South Korea Elevator & Escalator Market is expected to grow at a 5.86 % CAGR
Rising
development of high-rise commercial and residential buildings coupled with
increasing capital inflow into the real-estate sector are expected to propel
the South Korea Elevator and Escalator Market during the forecast period.
According
to TechSci Research report, “South
Korea Elevator & Escalator Market –
By Region, Competition, Forecast and Opportunities, 2018-2028”, Increased
urbanization, rising demand for high-rise structures, and the government's
focus on infrastructure in key economic cities have propelled South Korea
Elevator & Escalator business to new heights. The South Korea elevator
market by the installed base is expected to reach 1 million units by 2028. The
government representatives signed an agreement to boost the number of smart
domestic factories, intending to have 30,000 such facilities operational
nationally by 2022.
By
2030, 2,000 new AI-powered smart factories are expected to be built to keep up
with the Fourth Industrial Revolution's rapid advancements in automation and
full digitalization. Further, the South Korea escalator market by the installed
base is expected to grow at a CAGR of 5.16%. In 2021, escalators used in the
commercial sector accounted for the largest share of around 52% due to the
surge in smart city projects and other infrastructure development projects in
the pipeline. In the country, Digital Edge intends to expand its business
substantially. Through a business partnership with local developer SK Ecoplant,
the corporation will construct a 120-megawatt facility in Bupyeong-gu, Incheon.
The project will start its first construction phase in 2022, and the site is
anticipated to be ready for use by 2024.
In
2021, Digital Edge purchased two locations from Sejong Telcom, one each in
Seoul and Busan. Also, according to the Korea Elevator Safety Agency, the
freight elevators increased significantly from 2020 to 2021, around 28%. With
global supply chain issues, South Korea intends to set up manufacturing plants
across the country, leading to increased manufacturing and industrial
structures.
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Ulsan's
'Industrial Complex Renovation' project aims to build a sophisticated
cooperative complex. Over three years, starting from 2021, Ulsan City will
contribute a net of USD 1.52 billion, comprising USD 1.5 billion from the
government and USD 2.3 million from the metropolitan area, to generate 4,900
jobs and lure 4,000 mobility enterprises.
It
will assist 27 specific initiatives, such as developing simulated autonomous
welding systems based on artificial intelligence (AI), support for the
technology transformation of future automotive cabinets and electric
components, and demonstration projects. These combined efforts are to provide
support to the South Korea elevator and escalator market.
According
to the Ministry of Land, Infrastructure, Transport, and Tourism (MOLIT), as a
part of the Fourth nationwide railway plan, the Jeolla Line, the Honam Line,
and the Donghae Line will be upgraded to provide high-speed services. In
addition, West Coast will have its high-speed line.
Another
major route includes the direct route from Gwangju to Daegu; these areas have
been connected by high-speed rail. A new line from Samcheok south of the East
China Sea to Yongdeok in the north of Pohang on the east coast is already under
construction. This will now be upgraded to a high-speed operation from Ganggen
to Pohang by 2030.
The
construction of a new airport on Gadeok Island, the largest island in Busan, is
a massive state project costing around 13.7 trillion won (USD 10.97 billion),
which is intended to meet rising air traffic demand and promote development in
the nation's southeast. In the southern port city of Busan, South Korea wants
to construct the nation's first 'floating airport' by 2035. The new airport
development will boost the South Korea elevator & escalator market growth.
Key
market players in the South Korea Elevator & Escalator Market are: -
- Hyundai Elevator
Co.
- Fujitec Co.,
Ltd.
- Mitsubishi
Electric Corporation
- Toshiba Elevator
and Building Systems Corporation
- Dover
Corporation
- Hitachi Otis
Elevator Co., Ltd.
- Shanghai
Mitsubishi Elevator Co., Ltd.
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“The
number of new construction licenses in Seoul, the capital of South Korea,
increased by 52 percent to 50,638 in 2021. The number of new housing permits
issued in the capital region, which includes the western port city of Incheon
and the nearby province of Gyeonggi, increased by 20.2 percent year over year
while it increased 23.1% elsewhere in the nation.
Daegu
received an annual allocation for smart cities of USD 17 million as part of a
national innovation program. To create 'Smart Daegu,' the City's Smart City
Plan (2021-2025) lays the groundwork for increasing citizen happiness and
fostering local businesses boosting the South Korea elevator market... ” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“South Korea Elevator & Escalator Market Segmented By
Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance &
Repair, New Installation and Modernization), By End User Industry (Residential,
Commercial, Institutional, Infrastructural & Others), By Elevator
Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator
Door Type (Automatic and Manual), By Region, and By Competition, 2018-2028,” has evaluated the future growth
potential of South Korea Elevator & Escalator Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia Telehealth Market.
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