Elevators and Escalators Market
Elevators and Escalators Market (Service Type - Maintenance & Repair, Refurbishing, New Equipment; Application - Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026
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Capitalizing on the emerging technology, the construction industry is increasingly installing vertical staircases in order to offer convenience travelling around the building. Escalators allow travelling vertically upstairs and downstairs the building without any waiting interval. As these modes of travelling through the building accommodate large number of people, construction industry is increasingly installing staircase travel system.
According to Transparency Market Research, the global elevators and escalators market is expected to represent a value of over US$ 133,800 Mn by the end of 2026.
Speedy and Convenient Navigation in the Building to Boost Installation
Construction industry underwrites the economic, residential and social economic infrastructure for the population globally. Increasingly focus on offering convenience to travel through different floors of the buildings has led the constructors to install escalators and elevators during the construction process. Airports, shopping malls and underground train station are some of the common sights for elevators and escalators. Installation of the elevators and escalators also allows the disabled customers to travel through various floors conveniently. Moreover, patients of arthritis could experience inflammation and pain while walking and climbing long range of stairs. Traveling throughout the building via elevators and escalators is expected to provide convenience to the patients of arthritis, disabled and old aged customers. Such factors are expected to impact growth of the global elevators and escalators market positively.
Adoption in Government and Financial Institutions to Impact Market Growth
Moreover, escalators and elevators allow the end users to quickly navigate in the building, which further contributes towards speedy completion of operations and process. Growing need for speedy processes has led to surge in adoption of the escalators and elevators in the government agencies and financial institutions. Installation of the escalators and elevators continue to remain a safe and fastest mode of travelling through different levels of building.
Escalators are increasingly installed in the hotels, airports, shopping centers, public building, transit systems and trade centers. A new trend witnessed in the construction industry includes installing weatherproof escalators outside the building. Various residential and commercial buildings are opting to install elevators. Due to comparatively less space inside the building, constructors are increasingly installing escalators outside the building to offer convenience to the people of different age groups.
Aviation Industry to Underscore Lucrative Growth Opportunities
Apart from installing the top to bottom landing escalators, the construction industry is further focusing on installing horizontal escalators in the airports that enables the tourists and travelers to carry huge loads and luggage to their platforms conveniently. In order to offer more convenience to the passengers in the airport, the constructors are increasingly installing flat and inclined escalators or travolators. Inclined moving walkways are also witnessed to be used for transportation of luggage to the aircrafts and ships. Surge in demand for convenient transportation of passenger’s luggage is expected to rev up installation of the elevators and escalators globally.
New Equipment Services to Represent a Leading Segment
Surge in the number of construction projects is expected to rev up demand for installing new equipment globally. On the basis of service type, the new equipment segment is expected to represent the highest revenue growth, accounting for a value of over US$ 30,200 Mn by the end of 2026. In contrary, the maintenance & repair service type segment is expected to register a significant CAGR throughout the forecast period.
Based on application, the commercial segment is expected to generate significant revenues, recording a value of over US$ 10,300 Mn by the end of 2017. However, the industrial application segment is expected to reflect a robust CAGR during the forecast period.
Leading market players operating in the global elevators and escalators market include Otis Elevator Company, Kone Corporation, Schindler Group, Thyssenkrupp AG, Fujitec, Hitachi, Ltd., Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation, Hyundai Elevator Co., Ltd., SJEC Corporation, Shanghai Mechanical, Canny Elevator and Kleeman Hellas SA.
Elevators and Escalators Market to Ride on the Back of Growing Ageing Population Worldwide
In the present day, elevators and escalators are two indispensable components of human life. Elevators and escalators are needed in both malls and skyscrapers. The use of escalators and elevators in residential apartments around the world is necessitated by an ageing population and packed schedule of life. Given such benefits, the global elevators and escalators market is likely to observe considerable growth in the years to come.
In addition to that, factors such as rapid urbanization, evolving demographics, and increased construction activities are projected to propel the global elevators and escalators market forward at a rapid pace. When it comes to choosing providers of elevator and escalator service, safety is a major consideration.
High Demand from Commercial as well as Residential Sectors to Propel Growth of the Market
Elevator systems include machine room less elevators (MRLs), non-geared elevators, geared elevators, and hydraulic elevators. MRLs are now favoured over traditional geared elevators because they make use of less resources, are more technologically sophisticated, and take up less space. Due to rising demand from emerging countries such as India and China, the global elevators and escalators market is dominated by modern installation services. However, maintenance and repair services are expected to expand at a substantial pace. Manufacturers are concentrating on the quality of elevators and escalators whilst also emphasizing a tidy and safe atmosphere.
