SELBYVILLE, Del., Nov. 11, 2019 /PRNewswire/ -- According to a 2019 report by Global Market Insights Inc., the global elevators market revenue is expected to exceed USD 135 billion by 2025. Booming construction activities in developing countries are driving elevator market growth.
One of the major factors propelling the growth of the global elevators market is the booming construction industry in the Middle Eastern region. It can be ascribed to increasing construction spending in the region. In 2018, the region awarded construction projects of more than USD 40 billion. Additionally, it is anticipated that the region has pipelined construction projects accounting for more than USD 1 trillion over the next decade, which is a part of the regional economic diversification plan.
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Some major findings of the elevators market report include:
- Developments in the Asia Pacific and Middle East building & construction industry is the chief factor driving the market growth
- MRL traction elevators will have the largest market share owing to increasing construction of mid- and high-rise buildings
- Building and construction industry will dominate the market due to increasing expenditure on residential and non-residential constructions
- Major players operating in the elevators market share are Otis, Kone, Mitsubishi Electric Company, Schindler, Fujitech Co. Ltd., Thyssenkrupp AG, and Hitachi Ltd.
- Companies are engaged in acquisitions and partnerships for expanding their business operations and gain competitive advantage
Moreover, recent developments in the regional construction sector have also boosted tourism in the region. The major factors behind developments in the regional construction sector are economic growth, growing urbanization, an upsurge in the young workforce, a rise in population, and regulatory reforms such as Saudi Vision 2030 and UAE vision 2021. Construction activities in the region are expected to escalate in the coming years with so many ongoing projects and will cause demand for elevators to grow during the forecast timespan.
Hydraulic & pneumatic elevators type will account for approximately USD 25 billion in 2026, growing with a CAGR of over 3%. Hydraulic elevators generate movement through fluid compression. The lift cab is elevated with the help of an electric motor that drives oil into the piston and enables the movement of the piston. These lifts also use electrical valves in order to control the release of oil. This product category finds application in low- and medium-rise structures with 2 to 8 stories. It can travel at a maximum speed of 200 feet or 61 meters per minute. These lifts have lesser initial and maintenance costs than traction product types, are easy to install, and occupy less space. However, higher energy consumption, lesser travel speed, more power requirements and higher noise levels associated with hydraulic elevators as compared to other lifts might hinder the growth of this product category in the coming years.
Browse key industry insights spread across 250 pages with 309 market data tables & 29 figures & charts from the report "Elevator Market Share & Forecast, 2019 – 2026" in detail along with the table of contents:
The application of elevators in the industrial segment is primarily confined to the transfer of goods or operators within different vertical levels of the plant. The industrial segment will witness growth at CAGR over 3% during the forecast timespan. Driven by their lower cost and better weight carrying capacities, hydraulic & pneumatic elevators are preferred in this segment. Rising industrialization in developing countries, coupled with increasing industrial output and production in India and China is likely to propel the growth of the industrial segment in the coming years.
Prominent industry participants in the elevators market include Thyssenkrupp AG, Schindler, Kone, Otis, Express Lifts Limited, Mitsubishi Electric Company, Escon Elevators Pvt Ltd., Fujitech Co. Ltd., Toshiba, Hitachi Ltd., Eita Elevator Sdn Bhd, Hyundai, Orona SC, Glarie, etc. Mergers, acquisitions, and investment in R&D are key strategies adopted by elevator manufacturers to enhance their market share in the industry.
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Partial chapters from the table of contents:
Chapter 2. Executive Summary
2.1. Elevator market 360˚ synopsis, 2016 - 2026
2.1.1. Business trends
2.1.2. Product by industry trends
2.1.3. Industry trends
2.1.4. Regional trends
Chapter 3. Elevator Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2016 - 2026
3.3. Industry ecosystem analysis
3.3.1. Profit margin
3.3.2. Value addition at each stage
3.3.3. Distributor channel analysis
3.3.4. Vendor matrix
184.108.40.206. List of key manufacturers/supplier
220.127.116.11. List of key/potential customers
18.104.22.168. List of key raw material suppliers
22.214.171.124. List of key service providers
3.4. Raw material analysis
3.5. Innovation & sustainability
3.5.1. Patent analysis
3.5.2. Technology landscape
3.5.3. Production process
3.5.4. Future trends
3.6. Industry impact forces
3.6.1. Elevators Market Growth drivers
126.96.36.199. Developments in the Asia Pacific building & construction industry
188.8.131.52. Elevator maintenance and service market growth in Europe and North America
184.108.40.206. Booming construction activities in the Middle East
3.6.2. Industry pitfalls & challenges
220.127.116.11. High installation and maintenance cost
3.7. Regulatory landscape
3.8. Growth potential analysis
3.9. Competitive landscape, 2018
3.9.1. Company market share, 2018
3.9.2. Brand analysis
3.9.3. Key stakeholders
3.9.4. Strategy dashboard
3.10. Porter's analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Industry rivalry
3.11. Regional price trends
3.11.1. Cost structure analysis
18.104.22.168. R&D cost
22.214.171.124. Manufacturing & equipment cost
126.96.36.199. Raw material cost
188.8.131.52. Distribution cost
184.108.40.206. Operating cost
220.127.116.11. Miscellaneous cost
3.11.2. Price by product
3.11.3. Price by industry
3.12. PESTEL analysis
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About Global Market Insights
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Elevator Market size to exceed $135bn by 2026
Elevator Market size will likely exceed USD 135 billion by 2026; according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.