The UAE elevators market is projected to grow at a CAGR (compound annual growth rate) of eight per cent till 2021, said a report.

Growing disposable income and the booming construction market coupled with favourable government initiatives is set to drive the demand for elevators and escalators over the next four years, according to TechSci Research, a leading global management consulting firm.

With increasing urbanisation, a surge in construction of high-rise buildings, a booming real estate sector and growing investments by public as well as private entities for the improvement of infrastructure are expected to drive the demand for elevators and escalators in the UAE during the period, it stated.

By 2015, the passenger elevator segment dominated the UAE elevators market, followed by freight elevators, said TechSci in its report entitled "UAE Elevators & Escalators Market, By Type of Carriage, By Type of Machinery, By Type of Door, By End Use, Competition Forecast & Opportunities, 2011 - 2021.'

The report evaluates the future growth potential of the UAE elevator and escalators market and provides statistics and information on market size, structure and future market growth.

According to TechSci, an increasing number of high-rise buildings is driving the demand for passenger elevators across different end-user segments including residential, commercial, industrial and government institutions.

Major companies operating in the UAE elevators market include ETA Melco, Kone Middle East, Otis, Schindler and ThyssenKrupp, among others.

"In order to increase focus on infrastructure and urban development, the Government of UAE has taken an initiative to expand the metro lines, and the construction for the same is going on across the country," remarked Karan Chechi, the research director with TechSci Research.
 
"For instance, Dubai Metro Green Line will be extended in which 11 new metro stations will be added to the route. Moreover, Alstom, Acciona and Gulermak signed a contract with Roads & Transport Authority (RTA) to design and build the extension of Dubai's Red Metro Line," he noted.

"This extension will be completed by 2020 and it will add 12 stations to the Red Line, which currently has 29 stations. All these developments in the country are expected to generate a huge demand for elevators and escalators in the country during the forecast period," he added.-TradeArabia News Service