Dublin, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The "Elevators and Escalators - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Elevators and Escalators Market to Reach $77.2 Billion by 2026
Rapid urbanization in developing regions, particularly in countries such as India, Nigeria, and Indonesia is projected to add a steep increase in demand for elevators. The elevators and escalators market is witnessing an increasing trend among manufacturers towards sustainability, and environmental preservation in sync with the rising demand for systems that are more eco-friendly, and produce less noise and harmful emissions. Manufacturers are also incorporating advanced technologies, mechanisms and solutions for enhancing productivity and maximizing safety.
Advanced technological equipment that includes replacement of older generation inefficient DC drives with more energy efficient drive systems producing lower heat as well as delivering higher energy efficiency; incorporation of new materials such as polyamide, synthetic Aramid ropes to reduce weight of cars as well as the rope system in order to reduce the energy required to hoist it; replacement of older generation lighting systems with latest high efficiency lighting with significantly lower energy footprint; incorporation of auto-cutoff functionality to cut down on energy during idle phase; launch of new elevator designs such as MRL elevators that offer significant savings with respect to energy; and replacement of inefficient conventional mechanical relays with microprocessor based technologies are anticipated to bring paradigm shift in the market in near future.
Amid the COVID-19 crisis, the global market for Elevators and Escalators estimated at US$66 Billion in the year 2022, is projected to reach a revised size of US$77.2 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Elevators, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$72.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Escalators segment is readjusted to a revised 2.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7 Billion in 2022, While China is Forecast to Reach $19.5 Billion by 2026
The Elevators and Escalators market in the U.S. is estimated at US$7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$19.5 Billion by the year 2026 trailing a CAGR of 3.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.6% respectively over the analysis period.
Key Players
- Canny Elevator Co., Ltd.
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Hyundai Elevators Co., Ltd.
- Johnson Lifts Private Limited
- Kleemann Hellas S.A.
- KONE Oyj
- Mitsubishi Electric Corporation
- Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
- Otis Elevator Company
- Otis Electric Elevator Co., Ltd.
- Sigma Elevator Company Limited
- Savaria Corporation
- Schindler Group
- SJEC Corporation
- ThyssenKrupp Elevator AG
- Toshiba Elevator and Building Systems Corporation
- Yungtay Engineering Co. Ltd.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Smart Elevators & Escalators Come to the Fore Offering New Level of Performance
- Smart, Intelligent Elevators with Connected Technologies
- Upcoming Smart Cities to Fuel Large-Scale Adoption of Smart Elevators and Escalators
- At the Core of Smart Cities Are Smart Elevator Solutions that Help in the Creation of Smart Outcomes for Citizens & Communities
- Innovations Make Vertical Transportation Intelligent, Faster, Safer and More Comfortable
- Faster Moving, High-Speed Elevators: The Essential Requirement for Modern Skyscrapers
- Elevators to Attain New Heights of Sustainability amidst Rising Environmental Awareness
- Building Developers Emphasize High-Quality Elevators to Improve Operational Efficiency & Sustainability
- Recent Sustainability Initiatives of Vertical Transit System Manufacturers
- Advanced Technology to Enable Sustainable Systems
- The 'Green Infrastructure' Trend & Favorable Regulations Spur Demand for 'Green' Elevators
- Elevator Technologies for "Green" Buildings
- Urbanization Drive: Prime Factor Steering Momentum in the E&E Market
- IoT, AI & Other New Generation Digital Technologies to Transform Functionality and Efficiency of Modern Elevators
- Digitalization Aids Progressive Enhancements
- Modernization Initiatives and Replacement Demand Steer Overall Growth in E&E Market
- Massive Investments on High Rise Buildings & Skyscrapers Accelerate Market Growth
- Shift in the World's Tallest Buildings from Western Countries to Developing Countries
- China Leads Skyscraper Projects Worldwide
- Enhanced Child Security: Need of the Hour
- Aesthetics: An Essential Factor Aiding Market Growth
- Maintenance: The Segment with the Highest Growth Potential
- Elevator Maintenance: Past, Present, and the Future Escalator and Elevator Maintenance Gets an "Intelligent" Makeover
- In-home Elevators Grow in Popularity
- Population Growth, Expanding Middle Class, and Rising Living Standards Strengthen Market Prospects
- Aging Population: A Weighty Growth Driver
- Burgeoning Middle Class
- Rising Standards of Living
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/zatsaw
