Elevator & Escalator Market
Elevator & Escalator Market (Service; New Installation [Product Type, End Use, and Region]; Maintenance & Repair; and Refurbishing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Rise in Demand for Energy-efficient and Reliable ‘Smart Elevator’ Systems
Since the inception of elevators in 1854, elevators have come a long way in terms of design and technology. Elevators and escalators have played a pivotal role in vertical development and accelerating urbanization around the world. Elevators and escalators are regarded as urban workhorses, and are critical for passenger and freight movement across commercial and residential complexes worldwide. Over the years, elevator designs have evolved at a rapid pace. In the current scenario, conventional steel ropes that were primarily used to hoist elevators are being replaced by carbon fiber ropes that are eco-friendly and far more durable. In addition, carbon fiber ropes enable traveling at faster speeds, and consume nearly 90% less electricity than elevators that were in use around 30 years ago. The advent of novel technologies, including the Internet of Things (IoT) is set to revolutionize the future of elevators, as stakeholders in the elevator & escalator market are increasingly focusing on the development of ‘smart elevators’.
While the scope for innovation as far as design is concerned is comparatively lower in elevators, escalators, on the other hand, offer far more design choices, including arched or spiral-shaped escalators. For instance, when KONE introduced the first arched escalator in Hamburg, Germany, it offered users a surreal traveling experience. Fast-paced innovations, technological advancements, infrastructure development, and developments in designs are some of the major factors that are expected to drive the global elevator & escalator market during the forecast period. The global market is expected to value ~US$ 141.7 Bn by the end of 2027.
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Adoption of AI and IoT to Influence Growth of Elevator & Escalator Market
The elevator & escalator market is staring at a bright future, owing to the growing penetration of novel technologies such as AI and IoT. Moreover, as governments across the world, particularly in developing nations of the world including India, China, Indonesia, and Malaysia continue to invest resources toward infrastructure development and ‘smart cities’, the demand for next-generation elevators and escalators is expected to grow at a rapid pace. Stakeholders in the elevator & escalator market are increasingly deploying AI and IoT in elevators and escalators.
For instance, KONE, a leading player in the elevator space has been consistently utilizing IBM’s Watson IoT Platform and Predictive Maintenance Insights. The integration of cutting-edge technologies in elevators and escalators provides maintenance and building operators useful insights regarding the maintenance schedule of each elevator and escalator. Furthermore, IoT and AI enable swift detection of potential problems even before the maintenance team reaches the site. At present, in this era of smart buildings, elevators are expected to do a lot more than just transport people from one floor to the other. Moreover, by leveraging the benefits of IoT and AI, elevators have transformed into ‘smart elevators’ wherein problem detection, operational patterns, and maintenance issues can be analyzed in real-time.
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‘Smart lifts’ are specifically being integrated with improved abilities to provide more services than vertical transportation. Modern day elevators are primarily equipped with efficient security systems such as access control and biometrics. Additionally, amidst environmental concerns, stakeholders in the elevator & escalator market are also focusing on launching energy-efficient products. The destination dispatch technology is likely to play an important role in transforming vertical transportation in extremely tall buildings and commercial complexes.
New Transportation System Offers Tremendous Potential to Replace Cable Systems
Although the adoption of cable systems is expected to continue in the coming years, stakeholders in the elevator & escalator market are anticipated to develop innovative systems that will more or less be the future of elevators. Stakeholders in the current elevator & escalator market landscape are likely to develop new systems that reduce passenger traffic, streamline elevator transportation, and reduce passenger waiting time.
A new system invented by the German company, ThyssenKrupp, is projected to utilize magnets instead of conventional cables to lower or elevate the elevator cabin. In addition, as magnets are being deployed to drive the elevator, the cabin can move diagonally, sideways, up or in the downward direction. In addition, according to the company, the newly developed elevator system is expected to be faster than traditional elevators and carry a number of passengers.
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The global elevator & escalator market is expected to grow at a CAGR of ~7% during the forecast period. Various factors that are anticipated to influence the growth of the elevator & escalator market include the onset of disruptive technologies, including AI and IoT, significant advancements in technology, rapid industrialization in developing regions, growing investments for infrastructure development, and advent of new elevator systems. The booming residential and commercial sector in the Asia Pacific region will provide stakeholders tremendous opportunities during the forecast period. Moreover, manufacturers should also focus on the development of energy-efficient ‘smart elevators’ and introduce new designs.
Elevator & Escalator Market: Overview
- Elevators and escalators are installed in both high- and low-rise buildings. Technological innovation is increasing the speed of elevators and escalators and decreasing the transportation time.
Elevator & Escalator Market: Regional Overview
- Asia Pacific is the largest and fastest growing region in the elevator & escalator market. China accounted for 54.3% share of the global market. Large number of high-rise buildings in metro cities is driving market demand. Moreover, real estate companies are investing in the architectural aspect of commercial buildings. Mitsubishi Electric installed 22 spiral escalators in China. The market in India is expected to grow at a fast pace in the coming years. Liberal government regulations coupled with increasing foreign investment is significantly impacting market growth in India. Furthermore, rising disposable income in India is expected to have a positive impact on the residential market.
