Companies operating in the elevator and escalator market are focusing on cutting-edge technologies to make their products safer and eco-friendly, finds Future Market Insights (FMI) in a recent study.
Some of the leading companies are incorporating IoT technologies in connected elevators and escalators. This has allowed them to control various parameters such as load capacity, frequency of usage, and others. Such technological improvements are expected to bode well for the overall market.
According to FMI, the elevator and escalator market is anticipated to witness a growth of ~6.6% CAGR during the forecast period from the year 2020 to 2030.
Infrastructural development witnessed across the world, besides the increase in population is encouraging growth in the construction indusCtry. This has been creating growth opportunities for the elevator and escalator market. Despite requiring expert handling and maintenance expenditure, the demand for elevators and escalators are projected to increase further in the coming years.
The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.
FMI offers an exhaustive overview of the elevator and escalator market along with its potential, growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
- Product-wise, the elevator is expected to lead the market followed by escalator during the forecast period
- Load type-wise, the passenger segment will exhibit hegemony in the coming years
- The new system installation type is set to gain traction in the global market
- Commercial end-use segment is projected to exhibit the highest growth followed by the residential segment throughout the forecast period
- New-age IoT technology will cater to the steady market growth in the near future
- East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions
COVID-19 Impact Analysis
The elevator and escalator market growth has been declining due to the novel coronavirus outbreak. As consumers have shifted their focus more on emergency services such as medical, diagnostic, pharmaceutical and others instead of building and construction sectors, the market growth rate has fallen temporarily.
Added to this, the factors such as non-operational manufacturing units, unavailability of labours, scarcity of raw materials, disruptive supply chain and logistics sector, financial crisis, job recession, and others have slowed down the progress of market.
According to FMI, the elevator and escalator market is set to recover by the first quarter of the year 2021.
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As the elevator and escalator market potential is growing gradually, key market players are investing their efforts and assets to capitalize on the coming opportunities. Leading companies are focusing on launching a diverse range of products to target a broad range of end users.
- Fujitec Co., Ltd launched its advanced range of elevators – Viridian MRL, Viridian PMGL, Viridian Geared, and others, applicable to diverse end-use categories such as hospitals, offices, industrial buildings, and others.
- In 2020, Hyundai Elevator launched its new world-class elevator and escalator with cutting-edge technologies such as regenerative inverter for eco-friendly energy saving.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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