NEW YORK, July 23, 2024 /PRNewswire/ -- The
global elevator and escalator market size is
estimated to grow by USD 76.7
billionn from 2024-2028, according to Technavio. The market is
estimated to grow at a CAGR of almost 10.13% during the
forecast period. Increasing demand for smart
elevators is driving market growth, with a trend
towards elevator maintenance using iot platforms.
However, reluctance to modernize elevators and reduce their
energy use poses a challenge. Key market players include
Braun Elevator, Brobeil Aufzuge GmbH and Co.KG, ESCON Elevators
Pvt. Ltd., Fuji Electric Co. Ltd., Fuji Elevators Co., Fujitec Co.
Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd.,
Hyundai Elevator Co. Ltd., Kohler Co., KONE Corp., Mitsubishi
Electric Corp., Otis Worldwide Corp., Savaria Corp., SCHAEFER GmbH,
Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller
Interface GmbH and Co. KG, and WITTUR HOLDING GmbH.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Elevators and
Escalators), Application (Commercial, Residential, and Industrial),
and Geography (APAC, Europe, Middle East and Africa, North America,
and South America)
|
Region
Covered
|
APAC, Europe, Middle
East and Africa, North America, and South America
|
Key companies
profiled
|
Braun Elevator, Brobeil
Aufzuge GmbH and Co.KG, ESCON Elevators Pvt. Ltd., Fuji Electric
Co. Ltd., Fuji Elevators Co., Fujitec Co. Ltd., HIRO LIFT
Hillenkotter and Ronsieck GmbH, Hitachi Ltd., Hyundai Elevator Co.
Ltd., Kohler Co., KONE Corp., Mitsubishi Electric Corp., Otis
Worldwide Corp., Savaria Corp., SCHAEFER GmbH, Schindler Holding
Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and
Co. KG, and WITTUR HOLDING GmbH
|
Key Market Trends Fueling Growth
The Internet of Things (IoT) is revolutionizing various
industries, including the elevator and escalator market. IoT
connects devices to the Internet, enabling real-time data exchange
between systems and humans. This innovation offers significant
benefits to businesses by enhancing building and equipment control,
reducing operating costs, and improving service efficiency. IoT
integration with elevator systems allows predictive and
prescriptive maintenance, minimizing downtimes. Key vendors, such
as KONE Corp. And Mitsubishi Electric Corp., are investing in IoT
and AI technology to boost efficiency. KONE Corp., for instance,
uses IBM's Watson IoT Platform and Predictive Maintenance Insights
for customized maintenance. Despite security risks associated with
IoT-enabled devices, continuous advancements mitigate threats. The
implementation of IoT in elevator maintenance is a key growth
driver for the global elevator and escalator market.
The Elevator and Escalator market is experiencing significant
growth due to increased construction activities in Massachusetts and the need to modernize aging
infrastructure. Sustainability and safety regulations are driving
trends in this industry, with touchless controls, high-speed
transportation systems in metro systems, and green elevators made
from recycled materials becoming popular. Skilled labor is in high
demand for installing various types of vertical transportation,
including elevators, escalators, moving walkways, hydraulic lifts,
cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, and
high-scraper elevators. Safety measures are a top priority, with
temporary bans and regular inspections ensuring compliance. Raw
materials like LED lights, watersoluble paints, and building
automation systems are also key components of this market. Notable
projects include Deyaar Development's residential buildings and
Stansted Airport's high-speed metro system. This market's economic
growth is linked to infrastructure development, commercial
establishments, healthcare facilities, offices, malls, residential
apartments, and economic growth.
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Market Challenges
- Commercial buildings consume over half of their energy on
lighting, heating, and cooling systems. While elevators account for
a smaller proportion, they have the potential to save up to 50% of
electricity through advanced drives. However, the high initial
costs of modernization, including hoisting machine replacement,
hinder widespread adoption. The US commercial electricity price
stability further complicates investment recovery. Schindler
addresses this by offering energy-saving elevator lighting systems.
Reluctance to modernize elevators may negatively impact the global
elevator and escalator market growth.
