Key Companies Profiled are Hitachi, Ltd., United Technologies, HYUNDAIELEVATOR CO., LTD., thyssenkrupp AG, Toshiba Corporation, Schindler, Fujitec Co., Ltd., Mitsubishi Electric Corporation, KONE CORPORATION, Johnson Elevator Co., Ltd., Other renowned companies
PUNE, India, April 3, 2020 /PRNewswire/ -- The global Elevators and Escalators market is set to gain momentum from the rising investment in residential, as well as commercial infrastructure in both developed and emerging countries worldwide. India, for instance, is planning to invest around USD 1.4 trillion on developing new infrastructure in the next five years. This information is provided by Fortune Business Insights™ in a recently published report, titled, "Escalator and Elevator Market Size, Share & Industry Analysis, By Product (Elevators, Escalators and Moving Walkway), By Business (New Equipment, Maintenance and Modernization), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026." The report further mentions that the escalator and elevator market size stood at USD 70.95 billion in 2018 and is projected to reach USD 114.65 billion by 2026, exhibiting a CAGR of 6.4% during the forecast period.
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An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Rising Governments Initiatives to Save Energy Will Favor Growth
Out of the total energy present in a building, elevators consume around 2% to 7%. Hence, manufacturers are striving persistently to develop energy efficient elevators that would be sustainable. To do so, they are equipping the new elevators with state-of-the-art controls and hardware. Nowadays, elevators are very compact owing to the lack of space. Apart from that, the governments of numerous countries are taking initiatives to save energy and are providing funds to develop energy efficient products.
In 2019, the Swiss government, for instance, implemented modern technologies to refurbish the conventional elevators with Schindler as its technology partner. This reduced the energy consumption by 50%. However, the rising number of accidents that take place during the maintenance operations may hinder the escalator and elevator market growth during the forthcoming years.
Rapid Urbanization to Propel the New Equipment Segment
In terms of business, the market is categorized into modernization, maintenance, and new equipment. Out of these, the maintenance segment procured 32.7% in terms of escalators and elevators market share in 2018. This growth is attributable to the rising number of maintenance works that are taking place globally to make the old equipment smooth. The new equipment segment is likely to dominate the market in the coming years backed by the increasing construction activities, changing demographics, and rapid urbanization. Manufacturers, nowadays, are trying to develop innovative technologies to provide value-added services.
Asia Pacific to Remain at the Forefront Stoked by High Demand from Developing Nations
Based on geography, the market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Amongst these, in 2018, Asia Pacific procured USD 35.34 billion in terms of escalator and elevator market revenue. This region is anticipated to lead during the forecast period on account of the surging demand from the developing nations, as well as South East Asia.
Europe, on the other hand, is set to exhibit considerable growth in the coming years because of the rising modernization and maintenance of elevators and escalators in this region. The Middle East and Africa are experiencing a large number of residential and commercial construction activities, which, in turn, would contribute to the market growth.
Renowned Companies Aim to Launch New Products to Gain Competitive Edge
The market consists of several small, medium, and large enterprises that are presently investing huge sums in the research and development activities to deliver cutting-edge products to their growing consumer bases. Below are two of the latest industry developments:
Fortune Business Insights™ lists out all the organizations operating in the escalator and elevator market. They are as follows:
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