New York, June 16, 2021 (GLOBE NEWSWIRE) — Elevators and Escalators Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Elevators and Escalators Market Research Report, Type, Service, Elevator Technology End User and Region – Forecast till 2027” the market is expected to achieve USD 120.43 billion by 2027, at a CAGR of 6.3%.
The global elevators and escalators market growth is bound to rise over the forecast period owing to increased construction of high-rise buildings in developing economies. Efforts taken by governments for beautification of public places and modernization of infrastructure can drive market growth. Rapid urbanization in Asia, North America, and the Middle East coupled with increased budget of governments can bode well for the market.
The increase in the geriatric population can trigger a demand from modern cities aiming to assist their citizens. Accessibility to hospitals, supermarkets, airports, shopping centers, and assisted living facilities has become a priority of governments.
Increasing maintenance of old elevators and escalators may another factor driving market growth. Concerns of growing costs of construction can drive modernization drives in North America and Europe. Changes in regulations, service costs, and equipment can influence the market as well.
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Dominant Key Players on Elevators and Escalators Market covered are:
- KONE Corporation (Finland)
- Sigma Elevator Company (Korea)
- Otis Elevator Company (U.S.)
- United Technologies (U.S.)
- Schindler (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- ThyssenKrupp AG (Germany)
- FUJITEC (Japan)
- Hitachi Ltd. (Japan)
- Hyundai Elevator Co., Ltd. (South Korea)
- Toshiba Elevator And Building Systems Corporation (Japan)
- Stein Ltd (Russia)
- PAPPAS Elevators (Russia)
- Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and
- Electra Ltd. (Israel)., among other.
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By type, elevators are set to dominate the market till the end of the forecast period. This is attributed to rising number of high-rise infrastructural projects. Soaring number of skyscraper projects in the U.S., U.K., and UAE coupled with increasing budgets for modern facilities can drive the segment growth. On the other hand, escalators can witness tremendous growth owing to modernization of railway stations, airports, and other unloading outlets.
By service, the new installation segment is likely to take off owing to construction of modern buildings and need for easier mode of commute. On the flip side, maintenance and repair services can capture an equal share of the elevators and escalators market owing to contracts with servicing companies and routine check-ups required for its functioning.
By end-user, the non-residential segment is estimated to be lucrative for the market due to construction of commercial complexes and shopping malls. Increasing migration rates from rural to urban settings can drive the segment growth. Building and construction projects are likely to soar in Asia Pacific and influence the demand for elevators and escalators. Increased construction budget in China coupled with rising income levels of the middle-class can augur favorably for the market.
By machine technology, the machine room-less traction (MRLS) segment can display the highest CAGR during the forecast period. This is attributed to its efficiency and smooth performance. They are preferred over their mechanical counterparts due to being conservative while expending energy.
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Asia-Pacific can dominate the market owing to construction of new projects in the residential application. Large number of projects undertaken by governments for modernizing cities and beautification of zones can drive the elevators and escalators market. This is evident by construction of escalators for senior citizens at railway stations and airports. Change in construction norms and amendment to various rules can drive regional market growth. Japan, India, Singapore, and China are touted to contribute the most to the region.
Europe has assumed the second position in the market. It can continue to generate revenues for the market owing to modernization of elevators and timely checkups for maintenance of existing escalators and elevators.
Segmentation of Market covered in the research:
Information by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine room-Less, Hydraulic), End User and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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