Report Description

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.