DUBLIN, March 25, 2022–(COMMERCIAL WIRE)–The “Global Elevators and Escalators Market by Type (Elevators, Escalators, Moving Walks), Service (New Installation, Maintenance and Repair, Modernization), Elevator Technology (Traction, Machine Roomless, Hydraulic), End Use Industry and region – Forecast to 2026” Report has been added to ResearchAndMarkets.com offering.
The global elevator and escalator market is forecast to grow from USD 134.4 billion in 2021 to USD 183.2 billion in 2026, with a CAGR of 6.4% from 2021 to 2026.
The increasing migration of a large population base from rural areas to cities has consequently increased the need for infrastructure development, such as the construction of high-rise buildings, to meet housing needs.
Urban cities are now becoming megacities, with an exponential increase in population. Tokyo, Mexico City, Seoul, Lagos, are some of the new megacities that are building skyscrapers, futuristic transport hubs and much more infrastructure to serve the growing population.
Efficient vertical mobility is an important component of high-rise buildings. Therefore, the rapid urbanization and rise in high-rise building construction is expected to increase the deployment of elevators and escalators, which would be one of the factors driving the growth of the market during the forecast period.
In value terms, the machine roomless traction elevator segment led elevators and escalators in 2020
The machine roomless traction elevator, by elevator technology, accounted for the largest market share in the elevator and escalator market. Machine roomless elevator technology is a relatively new technology and is the result of technological advances.
This technology has resulted in a significant reduction in the size of electric motors used with traction equipment. This equipment has permanent magnet motors (PMM) of new design. Through this technology, there is no need for a machine room above the elevator shaft.
This design is adopted by buildings around the world and is becoming standard elevator technology. Machine roomless elevators were first introduced to the US market by KONE. As machine roomless elevators are gaining widespread acceptance, manufacturers are introducing new products equipped with the technology in different sizes and speeds.
In terms of value and volume, the elevator is projected to be the fastest growing segment between 2021 and 2026, for elevators and escalators.
Elevators can be described as any platform, either open or closed, that is useful for lifting people or goods to different floors within a building. There are several safety regulations that elevator manufacturers must comply with. For example, in the US, an elevator manufacturer must meet safety standards set by the American National Standards Institute and the American Society of Mechanical Engineers.
The elevator market is dominated by players such as KONE Corporation (Finland), United Technologies (USA), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd (Japan), Hyundai Elevator Co. Ltd. (Republic of Korea/South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel). The elevator segment is forecast to grow at the highest CAGR due to the development of new residential and commercial projects around the world.
In value terms, the APAC elevators and escalators market is anticipated to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. Rising construction spending, rising standards of living and rapid urbanization are the key drivers in the region.
Asia Pacific countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region have taken steps to implement low-carbon and IoT-based smart cities in recent years, thus offering opportunities for elevator and escalator market growth.
The market consists of major manufacturers such as Schindler Group (Switzerland), Otis Elevator (USA), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), among others.
Expansions and acquisitions to offer lucrative opportunities in the elevator and escalator market
Machine Roomless Traction Elevator Segment Will Be Fastest Growing Elevator Technology
Elevator type segment to lead the elevator and escalator market
Asia-Pacific and residential led their respective segments in the elevator and escalator market in 2020
Increased construction of high-rise buildings equipped with intelligent vertical transportation systems due to rapid urbanization
Growing need to reduce energy consumption in buildings
Increasing population aging to facilitate the development of better infrastructure within buildings
Porter’s five forces analysis
Investigation and development
software and service
End use application
Adoption of ecological products
Intuitive elevator technology
Internet of Things
Connectivity 5G technology
Case study analysis
Case Study 1: Gurgaon Medanta Elevators
Case Study 2: Mumbai Energy Efficient Building Initiative – Ruby Building Systems – Elevators
Case Study 3: Honeywell – Corporate Office Renovations
Case Study 4: Kone Corporation – 180 Business Offices in Brisbane, Australia
Aaron Industries Ltd.
Cibes Elevator Group AB
Glarie Elevator Group
Mitsubishi Electric Corporation
Shenyang Yuanda Intellectual Industry Group Co. Ltd.
Sigma elevator company
Toshiba Elevator and Building Systems Corporation
Trio Elevators Co. (India) Private Limited
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Laura Wood, Senior Press Officer
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