Elevator and Escalator Market to Grow at 12.23% CAGR While China Dominates Global Growth to 2019
PUNE, India, December 14, 2015 /PRNewswire/ --
A rise in demand for energy-efficient elevators and escalators in the global elevator and escalator market has been observed as construction companies has focused on achieving energy-efficiency certifications for their projects. The market research analyst has estimated the global market for elevators and escalators to post a healthy market growth rate of more than 12% by 2019. Healthy growth rate of this market can be attributed to the steady growth of the construction market in both developed and developing economies across the globe.
Complete report on global elevator and escalator market spread across 83 pages, profiling 4 major companies and supported with 37 data exhibits is now available at is now available at http://www.rnrmarketresearch.com/global-elevator-and-escalator-market-2015-2019-market-report.html.
Vertical growth in the global construction market is the key driver for the growth of this market. Vertical growth refers to the construction of low, mid, and high-rise buildings that can efficiently utilize all the available spaces within an urban city. Factors such as the growth of the global urban population and problems such as congestion drive the prospects for growth in this market during the forecast period.
According to the report, the global construction market is growing steadily, especially in emerging economies such as BRIC nations. A large number of new public infrastructure projects are currently underway across the globe, which will drive the growth of the global elevator and escalator market.
In this market study, market research analysts estimate the escalators segment to show a higher market growth rate compared to the elevators segment during the forecast period. Major infrastructure development in growing economies like China and India is expected to result in this segment's high growth rate of nearly 15% by 2019.
China is expected to dominate the global market for elevators and escalators during the forecast period owing to factors such as the steady economic growth of the country and rapid urbanization. This region singlehandedly accounted for more than 70% of the new installations across the globe and witnessed more than 590 thousand units of new elevator and escalator installations during the forecast period. Order a copy of Global Elevator and Escalator Market 2015 - 2019 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=437861.
The vendors in this market compete on the basis of elevator and escalator installation, maintenance, and modernization services to gain prominence in this market during the forecast period. The key players in the global elevators and escalators market are Fujitec, Hitachi, KONE, Mitsubishi Electric, Otis, Schindler, Toshiba Elevator and ThyssenKrupp. Other Prominent Vendors in the market are Fujitec, Hyundai Elevator, Mitsubishi Electric, and Toshiba Elevator.
Further, the report states that factors such as high manufacturing and installation costs are likely to curtail market growth, brought about by advances in technology and a rise in raw material prices.
China specific report on Elevator and Escalator "Strategic Assessment of the Elevator and Escalator Market in China 2015 - 2019" forecasts that market in China to grow at a CAGR of 14.04% in terms of volume during 2014-2020. To calculate the market size, the report considers revenue generated from the installation of new units, and maintenance and modernization of existing elevators and escalators in China. Key customer segments cover Commercial customers and Non-commercial customers. Kone, Otis, Schindler ThyssenKrupp, Canny Elevator, Fujitec and Hitachi are companies mentioned in this research available at http://www.rnrmarketresearch.com/strategic-assessment-of-the-elevator-and-escalator-market-in-china-2015-2019-market-report.html .
Explore more reports on construction technology market at http://www.rnrmarketresearch.com/reports/manufacturing-construction/construction/construction-technology .
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