Global Elevator and Escalator Market Report 2022-2027 with Otis, Schindler, KONE, Mitsubishi, TK, Hitachi, Fujitec, Hyundai, Toshiba, Canny, Orona S

DUBLIN, September 15, 2022 /PRNewswire/ — The “Elevator and Escalator Market – Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027 Segmented by Type, by Service, by End-User Industry, by Elevator Technology, by elevator door type, by region” report has been added to from ResearchAndMarkets.com offer.

The global elevators and escalators market has been valued at $82,473.94 million in 2021 and is expected to grow steadily over the forecast period with a CAGR of 4.91% due to the rapid increase in the development of high-rise buildings and ever-increasing cash inflows into real estate businesses.

An elevator is a machine positioned in buildings to transport, transport, lift and move people and goods from one floor to another. The elevator can be used in many places, including residential complexes, commercial buildings, shopping malls, hospitals and others, to move people or goods from one floor to another. Elevators are also used in factories and industrial facilities to transfer goods, machinery and finished products between two or more different floors.

An escalator is generally a set of moving, motorized stairs arranged like a non-stop stair belt that transports people between floors of a building while constantly moving from floor to floor.

Rising cash inflows into the real estate sector drive market growth

Expansion in the real estate sector is a major force propelling the global elevators and escalators market. Huge cash inflows, mainly in the corporate sector, are driving the growth of the market as many established and emerging countries are expanding in the real estate sector, which is expected to grow the global elevators and escalators market over the course of of the forecast period.

Growing Construction Industry Activities Propel Market Growth

Global construction companies are experiencing massive demand for escalators and elevators worldwide. The increasing investment in residential and commercial projects as well as in the infrastructure sector is rapidly increasing at a higher rate and positively influencing the construction sector globally.

In 2020, nearly 500 high-rise buildings were on offer in the US, while around 200 high-rise buildings were on offer in the UK and around 100 in Germany. A similar trend is observed across the globe which is expected to drive the global elevators and escalators market during the forecast period.

Visionary futuristic ideas in building and infrastructure industry

For example, in Europe, the elevator and escalator industry is one of the most innovative segments of the mechanical and construction industry.

In addition to setting advanced government standards, many manufacturers have introduced many futuristic new ideas to the market, many of which are groundbreaking in their respective fields, often resulting in considerable savings for the customer. These include the machine room-less electric elevator and, more recently, the ropeless elevator, which moves vertically and horizontally at high speed inside the structure.

The elevator and escalator industry’s rich history of innovation is expected to help its companies overcome future challenges, such as those resulting from changing demographics and technological advancements. Considering the challenges posed by cloud-based solutions and IoT (Internet of Things) applications in buildings.

Modernization of the market and use of UltraRope technology

UltraRope ultra-lightweight technology delivers unparalleled eco-efficiency, reliability and durability in elevators while dramatically improving performance. It addresses the challenges of traditional steel cables, including excessive power consumption, cable stretch, huge moving masses and downtime associated with building sway. UltraRope allows the elevator to travel at a height of approximately 1,000 meters.

Like UltraRope, modern technology can greatly recover operational reliability by replacing mechanical transfers. By replacing motor-generator based drive systems with variable voltage and variable frequency (VVVF) drives, which provide near smooth acceleration and deceleration, ride quality can be improved. This has a positive influence on the global elevators and escalators market.

Competitive landscape

Company Profiles: Detailed analysis of the major companies present in the global elevators and escalators market.

  • Otis Worldwide Corporation
  • Schindler Group
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • TK Elevator GmbH
  • Hitachi, Ltd.
  • Fujitec Co., Ltd.
  • Hyundai Elevator Co., Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • Canny Elevator Co., Ltd.
  • Orona S. Coop.

Report Scope:

Global Elevators and Escalators Market, by Type:

  • Elevator
  • Escalator
  • Treadmills

Global elevators and escalators market, by service:

  • New facility
  • Maintenance and repair
  • Modernization

Global elevators and escalators market, by end user:

  • Residential
  • Commercial
  • Institutional
  • Infrastructure
  • Others

Global elevators and escalators market, by elevator technology:

  • Traction
  • Hydraulic
  • Traction without engine room

Global elevator and escalator market, by elevator door type:

Global Elevators and Escalators Market, by Region:

  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Indonesia
  • Singapore
  • Vietnam
  • Malaysia
  • Rest of Asia Pacific
  • Europe
  • Germany
  • UK
  • France
  • Turkey
  • Poland
  • Romania
  • Rest of Europe
  • North America
  • United States
  • Canada
  • Mexico
  • Middle East & Africa
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Qatar
  • Rest of Middle East & Africa
  • South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America

For more information on this report, visit https://www.researchandmarkets.com/r/ajjxu7

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SOURCE Research and Markets