ALBANY, New York, March 12, 2020 /PRNewswire/ -- The growing penetration of next-generation technologies such as IoT and AI resulting in design innovations and technological upgrades manifests spiraling growth of elevator and escalator market. Leveraging these cutting-edge technologies, elevators and escalators have transformed into 'smart elevators' for valuable real-time insights. The consistent use of IBM's Watson IoT Platform by KONE – a leading name in the elevator space - is a case in point.
"With integration of such cutting-edge technologies, serving benefits for alerts of maintenance schedule and problem detection, and monitor of operation patterns of elevators and escalators for real-time insights to building and maintenance personnel, the elevator and escalator market is predicted to chart massive growth to be valued at ~US$ 141.7 bn by 2027," Say TMR analysts.
Key Takeaways in Elevator & Escalator Market Study
Passenger type elevator segment under product type category to continue to maintain its dominance over the forecast period between 2019 and 2027. Design and technological innovations for energy efficient passenger elevator is a plus for the growth of passenger product type segment.
Maintenance & repair under service type category is estimated to dominate the elevator and escalator market within the forecast timeframe.
Escalators feature higher scope of design innovation as compared to elevators.
Elevator & Escalator Market: Key Driving Factors and Growth Avenues
The report sheds light on key forces for the thriving elevator & escalator market. Some of the key ones are pointed below:
Rapid design innovations for elevators in recent years is a key factor resonating with magnificent growth of elevator & escalator market. Replacing conventional steel ropes with carbon fibers is one such innovation, with the latter featuring eco-friendliness and higher durability. Faster travel speed and reduced electricity consumption are some other plus of carbon fiber ropes in elevators.
Massive investments in real estate in developing countries is a positive factor for the growth of elevator & escalator market. Besides, investments for commercial establishments in both developed and developing countries accentuates growth of elevator & escalator market. Furthermore, over the past few years, double-digit growth of residential real sector segment in developing economies leading to installation of new elevators and need for maintenance services is boosting the growth of elevators & escalators market.
Asia Pacific presently dominates the global elevator & escalator market. Massive volume of construction in China, which includes commercial and residential buildings, is the key factor behind growth of elevator & escalator market in the region.
Also, supportive government policies for setting up elevator and escalator manufacturing unit's boosts growth of elevator & escalator market in the region.
Analyze Elevator & Escalator market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Elevator & Escalator Market: Competitive Landscape
The vendor landscape of elevator & escalator market is slightly fragmented. Key share in the elevator & escalator market is held by large companies that provide combined installation and maintenance services. Focus on adoption of cutting-edge technologies for development of 'smart elevators' is likely to consolidate foothold of large companies in the elevator & escalator market.
Nonetheless, small and medium-sized companies, mostly operating at domestic level, bear prominence due to their comprehensive maintenance contract service model.
Prominent names in the elevator & escalator market include KONE Oyj, Hitachi Ltd., Fujitec Co. Ltd., and Schindler Group among others.
Elevator Market– The Global elevator market is expected to reach US$ 151.26 Bn in terms of revenue by 2026, expanding at a CAGR of 11.1% from 2018 to 2026. Asia Pacific is projected to show the fastest growth rate during the forecast period due to the increase in number of high rise buildings and rapid urbanization.
Limb Elevator Market – Key factors driving the limb elevator market include increase in the number of accidents across the globe and rise in the incidence of knee transplants and ankle surgeries. Demand for limb elevators in developing countries is increasing rapidly.
Bucket Elevator Market – The bucket elevator market is driven by various factors such as rise in industrialization and urbanization and increase in demand for bucket elevators from industries such as food, agriculture, pulp & paper, lime, cement, mining, power, steel, and others.
Screw Elevator Market – The screw elevator market is anticipated to expand at a significant growth rate in the coming years. There has been an increase in the usage of screw elevators in various industries such as food processing, cement, agriculture, coal, slag grinding, chemical plants, and desulfurization industry due to rapid industrialization and technological advancements in manufacturing technologies and processing equipment.
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