China elevator & escalator market was valued is USD 32,602.69
million in 2022 and is expected to rise at 6.78% CAGR during the forecast
period. Primary factors accelerating market
expansion are rising investments in commercial and residential infrastructure
projects in established and developing nations. A machine put in buildings
to carry, lift, transport, or move people and commodities from one floor to
another is known as a lift. To transport people or things from one level to
another, lifts can be utilized in a variety of environments, including
residential developments, business buildings, malls, and hospitals. Elevators
can also be used in industrial facilities to move supplies, equipment, and
finished commodities between floors.
A continuous belt-like
arrangement of power-driven moving steps that transports people between floors
of a building while continuously climbing or lowering is known as an escalator.
Utilization
of UltraRope Technology for High-Rise Buildings
The lift can travel up to a height of around 1,000 meters due
to the ultra-lightweight lift lifting technology, known as UltraRope. The
demand for UltraRope technology is rising along with the number of high-rise
offices and residential structures. For instance, KONE UltraRope from KONE does
away with the drawbacks of traditional steel ropes, such as excessive energy
consumption, rope stretch, big moving masses, and downtime brought on by
building wobble. Since it is made of a carbon fiber core and a special
high-friction coating, the KONE UltraRope is exceptionally light. This results
in an 11 percent reduction in lift energy usage.
Technological
Developments by Major Industry Players
Market
leaders, such as OTIS, Toshiba, Schindler, and KONE, are investing in IoT and
Intelligent Services to track and improve the service of lifts by predicting
how frequently the machinery needs to move up or down and the amount of weight
that lifts can carry with the destination-based operation. For instance,
hospitals and other medical institutions in nations that are particularly
affected by Covid-19 were offered digital solution packages based on
Thyssenkrupp Elevator's cloud-driven predictive maintenance platform MAX free of
charge. In November 2019, KONE Corporation unveiled the KONE DX Class lifts, a
series of digital lifts with built-in connectivity that combines design,
technology, new materials, apps, and services.