

Parallel
Multi Parallel
Walkway
Crisscross

End-User

Public Transit
Commercial
Others
- Institutional Sector
- Infrastructure
- Industrial

1. Introduction
1.1. Market Scope
1.2. Market Snapshot of Elevators
1.3. Market Snapshot of Escalators
1.4. Executive Summary

2. Kuwait Elevators Market
2.1. Future Outlook -Kuwait Elevator Market By Volume
2.2. Kuwait Escalators Market- By Segments
2.2.1. Kuwait Escalators Market, By Volume
2.2.1.1. Kuwait Escalators Market Size and Forecast, Volume (Units in Thousand), 2020–2029
2.2.2. Kuwait Elevators Market, By Type
2.2.2.1. Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2020–2029
2.2.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2020–2029
2.2.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020–2029
2.2.2.4. Others, Market Size and Forecast, Volume (Units), 2020–2029
2.2.3. Kuwait Elevators & Escalators Market by Carriage Type
2.2.3.1. Passenger, Market Size and Forecast, Volume (Units), 2020–2029
2.2.3.2. Freight, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4. Kuwait Elevators Market by Persons
2.2.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5. Kuwait Elevators Market by End Users
2.2.5.1. Commercial, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.2. Residential, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.3. Industrial, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.4. Others, Market Size and Forecast, Volume (Units), 2020–2029

3. Kuwait Escalators Market
3.1. Future Outlook - Kuwait Escalators Market by Volume
3.2. Kuwait Escalators Market- By Segments
3.2.1. Kuwait Escalators Market, By Volume
3.2.1.1. Kuwait Escalators Market Size and Forecast, Volume (Units), 2020–2029
3.2.2. Kuwait Escalator Market by Type
3.2.2.1. Parallel, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.2. Multi-parallel, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.3. Walkway, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.4. Crisscross, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3. Kuwait Escalator Market by End Users
3.2.3.1. Commercial, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3.2. Public Transit, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3.3. Others, Market Size and Forecast, Volume (Units), 2020–2029

4. Kuwait Elevators &Escalators Market, By Service (Maintenance & Modernization)
5. Geographical Analysis
5.1. Key Economic Countries in Kuwait

6. Market Dynamics
6.1. Market Drivers, Opportunities, Restraints, Trends

7. Technological Development
8. Competitive Landscape
8.1. Company Profile of Major Vendors
8.2. Other Prominent Vendors

9. Report Summary
9.1. List of Abbreviations

10. Appendix (Report Scope & Definition)
10.1. Research Methodology
10.2. Market Definition, Inclusion & Exclusion

1. Kuwait Elevator & Escalator Installed Base by Volume 2020-2029 (Units)
2. Kuwait Elevator & Escalator New Installations by Volume 2020-2029 (Units)
3. Market Share 2022: Maintenance
4. Market Share 2022: Modernization
5. Kuwait Installed Base: Volume (Units in Thousands)
6. Kuwait New Installations: Volume (Units in Thousands)
7. Global Elevator &Escalator Market, Product and Service 2022: Installed base
8. Global Elevator &Escalator Market, Product and Service 2022: New Installed Base
9. Maintenance Market:2022
10. Installed base of elevators by volume (units in thousands)
11. New Installations of elevators by volume (units in thousands)
12. Maintenance & Modernization Value($Million)
13. Maintenance & Modernization 2022(%)
14. Installed base of escalators by volume (units in thousands)
15. New Installations of escalators by volume (units in thousands)
16. Maintenance & Modernization Value($Million)
17. Maintenance & Modernization 2022(%)
18. Installed base and new installations of Elevators (Units)
19. New Installations of Elevators (Units)
20. Average Life Expectancy of Elevator Components
21. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
22. Machine Room less Traction Elevators Installed base and New Installations (Units)
23. Machine Room Traction Elevators Installed base and New Installations (Units)
24. Others Machine Elevators Installed base and New Installation (Units)
25. Installed base and new installations of Passenger Elevators (Units)
26. Installed base and new installations of Freight Elevators (Units)
27. Installed base and new installations of 2–15 persons elevators (Units)
28. Installed base and new installations of 16-24 persons elevators (Units)
29. Installed base and new installations of 25-33 persons elevators (Units)
30. Installed base and new installations of 34 persons and above elevators (Units)
31. Installed base and new installations of Commercial Elevators (Units)
32. Installed base and new installations of Residential Elevators (Units)
33. Installed base and new installations of Industrial Elevators (Units)
34. Installed base and new installations of other end-user Elevators (units)
35. Installed base and new installations of escalators (Units)
36. New installations of escalators (Units)
37. Installed base and new installations of Parallel Escalators (Units)
38. Installed base and new installations of Multi parallel Escalators (Units)
39. Installed base and new installations of Moving Walkway Escalators (Units)
40. Installed base and new installations of Criss cross Escalators (units)
41. Installed base and new installations of Public Transit Escalators (Units)
42. Installed base and new installations of Commercial Escalators (Units)
43. Installed base and new installations of Other End user Escalators (units)
44. Kuwait Elevators & Escalators Maintenance Market ($ Bn)
45. Kuwait Elevators & Escalators Modernization Market ($ Bn)
46. Elevators and Escalators market: Geographic Analysis
47. Market share 2020(% share)
48. KONE, total sales by segment 2022(%share)
49. TKE total sales 2020-2022($billion)
50. Schindler, total sales 2017-2022($billion)
51. Mitsubishi, total sales by segment 2020(% share)
52. Otis total sales 2020-2022($billion)
53. Fujitec net sales 2017-2022($billion)
54. Hitachi Total Sales by Segment 2022(% Share)

LIST OF TABLES

1. 150m+ Tall buildings by Country
2. By Machine, New Installations, Total Incremental Opportunity, 2022-2029
3. By Carriage Type, New Installations, Total Incremental Opportunity, 2022-2029
4. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2022-2029
5. By End User, New Installations, Total Incremental Opportunity, 2022-2029
6. By Product, New Installations, Total Incremental Opportunity, 2022-2029
7. By End User, New Installations, Total Incremental Opportunity, 2022-2029
8. Geographic Analysis
9. Impact of carbon emissions
10. Developments/ projects
11. Elevators market size & forecast, by type (Units)
12. Elevators by Carriage Type Market Size & Forecast (Units)
13. Elevators market size & forecast, by persons (Units)
14. Elevators by End-Users Market Size & Forecast (Units)
15. Escalators market size & forecast, by type (Units)
16. Escalators market size & forecast, by end users (Units)
17. List of abbreviations

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Kuwait Elevator and Escalator Market Size & Growth Forecast 2023-2029

THE KUWAIT ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 517 UNITS IN 2022 AND IS EXPECTED TO REACH 666 UNITS BY 2029, GROWING AT A CAGR OF 3.68% FROM 2022-2029

Most Exhaustive Report

KUWAIT ELEVATOR AND ESCALATOR MARKET REPORT SCOPEX

MARKET INSIGHTS

KEY HIGHLIGHTS

VENDOR LANDSCAPE

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