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Increased construction works in Kuwait likely to boost elevator market

With the construction of skyscrapers, airport expansions and forthcoming Kuwait Metro, the elevator and escalator market in Kuwait is likely to see a CAGR (Compound Annual Growth Rate) of 4.5 percent over the next six years, said a recent report.

According to 6Wresearch firm, the elevator segment in Kuwait has led to increased growth of overall market, although, during the forecast period, its share is likely to decline, due to growth of escalator segment.

In Kuwait, maintenance segment has generated majority of market revenues last year, and is likely to maintain its market leadership althrough the forecast period.

Among all applications, the commercial application has captured major revenue share of the market, but, over the next six years, residential application is likely to grow at a higher rate.

Huge investments, coupled with increase in construction activities have boosted the elevator and escalator market in Kuwait, the report said.

Elevator and escalators are basically imported by market players in the country. They market, sell and offer services through their local distributors, said Shefali Goel, the Research Associate at 6Wresearch.

She said, Kuwait is the key revenue generation country in the GCC elevator and escalator market.

The city has generated majority of the market revenues due to growing population, surging infrastructure development activities and urbanization and construction of skyscrapers, commercial buildings and malls, she said.

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