Dublin, March 29, 2022 (GLOBE NEWSWIRE) — The “Global Elevator and Escalator Market by Type (Elevators, Escalators, Moving Walks), Service (New Installation, Maintenance & Repair, Modernization), Elevator Technology (Traction, Machine Room-Less, Hydraulic), Usage Industry final and region – Forecast until 2026″ report has been added to from ResearchAndMarkets.com offer.
The global elevators and escalators market is expected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, growing at a CAGR of 6.4% from 2021 to 2026.
The increasing migration of a large population base from rural areas to cities has consequently increased the need for infrastructure development, such as the construction of high-rise buildings, to meet accommodation needs.
Urban cities are now turning into megacities, with exponentially growing populations. Tokyo, Mexico City, Seoul, Lagos are among the new megacities that are building skyscrapers, futuristic transport hubs and many other infrastructures to cater to the growing population.
Efficient vertical mobility is an important element of high-rise buildings. Hence, rapid urbanization and increasing construction of high-rise buildings is expected to increase the deployment of elevators and escalators, which would be one of the market growth factors over the forecast period.
In terms of value, the machine-roomless traction elevator segment dominated elevators and escalators in 2020
The machine roomless traction elevator, by elevator technology, accounted for the largest market share in the elevator and escalator market. Machine roomless elevator technology is a relatively new technology and is the result of technological advancements.
This technology has resulted in a significant reduction in the size of electric motors used with traction equipment. This equipment has newly designed permanent magnet motors (PMM). Thanks to this technology, there is no need for a machine room above the shaft.
This design is adopted by buildings around the world and is becoming standard elevator technology. Machine roomless elevators were first introduced to the US market by KONE. As machine-roomless elevators gain more acceptance, manufacturers are introducing new products equipped with this technology in varying sizes and speeds.
In terms of value and volume, elevators are expected to be the fastest growing segment from 2021 to 2026, for elevators and escalators
Elevators can be described as any platform, open or closed, useful for transporting people or goods to different floors of a building. Several safety standards must be met by lift manufacturers. For example, in the United States, an elevator manufacturer must meet safety standards set by the American National Standards Institute and the American Society of Mechanical Engineers.
The elevator market is dominated by players such as KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. . (Japan), Hyundai Elevator Co. Ltd. (Republic of Korea/South Korea), Toshiba Corporation (Japan) and Electra Ltd. (Israel). The elevator segment is expected to grow at the highest CAGR owing to the development of new residential and commercial projects globally.
In terms of value, the APAC elevators and escalators market is expected to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is expected to grow at the highest CAGR from 2021 to 2026. Rising construction spending, improving living standards and rapid urbanization are the major drivers for the region .
Asia-Pacific countries are taking aggressive initiatives to modernize commercial and institutional buildings. Many countries in the region have taken steps to implement low-carbon and IoT-based smart cities in recent years, providing opportunities for the growth of the elevators and escalators market.
The market includes major manufacturers, such as Schindler Group (Switzerland), Otis Elevator (USA), Thyssenkrupp AG (Germany), KONE Corporation (Finland) and Hitachi Ltd. (Japan), among others.
- Expansions and acquisitions to provide lucrative opportunities in the elevators and escalators market
- The machine room-less traction elevator segment will be the fastest growing elevator technology
- Elevator Type Segment to Lead the Elevator and Escalator Market
- Asia-Pacific and residential sector dominated their respective segments in the elevator and escalator market in 2020
- Increase in the construction of high-rise buildings equipped with intelligent vertical transport systems due to rapid urbanization
- Growing need to reduce energy consumption in buildings
- Growing aging population to facilitate the development of better infrastructure in buildings
- Uncertainty and risk regarding the global economy
- High maintenance cost
- Adoption of green building codes and energy efficient products
- Development of innovative technologies and growing demand for smart elevators
- Compliance with standards and regulations
- Economic downturn
Porter’s Five Forces Analysis
- Component manufacturer
- Software and services
- End use application
- Container compliance options for safety and accessibility in Europe
- Elevator/Elevator Standards in Asia-Pacific (India)
- Adoption of environmentally friendly products
- Artificial intelligence
- Intuitive elevator technology
- internet of things
- Connectivity 5G technology
Case study analysis
- Case Study 1: Gurgaon Medanta Elevators
- Case Study 2: Mumbai Energy Efficient Building Initiative – Ruby Building Systems – Elevators
- Case Study 3: Honeywell – Headquarters Renovations
- Case study 4: Kone Corporation – 180 commercial offices in Brisbane, Australia
- Aaron Industries Ltd.
- Group Cibes Lift AB
- Eita Elevator
- Electra Lifts
- Escon Elevators
- Accelerated technologies
- Fujitec Co.Ltd.
- Glarie Elevator Group
- Hitachi Ltd.
- Honeywell International
- Hyundai Elevator
- Kone Corporation
- Leo Elevators
- Mitsubishi Electric Corporation
- Otis Elevator
- Schindler Group
- Shenyang Yuanda Intellectual Industry Group Co. Ltd.
- Sigma Elevator Company
- Stannah Group
- The Ruby
- Thyssenkrupp SA
- Toshiba Elevators and Building Systems Corporation
- Trio Elevators Co. (India) Private Limited
- Walton Group
For more information on this report, visit https://www.researchandmarkets.com/r/ruihgz
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