- The Elevators and Escalators market encompasses various types,
including residential and industrial elevators, hydraulic and cable
lifts, wheelchair lifts, pneumatic lifts, glass lifts, and
high-rise solutions. Challenges include safety measures, temporary
bans due to infrastructure issues, raw material availability, and
implementation of green technologies like recycled materials, LED
lights, and watersoluble paints. Deyaar Development,
Stansted Airport, and high-speed metro projects are
significant consumers. Vertical transportation in commercial
establishments, offices, malls, residential apartments, healthcare
facilities, and retail establishments drives growth. Economic
growth, new buildings, and passenger, freight, hospital,
observation, and overall elevator demands continue to fuel market
expansion. Energy efficiency, elevator traffic, and smart elevators
are key trends.
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challenges - Download a Sample Report
Segment Overview
This elevator and escalator market report extensively covers
market segmentation by
- Product
- 1.1 Elevators
- 1.2 Escalators
- Application
- 2.1 Commercial
- 2.2 Residential
- 2.3 Industrial
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 Middle East and
Africa
- 3.4 North America
- 3.5 South America
1.1 Elevators- The Elevator and Escalator
market encompasses the production, sales, and installation of
vertical transportation systems. These systems include elevators
and escalators used in commercial, residential, and industrial
buildings. Market growth is driven by increasing construction
activities and the need for efficient vertical transportation
solutions. Key players in this market include Otis Elevator
Company, Schindler Group, and Kone Corporation.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Elevator and Escalator Services Market in GCC
countries is experiencing significant growth due to rapid
urbanization and infrastructure development. Key players are
focusing on maintenance, modernization, and repair services to
enhance safety and efficiency. In India, the Elevator and Escalator Market is
booming, driven by increased construction activities and government
initiatives for smart cities. The market is characterized by strong
demand for energy-efficient and technologically advanced solutions,
with leading companies expanding their service portfolios to cater
to diverse customer needs.
Research Analysis
The Elevator and Escalator market encompasses various types of
vertical and horizontal transportation systems, including
Elevators, Escalators, Moving Walkways, Wheelchair Lifts, Pneumatic
Lifts, Glass Lifts, and High-speed systems. Massachusetts is witnessing increased
construction activities, leading to a surge in demand for these
systems in both new and existing buildings. However, the aging
infrastructure poses a challenge, necessitating safety regulations
and sustainability initiatives. Touchless controls, safety
measures, and high-speed systems are gaining popularity in
transportation infrastructure, particularly in Metro systems. The
market requires skilled labor and raw materials, such as steel,
aluminum, and glass, to manufacture these systems. Sustainability
is a key focus, with the use of green elevators, recycled
materials, LED lights, and watersoluble paints. Safety regulations
and temporary bans on certain technologies, such as pneumatic
lifts, impact market dynamics. High-speed elevators and escalators,
including those in high-rise buildings and skyscrapers, continue to
drive market growth.
Market Research Overview
The Elevator and Escalator market encompasses various types of
vertical transportation systems, including elevators, escalators,
moving walkways, hydraulic lifts, cable lifts, wheelchair lifts,
pneumatic lifts, glass lifts, high-speed lifts, and more.
Massachusetts is witnessing
increased construction activities, leading to a growing demand for
these systems in residential buildings, industrial spaces, and
commercial establishments. However, aging infrastructure and safety
regulations necessitate continuous upgrades and modernization.
Sustainability is a key focus, with the adoption of green elevators
made from recycled materials, LED lights, and watersoluble paints.
Touchless controls and safety measures are essential for public
transportation infrastructure, such as metro systems and airports.
Skilled labor is crucial for installation and maintenance, while
raw materials and energy efficiency are significant cost factors.
High-speed elevators and escalators are popular in metro systems,
offices, malls, and residential apartments. Economic growth and the
need for vertical conveyance in healthcare facilities, observation
elevators, and temporary bans due to safety concerns further impact
market trends. Building automation and smart elevators enhance user
experience and efficiency.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Application
-
- Commercial
- Residential
- Industrial
- Geography
-
- APAC
- Europe
- Middle East And Africa
- North America
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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