Kuwait Elevator and Escalator Market (2019-2025)
Market Forecast By Types ( Elevator and Escalator), By Applications (Commercial, Industrial and Residential), By Services (New Installation, Maintenance and Modernization), By Regions (Kuwait and Rest of Kuwait) and Competitive Landscape
The Kuwait government responded to the falling fiscal revenues after the oil crash of 2014 by reducing subsidies on hydrocarbons and drawing down on its foreign assets. However, steady oil prices, stabilizing economic conditions, expanding social infrastructure, development of ambitious transportation projects along with a recovering construction industry are now acting as the key drivers for the growth of Elevator and Escalator market in the country.
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Kuwait Elevator and Escalator market size is projected to grow at a CAGR of 5.5% during 2019-25. Significant investment for the implementation of Kuwait National Development Plan 2035 initiative by the government and development of large-scale projects such as the expansion of Kuwait International Airport Terminal 2, Kuwait metro rail project and several other commercial and residential projects, would drive the demand for Kuwait elevator and escalator market forecast period revenues.
In Kuwait, the commercial application segment is expected to dominate the overall Kuwait Elevator and Escalator market share during the forecast period owing to ambitious initiatives by Kuwait government to diversify the economy and strengthen the non-oil sector infrastructure, creating new avenues for the application of elevators and escalators in the commercial domain in future.
Kuwait Elevator and Escalator market report thoroughly covers market by types, services, applications, and regions. The Kuwait Elevator and Escalator market outlook report provides an unbiased and detailed analysis of the on-going Kuwait Elevator and Escalator market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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Last Update : Sep 16, 2019
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