ALBANY, New York, May 20, 2019 /PRNewswire/ -- The global elevators and escalators market is fragmented and highly competitive due to the presence of several players, states Transparency Market Research (TMR) report. These players are anticipated to adopt organic and inorganic strategies to capture the global elevators and escalators market. These players may enter into mergers, acquisitions, partnerships, and collaborations. They are competing to offer better and innovative products at a best price. New entrants in the market are expected to face minimal barriers in the global elevators and escalators in the global market. Some of the prominent players in the global elevators an escalator market includes Hitachi, Otis, Mitsubishi, Kone, and Fujitec.
Rising number of malls and supermarkets in the retail market are likely to boost the growth in the global elevators and escalators market. The global elevator and escalators market is projected to grow at a CAGR of 7.4 % during the forecast period 2017 to 2026. The global elevators and escalators market is expected to reach the revenue estimation of US$13.3 Bn by the end of 2026.
In terms of geography, the global elevators and escalators market is the Asia Pacific is predicted to emerge as prominent region. Infrastructural development in emerging economies such as China and India are expected to drive the growth in the global elevators and escalators market during the forecast period. On the basis of service type, the global elevators and escalators market is segmented into maintenance and repairs, refurbishing, and new equipment. Of these, new equipment is expected to dominate the global elevators and escalators market during the forecast period.
New age Smart Elevators & Escalators to Provide Opportunities
With the emergence of technology, the new age elevators and escalators are gaining traction due to minimal travel time and need for energy efficient solutions. Internet of Things (IoT) are proving beneficial in taking control of equipment and buildings, resulting in minimal operational cost and downtime. This emerging trend is anticipated to propel the global elevators and escalators market with wide range of growth opportunities during the forecast period.
Swift Urbanization to Bolster Growth in Elevators & Escalators Market
The increasing urbanization across the globe is projected to be one of the key factors in the global elevators and escalators market to expand in the upcoming years. The large share of demand is likely to come from developing economies. Rising geriatric population across the world is expected to drive the global elevators and escalators market during the forecast period.
However, smart elevators and escalator machinery might make industry owners incur high expenses. Moreover, these devices might not be readily available in remote and underdeveloped regions. These are key factors restraining growth in the global elevators and escalators market. Moreover, due to increasing number of health conscious people all over the globe, the frequency of shoppers taking stairs is increasing. Due to little or no usage in several small retail places like malls, supermarkets, and others, mainly in developing economies, the demand for elevators and escalators is decreasing selectively. Nonetheless, several manufacturers are expected to reduce costs of their escalator devices. This could certainly reduce restraints affecting the global elevators and escalators market.
This review is based on TMR's report titled, "Elevators and Escalators Market (Service Type - Maintenance & Repair, Refurbishing, New Equipment; Application - Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026."
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