/PRNewswire/ The "Saudi Arabia Smart Elevator Market, By Component (Communication Systems, Maintenance System, Control Systems (Security Control, Elevator.
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The Saudi Arabian Elevator & Escalator Market was valued USD 1049.87 Million in 2019 and is forecast to grow at CAGR of 6.86% in value terms, to reach USD 1340.09 Million by 2025.
Booming construction sector, increasing number of high-rise building projects and rapid infrastructure development are the key factors driving the Saudi Arabian Elevator & Escalator Market. Under its Vision 2030 program, Saudi Arabia is trying to diversify its economy from oil to non-oil-based and therefore, working on developing tourism & corporate hubs in the country, which in turn is expected to increase the number of buildings, thereby boosting the demand for elevator and excavator during the forecast period. As the investments for travel & tourism and smart infrastructure are increasing, elevator and excavator market is likely to grow in the coming years in Saudi Arabia.