The rising demand from end use sectors such as hospitals, residential, and commercial is one of the major factors driving the growth of the global elevator and escalator market. Furthermore, the government's increased emphasis on high-rise infrastructures, along with the growing demand for rapid transit, is projected to propel the market forward. Furthermore, ongoing infrastructure improvements at public locations such as subway stations, airports, shopping centres, and other public spaces are likely to boost demand for elevators and escalators in the coming years.
Elevator systems consist of hydraulic elevators, geared elevators, non-geared elevators and machine room less elevators (MRLs). Nowadays, MRLS are preferred over conventional geared elevators as they are technologically advanced, save space and consume less energy. Based on services, new installation service dominates the global elevators and escalators market due to increasing demand from the developing countries like China. However, maintenance and repair service is projected to grow at a significant rate over the forecast period. The manufacturers are focusing on improving the efficiency of the elevators and escalators coupled with the focus on neat and clean environment.
One of the major factors driving the growth of the elevators and escalators market is the increasing demand from the end use sectors like residential, commercial, hospitals, etc. Additionally, increasing focus of government towards high rise infrastructures coupled with increasing need of rapid transit are expected to fuel the growth of global elevators and escalators market. Moreover, continuous investment for the improvement of infrastructure at public places like railway station, airports, shopping malls, etc. is further expected to upsurge the demand for elevators and escalators in the years to come. Tourism is another sector which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.
Global Elevators and Escalators Market: Overview
The global elevators and escalators market is expected to witness significant demand attributed to growing need for convenient and speedy traveling to different levels of the building. As traveling to different levels of the building continues to remain a significant challenge for the patients of arthritis, constructors are increasingly installing travolators or flat moving walkways for the customers. In addition, installation of the escalators and elevators allow a large number of people to travel to different levels of the building smoothly. The customers do not need to wait in the cue to travel to different levels of a building.
The report reveals in-depth insights on the crucial aspects of the global elevators and escalators market and offers information on the competitive landscape, growth patterns, important segments and factors fuelling growth of the global market.
Global Elevators and Escalators Market: Dynamics
Growth of the global elevators and escalators market is mainly bound by various macro-economic and micro-economic factors. The report reveals that the global elevators and escalators market is mainly driven by the growing need for convenience traveling to various levels of a building. As carrying luggage to different levels of the building can be a challenging tsk, the constructors are increasingly installing escalators and elevators in various buildings. Installation of the elevators and escalators will continue to offer convenient travelling for the old aged people and children. Moreover, growing need to offer convenient traveling to the different levels of the buildings is further expected to enable the disabled customers conveniently navigate through the buildings. Escalators and elevators are very commonly seen in the underground train stations, airports and shopping malls. Equipping the commercial buildings with escalators and elevators will continue to favor the customer significantly. Such factors are expected to reflect positively towards growth of the global elevators and escalators market.
A recent trend witnessed in the construction industry is that the constructors are increasingly equipping the buildings with weatherproof elevators. Moreover, bound to comparatively less space within the building, constructors are focusing on installing weatherproof elevators outside the buildings. Besides installation of the top and bottom escalators, demand for the inclined and flat travolators is expected to remain high in the global elevators and escalators market.
In addition, the global elevators and escalators market is expected to witness significant growth attributed to increasing demand in the aviation industry. As the need for traveling to different floors of the airport arises, constructors are increasingly equipping the airports with escalators and elevators. Moreover, the flat escalators or travolators are also used by the passengers in order to transport a large number of people and their luggage conveniently, smoothly and quickly. As the customers could face challenges carrying their luggage around the airport, the travolators increasingly allow the end users to reach the platform for flight with their luggage conveniently. Such factors are expected to witness significant growth in the global elevators and escalators market.
Global Elevators and Escalators Market: Segmentation
In the next section, the global elevators and escalators market is mainly segmented as service type, application, and region. On the basis of service type, the global market is expected to be segmented as maintenance & repair, refurbishing and new equipment. Based on application, the global market is mainly segmented as residential, commercial and industrial. By region, the global market is segmented as North America, Latin America, Europe, Japan, APEJ and MEA.
Global Elevators and Escalators Market: Competition
Key market players in the global elevators and escalators market are Kone Corporation, Otis Elevator Company, Thyssenkrupp AG, Schindler Group, Hitachi, Ltd., Fujitec, Toshiba Elevators and Building Systems Corporation, Mitsubishi Electric Corporation, SJEC Corporation, Hyundai Elevator Co., Ltd., Kleeman Hellas SA, Canny Elevator and Shanghai Mechanical.