UK Elevators Market to Grow at CAGR 6.5% till 2022
Increasing urbanization, booming construction
industry and growing government initiatives for providing mobility and accessibility to the
disabled and aged population to drive UK elevators & escalators market
through 2022
According
to a recently released TechSci Research report, “United
Kingdom Elevators & Escalators Market By Type of Carriage, By Type of
Machinery, By Type of Door, By End User, Competition Forecast &
Opportunities, 2012 – 2022”, the UK
elevators market is projected to grow at a CAGR 6.5% till 2022, backed by
improving living standards, rising security concerns in commercial and
residential complexes and growing demand for smart elevators with automated
access control systems. During the forecast period, the country’s escalators
market is forecast to grow at a CAGR of around 6%, in value terms, on account
of rapid urbanization, shifting focus of retailers to biometric sensor
enabled power saving escalators, accessibility issues with disabled and aged
population, etc.
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On the basis of machinery, the UK elevators market
has been segmented into traction and hydraulic equipped elevators. Traction
equipped elevators are energy efficient, occupy less space in buildings and
have the ability to operate at a variety of speeds. Consequently, volume share
of traction machinery equipped elevators in the UK elevators market is
projected to grow further during 2017 - 2022. In 2016, elevators with automatic
doors dominated the UK elevators market and are anticipated to maintain their
market dominance during forecast period as well. Under guidelines of the Lift
and Escalator Industry Association (LEIA), elevators installed at commercial,
residential, government and other institutions in the UK are required to have
automatic doors in order to maintain the security of passengers travelling in
elevators.
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“Growing residential, commercial and industrial sectors in the UK would require installation of new
escalators and elevators, as well as maintenance and repair services in the
future. Moreover, increasing government initiatives towards building smart
cities in the country and surging competition, which is compelling companies to
launch smart and green elevators and escalators are some of the other factors expected
to boost the UK elevators & escalators market over the coming years,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“United
Kingdom Elevators & Escalators Market By Type of Carriage, By Type of
Machinery, By Type of Door, By End User, Competition Forecast &
Opportunities, 2012 – 2022” has
evaluated the future growth potential of the UK elevators & escalators market
and provides statistical and informational data on market structure, size,
share and future growth of the UK elevators & escalators market. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment evaluation. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
present in the UK elevators & escalators market.
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