UAE VT MARKET POISED FOR NEARLY 5% GROWTH

2018-04-17

A projection from global market research company 6Wresearch foresees a compound annual growth rate (CAGR) of 4.7% in the United Arab Emirates (UAE) vertical-transportation (VT) market through 2024, Trade Arabia reports. In a report titled "UAE Elevator and Escalator Market (2018-2024)," 6Wresearch cites several factors contributing to the boom: growing acceptance of elevators in the residential sector; the increasing height of buildings; and more than US$200 billion worth of infrastructure projects in conjunction with World Expo 2020. Also cited were increasing numbers of tourists, especially in Dubai, which has led to the construction of new hotels.

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