Elevator & Escalator Market: Market Trends
- Commercial and mixed-block development is a growing trend. Increasing intensity of high-rise construction and in the percentage of mixed-block high-rise buildings is seen. Mixed-block tall buildings comprise residential blocks, offices, retail shops, service apartments, exhibition centers, hotels, casinos, etc.
- People want faster vertical movement in high-rise buildings. Taller buildings need to have lesser waiting time; hence the speed factor plays a vital role. The increasing number of high-rise buildings in major cities require higher speed and heavier load capacities to carry a large number of passengers safely and comfortably. Thus, high speed is a major trend in the elevator & escalator market.
Elevator & Escalator Market: Drivers, Opportunities, and Restraints
- In recent years, an increasing trend of the need to modernize existing, aging infrastructure is observed in the elevator & escalator market. Aging of the existing installed base of elevator and escalators, along with the need to comply with safety requirements of elevators and escalators are key factors fueling the market.
- The modernization of elevators & escalators is leading to energy saving potential up to 70%
- Stringent government regulations and policies governing the safety standards of elevators and escalators has compelled manufacturers to adhere to strict standards and certifications; this is a challenge to the growth of the elevator & escalator market.
Elevator & Escalator Market: Key Segments
- The global elevator & escalator market has been segmented based on service, new installation, maintenance & repair, and refurbishing
- In terms of new installation, the global elevator & escalator market has been divided into product type, end use, and region
- On the basis of product type, the elevator & escalator new installation market has been classified into elevator (passenger elevators and freight elevators) and escalator (step type and belt type)
- In terms of end use, the elevator & escalator new installation market has been classified into residential, commercial, and mixed block. Commercial segment is further bifurcated into offices, hospitals/care, hospitality, and others.
- Based on region, the elevator & escalator new installation market has been divided into: North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)
Elevator & Escalator Market: Competition Landscape
- The global elevator & escalator market is highly competitive with presence of several global and regional players. Companies are investing in product innovation to increase their customer base. Furthermore, large number of manufacturers are trying to tie up with global real estate companies to install their elevator & escalator in their new construction projects.
- Some of the key players operating in the elevator & escalator market are
- Fujitec Co. Ltd.
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- KONE Oyj
- Mitsubishi Electric Corporation
- Orona Group
- Otis Elevator Company
- Schindler Group
- ThyssenKrupp AG
- Toshiba Corporation
Elevator & Escalator Market – Scope of the Report
Transparency Market Research’s recent report on the elevator & escalator market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the elevator & escalator market analyzes the scenario for the period 2019 - 2027, wherein 2018 is the base year and 2017 and earlier is historical data. The report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the elevator & escalator market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the global elevator & escalator market gives readers an individual understanding of the market.
The study discusses the underlying trends and impact of various factors that drive the global elevator & escalator market, along with their influence on the evolution of the market.
The study also offers Porter’s Five Force Analysis, value chain analysis, key trend analysis, and SWOT analysis of the global elevator & escalator market in order to highlight the crucial growth tactics and opportunities for market players.
Key Questions Answered in This Report on Elevator & Escalator Market
- How much revenue will the elevator & escalator market generate by the end of the forecast period?
- What application of elevators & escalators is likely to gain the maximum market share by 2027?
- What regions currently contribute the maximum share to the overall elevator & escalator market?
- What are the indicators expected to drive the global elevator & escalator market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the global elevator & escalator market to expand their geographical presence?
- What are the major advancements witnessed in the global elevator & escalator market?
The report answers these questions and more about the global elevator & escalator market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Elevator & Escalator Market – Research Methodology
The TMR report on the global elevator & escalator market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. The competitive scenario of the global elevator & escalator market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the global elevator & escalator market arrive at predictions and estimations, and calculate the forecast for the market.
The report uses an analytical triangulation method to estimate the numbers and figures of the global elevator & escalator market with both bottom-up and top-down approaches.
The detailed assessment of the global elevator & escalator market, along with an overview of the landscape is provided based on a careful examination of the avenues related to this market. Analysts’ conclusions on how the global elevator & escalator market is set to grow are based on carefully vetted primary and secondary sources.
- In this chapter, the report offers a dashboard view of the competition matrix of leading players in the global elevator & escalator market, along with structural analysis
- The report includes the below mentioned pointers of major players operating in the elevator & escalator market:
- Company Overview
- Product Profiling
- Product Innovation
- Business Strategies/Recent Developments
- Technological Advancements
- Key Mergers & Acquisitions
- Expansion Strategies
- Company Financials
Some of the Key Players Covered Under the Scope Include:
Elevator & Escalator Market - Segmentation
The report on the global elevator & escalator market provides information on the basis of service, new installation, maintenance & repair, and refurbishing.
Maintenance & Repair
Middle East & Africa