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The lobal elevator and escalator market is poised for solid growth over the next four years and is projected to grow top $105 billion by 2025, on account of rising investment in commercial and residential infrastructure, increased focus of manufacturers on offering products with enhanced safety and increasing capital inflow into the real-estate sector, according to TechSci Research, a research based global management consulting firm.
Additionally, improving after sales services, proactive maintenance and modernisation of equipment, and use of UltraRope elevator technology for high-rise buildings are expected to positively influence the global elevator and escalator market in the coming years, stated the research firm in its "Global Elevator & Escalator Market 2025" report.
Moreover, increasing adaptation of green strategies and sustainable products in elevators and escalators are expected to fuel elevator and escalator market, it added.
According to TechSci Research, the global elevator and escalator market can be segmented based on the type, service, end-user, elevator technology, elevator door type, and region.
In terms of type, the market can be bifurcated into elevators, escalator and moving walkways.
Elevators dominated the market in 2019 and are expected to maintain their market dominance during the forecast period, backed by the wide usage in residential sector, said the report.
In terms of technology, the market is segmented into traction, hydraulic and machine room-less (MRL) Traction.
The MRL Traction is the widely used elevator technology across the globe, owing to its better safety features, low maintenance cost and high energy efficiency compared to other technologies.
Furthermore, the development of high-rise residential and commercial buildings that require faster mode of vertical transportation is anticipated to increase demand for high-speed elevators, which is possible only with traction machine elevators, said TechSci Research.
Otis Elevator Company, Schindler Holding, Kone Corporation, ThyssenKrupp, Mitsubishi Electric Corporation, Canny Elevator, Hitachi Group, Fujitec Company, Hyundai Elevator and Toshiba Elevator and Building Systems Corporation are among the leading players operating in the global escalator and elevator market.
Based on service, the market can be segmented into maintenance and repair, new installation and modernisation.
Maintenance and repair service segment accounts for the largest market share, due to the increasing repair, reconstruction, and rehabilitation of existing infrastructure facilities along with strict government safety norms in Europe and North America.
According to TechSci Research, the market players are increasingly focusing on long-term maintenance and repair contracts.
In the global elevator and escalator market, Asia-Pacific is the largest contributor, followed by North America and Europe, and this trend is expected to prevail over the next five years.
Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in global elevator and escalator market.
“Increasing infrastructure developments across major developed as well as developing countries coupled with an increasing number of multi-storey commercial and residential buildings across the globe are boosting demand for elevators and escalators, globally," remarked Karan Chechi, the research director with TechSci Research.
"Moreover, increasing construction activities, rising urbanization, technological advancements such as energy-saving regenerative drives, and strengthening of after sales service have also been positively influencing the market," noted Chechi.
"Continuance of such upward trend in infrastructure and construction activities across the globe is expected to drive the global elevator and escalator market in the coming years,” he added.-TradeArabia News Service