United Kingdom Elevators and Escalators Market to Grow at a CAGR of 6.14% Until 2026
Increase
in the number of high-rise buildings, augmented government support are the key factors
expected to drive the growth of the United Kingdom Elevators and Escalators Market.
According to
TechSci Research report, “United Kingdom Elevators and Escalators Market
By Type of Carriage (Passenger, Freight & Others), By Type of Machinery (Traction
& Hydraulic), By Type Of Door (Automatic & Manual), By End User (Residential,
Commercial and Industrial) By Region, Competition, Forecast &
Opportunities, 2016-2026”,
the United Kingdom Elevators and Escalators Market is forecast to
grow at a GAGR of 6.14% in terms of value to reach USD4501.51 million by 2026.
Growth in the market can be attributed to the increasing number of high-rise
skyscrapers. With
the increase in construction, especially of multi-storey buildings, the need
for high-class infrastructure and technology has increased. The United Kingdom
Elevators and Escalators Market has been primarily influenced by rapid
urbanization and significant evolution of architecture. The high demand for
escalators is backed by the increase in demand for better traffic management
spaces and updated government standards for smart infrastructure. Increased use
in buildings backed by massive construction of office buildings in the country
has led to an increase in the deployment of elevators and escalators and as a
result, is expected to leave a positive impact on the overall market growth in
the coming timeframe. This has stemmed in a constructive impact on the United Kingdom
Elevators and Escalators Market.
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The United Kingdom Elevators and
Escalators Market is segmented based on type of carriage, type of machinery,
type of door, end user and region. In terms of type of carriage, the market can
be segregated into Passenger, Freight and Others. Out of these, the Passenger segment
registered a dominant market share in 2020 as the passenger elevator is
specifically designed for transporting passengers, with complete safety
measures and beautiful interior decoration. Passenger elevators are used with
the perspective of higher load capacity and speed of elevators, and generally
serve shopping malls, residences, hotels, office buildings, etc.
Based on Type of Machinery, the market
is segmented into Traction and Hydraulic. The Traction type of machinery dominated
the United Kingdom Elevators and Escalators Market in 2020 due its higher speed
compared with the hydraulic variety and also the traction system can be used in
tall, modern, 21st-century buildings as
it is more energy-efficient as the counterweight balances the carload, whereas
the hydraulic system needs to push the car against gravity.
Based on Type of Door, the market can be
segmented into Automatic and Manual. The Automatic segment is expected to lead the
market as they are carefully designed to ensure safety and are an easy access
to everyone.
Based on End User, the market can be
segmented into residential, commercial and industrial. The Residential Segment
is expected to lead the market due to the increased constructional activities in
the country.
In terms of Region,
London is the largest contributor in the United Kingdom Elevators and
Escalators Market with the maximum market share in 2020. London overrules the
market mainly due to the increase in the number of high-rise buildings in the
region.
Otis Elevator
Company, Schindler Ltd UK, KONE PLC, ThyssenKrupp Elevators UK, ORONA UK,
Fujitec UK Ltd., UK Lift & Escalator Company Ltd, Titan Elevators, LIFTKOM
GB LIMITED, Kleemann Lifts UK Ltd. are among the leading players operating in
the United Kingdom Elevators and Escalators Market. Companies operating in the
market are using organic strategies, partnerships and collaborations to boost
their shares in the United Kingdom Elevators and Escalators Market. Significant
players in the market are concentrating on accomplishing ideal operational
expenses, boosting productivity with high funding in R&D, and merging with
small players to remain competitive in the United Kingdom Elevators and
Escalators Market.
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“Ongoing
technological advancements coupled with new product launches by major players
operating in the market is expected to create profitable opportunities for the
growth of the United Kingdom Elevators and Escalators Market. The booming
construction industry and growing government initiatives for providing mobility
and accessibility to the disabled and aged population and rapid urbanization are
some of the major factors propelling the growth of the United Kingdom Elevators
and Escalators Market.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“United Kingdom Elevators and Escalators Market, By Type of
Carriage (Passenger, Freight & Others), By Type of Machinery (Traction
& Hydraulic), By Type of Door (Automatic & Manual), By End User
(Residential, Commercial and Industrial) By Region, Competition, Forecast &
Opportunities, 2016-2026” has evaluated the future growth potential of
Elevators and Escalators in the United Kingdom Elevators and Escalators Market and
provides statistics and information on market structure, size, share and future
growth. The report is intended 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 present in the United Kingdom Elevators and
Escalators Market.
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