Elevator & Escalator Market is Anticipated to Reach USD 66.3 billion, Growing a 7% CAGR from 2021 to 2031: TMR Report Study
Hydraulic elevators are gaining recognition for their self-rescue advantage in case people are trapped in the elevator car.
Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The global elevator & escalator market stood at US$ 33.12 billion in 2021, and the global market is projected to reach US$ 66.3 billion in 2031. The international automated trucks market is anticipated to expand at a *CAGR of 7%* between 2021 and 2031.
Integrating IoT with elevators & escalators offers a potential growth opportunity to the global elevator & escalator market. IoT makes it possible for a product to collect, exchange, and analyze data with its operator, manufacturer, and other devices, which is highly relevant to the elevator & escalator industry. IoT enables modern elevators & escalators to anticipate traffic and respond in real-time intelligently, communicate with service teams, and allow passengers to summon the elevator & escalators via a mobile application. Moreover, by using a connected sensor in an elevator and escalator, the flow of passengers can be better managed by lessening wait time.
Commercial and mixed-block development trend is on the rise. In real estate, trends come and go. In recent years, the pendulum has shifted back to the mixed block. As a result, mixed block development has become increasingly popular. There has been a rise in the construction of composite block high-rise buildings. Mixed block tall buildings can include residential blocks, offices, retail, serviced apartments, exhibition centers, hotels, casinos, etc. This is a factor driving the elevator & escalator market.
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Stringent government regulations and policies governing the safety standards of elevators and escalators have compelled manufacturers to adhere to strict standards and certifications, and this is a challenge for the elevator & escalator market. Almost half of fatal elevator accidents involve workers engaged in the maintenance or repair of elevators. However, accidents involving passengers draw the maximum attention. Strict maintenance requirements and safety standards help keep elevators & escalators safe from these incidents. Manufacturers of elevators & escalators are required to abide by safety standards mandated by governments in different regions.
*Key Takeaways of Market Report*
· Global elevator & escalator market to generate absolute dollar opportunity worth US$ 66.3 billion until 2031.
· Global elevator & escalator trucks market is valued at US$ 31.6 billion in 2020.
· The global elevator & escalator market management market value from 2021 to 2031 is 7%.
*Elevator & Escalator Market: Growth Drivers*
· Demand for skyscrapers is increasing globally, helping to boost the high-rise elevator & escalator market. Planners and developers are starting to turn to luxury residential towers due to the shrinking land supply and increasing population.
· Big cities around the globe are increasingly adopting and building skyscrapers for commercial, mic block, and residential purposes. The aim of skyscrapers is steadily changing, from a show of wealth and decadence to luxury office space. Additionally, high-rise buildings now offer premium housing, providing an excellent quality of life.
· A rising trend to modernize existing and aging infrastructure has been observed in the elevator & escalator market in recent years. Aging of the existing installed base of elevators & escalators coupled with the need to comply with safety requirements of elevators & escalators are the key factors fueling the elevator & escalator market. Modernization of elevators and escalators increases their energy-saving potential by up to 70%, which is the primary factor boosting market growth.
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*Elevator & Escalator Market: Regional Landscape*
· Low civil construction requirements for hydraulic elevators are grabbing users' attention in China. However, due to high population density, these elevators are not preferred in high-rise buildings in China. As such, it is necessary to have high skills and experience in installation workers to establish hydraulic elevators.
· Urbanization trends and the construction of commercial and residential buildings significantly influence the elevator and escalator market in the United States. As urban areas grow, there is an increased demand for vertical transportation solutions in high-rise structures.
*Elevator & Escalator Market: Key Players*
· In November 2018, ThyssenKrupp Elevator introduced two new elevator product lines, synergy, and evolution, for Europe's low- and mid-rise buildings. These new product lines respond to the increasing market need for enhanced design, quality, and service, proving Thyssenkrupp’s commitment to providing the best possible customer experience.
· In December 2018, Orona Group collaborated with India's Gilco Global. Gilco Global Private Limited is India's official Orona authorized distributor of the Orona 3G product platform.
*Elevator & Escalator Market: Segmentation*
*Product Type *
· Elevator
· Escalator
*Elevator Type *
· Passenger Elevators
· Freight Elevators
*Escalator Type *
· Step Type
· Belt Type
*End Use *
· Commercial
· Residential
· Offices
· Hospitals/Care
· Hospitality
· Mixed Block
*Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· Latin America
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