Global Elevator Market Is Driven By Developments In The Building and Construction Industry
Pune, Maharashtra, Jun 14, 2019 (Wired Release) Prudour Pvt. Ltd. – Elevators and escalators are used in shopping malls, high-rise buildings, and commercial spaces for the purpose of easy transportation of people and goods. The booming construction sector is providing potential opportunities for the target market. According to the document published by the National Institute on Aging (NIA), part of the National Institutes of Health, 8.5% of people worldwide (617 million) are aged 65 and over in the year 2016. This drives the need for the installation of elevators and escalators in commercial and residential buildings as well as railway stations and bus terminals in various countries.
The global elevator market is driven by the popularity for high speed and Machine Room-Less (MRL) elevators, inclination towards gearless drives, and increasing emphasis on safety and security feature as well as reducing energy consumption. Moreover, advancements in technology, the growing popularity of smart intelligent elevator, and the increasing number of multi-storied shopping centers and buildings have supported the growth of the elevator market globally. In addition, upcoming smart cities and continuous investment for the improvement of infrastructure at public places like airports, railway station, and shopping malls further contribute to market growth positively. Tourism is another factor encouraging demand for elevators and escalators for the ease and convenience of the tourists. Also, the lesser waiting time of passengers, improvement in global economies, along with increased spending capabilities of customers is some of the major factors estimated to have a positive impact on the elevator market.
The introduction of advanced security automation and access control systems are expected to impact on the growth of the elevator market positively. The growing focus regarding improving energy efficiency in buildings which showing huge potential for the adoption of the Internet of things (IoT) enabled elevator systems. Adopting energy efficient solutions is also a crucial factor behind the increasing demand for smart elevators.
However, the high initial investment for the installation of elevators may impact the global market negatively. The global elevators market comprises three main types namely elevator (vertical), escalator, and moving walkway. Elevators segment is showing high growth over the forecast period. Growing demand from the commercial spaces pushing the global market towards growth. On the other hand, the escalators segment is showing substantial growth over the forecast period. Whereas, among the application segments, a residential segment dominated the market as a result of rising demand for elevators by residential property developers.
Some of the key players in the elevators market profiled in the study are Mitsubishi Electric, Schindler Group, Hitachi, Kone, Otis, ThyssenKrupp, Toshiba, Fujitec, Sicher Elevator, Hyundai, Yungtay Engineering, SANYO, Canny Elevator, Syney Elevator, Volkslift, SJEC, Hangzhou XiOlift, Guangri Elevator, CNYD, and Edunburgh Elevator. Profiles of market players provide details on company business overview, financial overview, recent developments, and business strategies.