Indonesia Elevator Market to Reach USD864 Million by 2027
Increasing construction projects and
urbanization is expected to drive the Indonesia Elevator Market through
forecast period.
According
to TechSci Research report, “Indonesia Elevator Market – By Region, Competition,
Forecast & Opportunities, 2017-2027” Indonesia elevator market stood at USD647 million
in 2021 and is expected to grow at a CAGR of 5.78% during the forecast period to
reach over USD864 billion by 2027 on account of substantial growth in the construction sector,
resulting in a significant increase in new development projects and repair and
maintenance activities, may create enormous opportunities for industry
expansion.
Due to the increased emphasis on modernization and infrastructure
development throughout the country over the last few decades, urban cities
throughout the country have undergone consistent transformation. Furthermore,
as environmental laws and regulations continue to pave the way for a greener
and more sustainable future in modern cities, significant progress has been
made in terms of urban landscape and development. At the moment, trends
indicate that novel technologies such as artificial intelligence, machine
learning, and the Internet of Things (IoT) are being increasingly adopted in
residential and commercial projects across the country. Furthermore, demand for
IoT in elevators has increased dramatically as a result of a variety of
factors, including increased governmental support for the development of
"smart cities," increased awareness of the benefits of IoT, improved
security and safety, and remote monitoring.
In 2017, the government of Indonesia launched the
100 Smart Cities Movement, a digital initiative. The initiative has caused the
change in the capital to Kalimantan that has positively affected the demand for
elevators in Indonesia. For USD 149 million, Mitsubishi Corp. will add an urban
development project to its smart city initiative near Jakarta, representing
residential and commercial zones developed on six
hectares around a railway station, which in turn is creating a market opportunity for elevator
manufacturers in Indonesia.
Owing to technological advancements, companies are
introducing many innovative technologies such as Wi-Fi, heating,
ventilation, and air conditioning (HVAC) systems, music players, etc., in elevators. Furthermore, with the
utilization of AC and permanent magnet gearless motor technology, the
efficiency of elevator hoisting machines has increased. Therefore, these factors
are driving the Indonesia Elevator Market.
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Indonesia
elevator market is segmented based on service, type of carriage, type of
carriage, elevator door type, end-user, and by company. Based on service, the
market is further fragmented into new installation, modernization and
maintenance & repair.
The new
installation service in the Indonesia Elevator Market stood at USD399.61
Million, with a market share of 61.67% in 2021 and the market is projected to
reach USD527.45 Million in the next five years, exhibiting a CAGR of 5.58%, in
value terms, during 2022E-2027F.
Furthermore,
along with modernization, there are innovations in trends and technologies of
newly installed elevators in construction buildings. Smart elevators are
intended for new installations with a vision toward efficiency and energy
savings. In new buildings, many elevators are equipped with internet access.
These elevators contain sensors that collect data on usage and other factors.
The data is saved in a cloud-based platform that predicts future problems and
assists technicians in repairing and maintaining it before it fails.
Based
on type of carriage, the market is segmented into passenger, freight and others
(stretcher elevators, dumb-waiter elevators, etc.). On the basis of type of
machinery, the market is segmented into traction, hydraulic.
Based
on end-user, the market is divided into residential, commercial, institutional,
infrastructural and others (railways, airports, etc). The residential end user
segment in Indonesia Elevator Market stood at USD271.08 Million, with a market
share of 41.84% in 2021 and the market is projected to reach USD350.78 Million
in the next five years, exhibiting a CAGR of 5.51%, in value terms, during
2022E-2027F, due to increased residential construction, major upcoming
projects, and initiatives such as the Indonesian government’s One Million
Houses (OMH) program per year, is expected to spur the growth of the
residential segment.
Key market players in the Indonesia elevator market
include:
- PT. KONE Indo Elevator
- PT. Hyundai Elevator Indonesia
- PT. Citas Otis Elevator
- PT. Fujitec Indonesia
- PT. Mitsubishi Jaya Elevator and Escalator
- PT. Hitachi Asia Indonesia
- P.T. Berca Schindler Lifts
- PT. TKE Elevator Indonesia
- PT FUJITA INDONESIA
- PT. Canny Elevator Indonesia
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“Indonesia's Parliament passed the Capital City Bill in January 2022,
relocating the country's capital from Jakarta to East Kalimantan Province,
which will eventually be known as Nusantara. The President of the Republic of
Indonesia cited increasing pollution and population in Jakarta as the primary
reasons for passing legislation to relocate the country's capital from Jakarta
to East Kalimantan Province. Due to the changing capital, the large number of
infrastructure projects in Kalimantan are in the pipeline, which has positively
affected the demand for elevators in Indonesia. Additionally, the Indonesian
government has outlined several goals in a bill recently approved by
Parliament, such as the government’s "Movement Towards 100 Smart
Cities." Nusantara will be developed as a smart city that will heavily
emphasise sustainability. So, in order to maintain sustainability, the market
players in the elevator industry are more focused on new modernization services
such as increasing efficiency, lowering energy costs, improving reliability,
reducing maintenance and increasing safety, which has increased the growth rate
of Indonesia Elevator Market.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Indonesia Elevator Market By Service (New Installation, Modernization
and Maintenance & Repair), By Type of Carriage (Passenger, Freight, Others
(stretcher elevators, dumb-waiter elevators, etc.)), By Type of Machinery
(Traction, Hydraulic), By Elevator Door Type (Automatic, Manual), By End-User
(Residential, Commercial, Institutional, Infrastructural, Others (Railways,
Airports, etc.)) Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of the
Indonesia elevator 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 the Indonesia elevator
market.
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