Vietnam Elevator & Escalator Market is expected to grow at a 8.28% 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 Vietnam Elevator
and Escalator Market during the forecast period.
According to TechSci
Research report, “Vietnam 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 Vietnam Elevator
& Escalator business to new heights. The Vietnam 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 Vietnam 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, Vietnam intends to set up
manufacturing plants across the country, leading to increased manufacturing and
industrial structures.
Browse over XX market
data Figures spread through 86 Pages and an in-depth TOC on the "Vietnam Elevators and Escalators Market."
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 Vietnam 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, Vietnam wants to construct the nation's
first 'floating airport' by 2035. The new airport development will boost the Vietnam
elevator & escalator market growth.
Key market players in the
Vietnam Elevator & Escalator Market are: -
- Mitsubishi Elevator
Vietnam Company Limited
|
|
- Thang Long Elevator
Equipment Group Co. Ltd
|
- Fujitec Vietnam Co., Ltd.
|
|
- Hitachi Elevator Vietnam
Co., Ltd
|
- Otis Elevator Vietnam
Company
|
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“”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 Vietnam elevator market... ” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
Vietnam
Elevators & Escalators 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 Vietnam 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.
Contact
Techsci Research
LLC
420 Lexington
Avenue, Suite 300,
New York, United
States- 10170
Tel:
+13322586602
Email: [email protected]
Website: www.techsciresearch.com