WILMINGTON, DE / ACCESSWIRE / October 11, 2022 / Transparency Market Research Inc. - The number of tall buildings such as skyscrapers have witnessed an increase in the last few years, for both residential and non-residential purposes. As a result, the need for ease of movement between two floors has risen, which has increased the demand for high-quality elevators and escalators and triggered market growth.
As per a study on Transparency Market Research, the global elevator & escalator market is projected to advance at CAGR of 7%, during the forecast period, starting in 2021 and ending in 2031. Prominent elevator & escalator market players are looking to gain an edge over other players and generate new revenue streams, by launching new products. Hitachi Elevator Asia Pte. Ltd., in July 2021, announced the launch of new touchless elevator solution which can be operated using a touchless button to navigate the elevator on different floors.
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Key Findings of Elevator & Escalator Market Study
- Rising Construction of Skyscrapers Boosting Growth in Elevator & Escalator Market: The last few years have witnessed an increase in construction of skyscrapers, worldwide. Key reasons behind the rise in construction of skyscrapers are decreasing supply of land and continuous rise in population, globally. Skyscrapers that are constructed are being used as office space. Increasing construction of skyscrapers is fueling the demand for products in elevators & escalators market.
- IoT Integration into Elevators & Escalators Propelling Overall Market: Leading players in elevator & escalator market are integrating advanced technologies such as IoT into the products. Manufacturers and operators are benefitting with IoT integration in elevators and escalators since it is helping the personnel in collecting, analyzing, and exchanging data regarding the number of people entering and leaving the elevators and escalators. Furthermore, IoT integration has helped elevators and escalators in anticipating traffic and in responding in real-time with high accuracy. Rise in demand for IoT-integrated elevators and escalators is boosting growth in global market
- COVID-19 Pandemic Triggering Growth in Elevator & Escalator Market: The outbreak of the COVID-19 pandemic positively impacted growth in overall elevator & escalator market. Leading players offered innovative solutions such as contact-free operations of elevators and escalators by using smartphone applications during the pandemic phase. Furthermore, the outbreak of the COVID-19 pandemic led to imposition of social distancing regulations and lockdowns which prevented people from moving freely, outside. Prominent players in elevator & escalator market introduced new people flow solutions in residential buildings and metro stations. These solutions comprised of elevator remote calling feature with the use of WhatsApp, thereby eliminating the need to touch buttons and displays
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Elevator & Escalator Market: Key Drivers
- Rising maintenance of existing elevators and escalators is one of the key driving factors of global elevator & escalator market
- Increasing trend of modernizing existing infrastructure is triggering the growth in market for elevators and escalators
Elevator & Escalator Market: Key Players
The global elevator & escalator market is competitive, with the presence of numerous prominent players. The competition in global market could further intensify if new players enter the market, during the forecast period.
Well-established elevator & escalator market players are investing in research and development undertakings to produce improved products that would meet consumer requirements in residential and non-residential application areas.
Few leading players include Hitachi Ltd., Mitsubishi Electric Corp., Otis Elevator Co., Schindler Group, and Fujitech Company Ltd.
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The global elevator & escalator market is segmented as follows:
- 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
- South America
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