Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) --
The global elevator market size is estimated to expand at a substantial CAGR during the forecast period, owing to diverse application-base across the residential and public sectors. Discussed below are the key pointers driving the industry forecast over the coming years.
- Booming construction sector in the U.S. drives elevator manufacturing
The elevator market in the U.S. is undergoing significant expansion, thanks to the thriving construction sector in the region. Both private and public construction sectors have observed bullish growth in the past few years the U.S, market, boosting elevator installations.
The regional construction industry generates jobs for more than 7.6 million people nationwide and builds USD 1.4 trillion worth of structures every year. As the nation focuses on the development of high-rise buildings and tourist attractions, the demand for elevators is likely to upsurge.
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- Hydraulic & pneumatic elevators sales see considerable uptick in North America
Owing to product features such as relatively less noise, high weight-bearing capacity, and enhanced durability, hydraulic and pneumatic elevators are a hit in North America market. Having a maximum travel speed of nearly 40 feet per minute and a lifting capacity of up to 1,000 pounds, hydraulic lifts are touted as one of the safest options due to their fire and earthquake-proof qualities.
Pneumatic elevator on the other hand, are often considered ideal for use in places with lesser space, as they do not require any machine room or pit for installation. Their unique drive system, modern look, cost efficiency, and low energy consumption make them a product of the future, influencing North America industry outlook to some extent.
- Robust urban infrastructure development augments India market share
In India, the market forecast is fueled by rising demand for urban infrastructure such as homes and commercial spaces. According to National Commission on Population (NCP) projections, 38.6% of Indians would be living in cities by 2036.
The Indian government, in support of its housing initiatives, invested USD 1.89 billion in Smart Cities Mission. It has also allocated a sum of over USD 130 billion to push the regional the infrastructure sector growth under its Union Budget 2022-23. This represents consistent prospects for companies across Asia Pacific elevator market, which could be worth over USD 85 billion by 2028.
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- China to represent a prominent market in APAC
Strong growth and increasing outputs from the construction sector in countries like India, China, South Korea, among others have augmented the need for lifts in APAC. The regional elevator market has unlocked immense opportunities in recent years, owing to exponential population expansion, rural migration, and industrial development. For instance, in China, estimates by the American Institute of Architects (AIA) Shanghai reveal that since the 1990s, the nation will have built the coequal of around 10 New York-sized cities by 2025. The consistent improvement in socio-economic conditions in nations such as China, Indonesia and other Southeast Asian markets will fuel lift manufacturing and export.
- MR traction elevator sees high deployment in Europe
Growing concern about the possible effects of aging building systems on human and environmental health is driving the need for elevator modernization and maintenance services. To that aim, in April 2022 Mitsubishi Electric Corporation announced plans to buy Motum AB, a Swedish elevator and automated door company, to expand its capacity for maintaining and updating escalators and elevators in Sweden, other European countries, and beyond.
Due to the high requirement for the technology in mid-rise buildings, the market for MR traction elevators will grow significantly. MR elevators feature significant advantages, such as lower vibration and noise during high-speed operation, making these systems appropriate for speeds of 1.75m/s or greater. Additionally, these systems also have higher load capacities than MRL elevators, driving their sales in the Europe elevator market.
- Higher industrial spending on infrastructure to spur Spain lift market
Spain is expected to emerge as a key revenue source for Europe market over the next few years, owing to the region's gradual recovery of building production and consequent increase in industrial growth. According to Atradius estimates, following a 14.5% fall in 2020, construction production in Spain was expected to exhibit a significant rebound rate of 13% in 2022.
The COVID-19 pandemic had a negative impact on the regional market during 2020 due to the disruption of supply chains and movement restrictions. The halted production operations flattened the business profitability, reducing the revenues for elevator companies. Nevertheless, recuperating construction sector post-pandemic is predicted to boost the market numbers.
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