Elevator and Escalator Market to Surpass $ 105 Billion by 2025
Rapid
urbanization, rising consumer focus on modernization, and growing investment in
real estate sector to fuel elevator & escalator market through 2025.
According to TechSci Research report, “Global Elevator
& Escalator Market By Type, By Service, By Elevator Technology, By
End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities,
2025’’, the global elevator and escalator
market is projected to grow and cross USD 105 billion by 2025, on account of rising
investment in commercial and residential infrastructure, increased focus of
manufacturers on offering products with enhanced safety and increasing capital
inflow into the real-estate sector. Additionally, improving after sales services, proactive
maintenance and modernization of equipment, and use of UltraRope elevator
technology for high-rise buildings are expected to positively influence the
global elevator &
escalator market in the coming years. Moreover, increasing adaptation of green
strategies and sustainable products in elevators and escalators are expected to
fuel elevator and escalator market.
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Global
elevator and escalator market
can be segmented based on the type, service, end-user, elevator technology,
elevator door type, and region. In terms of type, the market can be bifurcated
into Elevator, Escalator and Moving
Walkways. Elevators dominated the market in 2019 and are expected
to maintain their market dominance during the forecast period, backed by the
wide usage in residential sector. In terms of technology, the market is
segmented into Traction, Hydraulic and Machine Room-Less (MRL) Traction.
The MRL Traction is the widely used elevator technology across
the globe, owing to its better safety features, low maintenance cost and high
energy efficiency compared to other technologies. Furthermore, the development
of high-rise residential and commercial buildings that require faster mode of
vertical transportation is anticipated to increase demand for high-speed
elevators, which is possible only with traction machine elevators.
Based
on service, the market can be segmented into Maintenance & Repair, New Installation and Modernization.
Maintenance and Repair service segment accounts for the largest market
share, due to the increasing repair, reconstruction, and rehabilitation of
existing infrastructure facilities along with strict government safety norms in
Europe and North America. Market
players are increasingly focusing on long-term maintenance and repair
contracts. In the global elevator and
escalator market, Asia-Pacific is the largest contributor, followed by North
America and Europe, and this trend is expected to prevail over the next five years.
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Otis Elevator Company, Schindler Holding Ltd.,
KONE Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Canny Elevator Co.,
Ltd, Hitachi Group, Fujitec Company Limited, Hyundai Elevator, and Toshiba
Elevator and Building Systems Corporation are among the
leading players operating in the global escalator and elevator market. Companies
operating in the market are using organic strategies such as product
advancement through addition of new features, partnerships, mergers and
collaborations to boost their share in global elevator and escalator market.
“Increasing infrastructure developments across
major developed as well as developing countries coupled with an increasing
number of multi-storey commercial and residential buildings across the globe
are boosting demand for elevators and escalators, globally. Moreover, increasing
construction activities, rising urbanization, technological advancements such
as energy-saving regenerative drives, and strengthening of after sales service
have also been positively influencing the market. Continuance of such upward
trend in infrastructure and construction activities across the globe is
expected to drive the global elevator and escalator market in the coming years,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global
Elevator & Escalator Market By Type, By Service, By Elevator Technology, By
End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities,
2025” has evaluated the
future growth potential of global elevator & escalator market and provides
statistics and 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 the global
elevator & escalator market.
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