Global Elevator and Escalator Market: Overview
The escalators and elevators are the motor-driven dynamic machines that carry humans back and forth the building floors. They have a high capacity for transporting the carriers vertically. An escalator has a closed cabin structure while the elevator has a staircase structure.
These dynamic carriers have undergone several developments and innovations to improve their efficiency and capacity of bearing load.
Today with modern infrastructures, elevators and escalators are unavoidable in human life. The elevators and escalators have become vital components of skyscrapers and multifarious malls. The system consists of non-geared elevators, geared-elevators, and hydraulic elevators.
Global Elevator and Escalator Market: Growth Factors
The foremost factor driving the growth of the global elevator and escalator market is the growing demand from various sectors including hospitals, residential, commercial, and many more. Moreover, increasing focus of government agencies toward the heavy infrastructures coupled with the emerging need for rapid transit is expected to boost the global elevator and escalator market. The on-going investments for modernizing the infrastructure at public spaces like shopping malls, airports, and railway stations are driving the market growth.
There is significant growth in the primary and secondary research activities that boosted the market growth exponentially. Further, the growing population and rapid urbanization across the globe are boosting the market growth.
The construction sector across the world is emphasizing on lowering the energy consumption level, plans to build the green certificates like Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED) to promote the quality and efficiency in elevators and escalates is fueling the global elevator and escalator market growth.
Tourism is a highly flourishing sector and it is among the significant factors to drive the market growth. The sector has propelled the demand for elevators and escalators owing to the convenience and ease of tourists and further projected the market to grow significantly.
Further, there is a surge in demand for smart elevators that propels the market growth. It is expected that the growing preference for smart elevators will increase exponentially in the coming years due to the adoption of the internet of things, the need for real-time monitoring, and energy-efficient devices.
Global Elevator and Escalator Market: Segmentation
The global elevator and escalator market can be segmented into type, service, end-use, and region.
By type, the market can be segmented into moving walkways, escalators, and elevators.
The elevator is the leading segment in the market. An elevator segment is further sub-classified into double-deck, incline, freight, and passenger elevators. Of these, the passenger elevators segment holds the largest market segment owing to the rising demand for commercial and residential spaces. The freight elevator segment is further expected to witness significant growth during the forecast period owing to the rapid urbanization and demand for modern build infrastructures.
By service, the market can be segmented into modernization, maintenance & repair, and new installation. Of these, the maintenance & repair segment holds the largest market share. The modernization segment is likely to witness a huge growth rate during the forecast period.
By end-use, the market can be segmented into infrastructure, institutional, commercial, residential, and others. The residential segment is a major growth driver in the global elevator and escalator market for a very long time and it is anticipated to grow further during the forecast period. The commercial segment is likely to witness a significant growth rate during the forecast period.
Global Elevator and Escalator Market: Regional analysis
Asia Pacific dominates the global elevator and escalator market owing to the growing geriatric population in countries like China and India. It is also expected to generate huge revenue and remain the fastest-growing region during the forecast period.
North America is the emerging region that has positively shaped the trajectory of the global elevator and escalator market owing to growing development and modernization activities in the region.
Europe is likely to emerge as the potential region for significant growth during the forecast period.
Global Elevator and Escalator Market: Competitive Players
Some of the significant players in the global elevator and escalator market are SJEC Corporation, Hyundai Elevator Co., Ltd, Toshiba Elevators and Building Systems Corporation, Mitsubishi Electric Corporation, Hitachi, Ltd., Fujitec, Thyssenkrupp AG, Schindler Group, Kone Corporation, KONE Corporation, and Otis Elevator Company.
The companies are undergoing mergers, collaborations, and acquisitions to grab the growing opportunities in the market and focus on growth prospects.
Global Elevator and Escalator Market: Regional Segment Analysis
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