Growing need for fast and convenient navigation in residential and commercial buildings has led to surge in installation of escalators and elevators. In addition, increasing demand for speedy transportation of luggage in the aircrafts and airplanes is projected to impact the global market growth of elevators and escalators positively. TMR states that the global elevators and escalators market is projected to reflect a CAGR of 7.4% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global elevators and escalators market is mainly bound by various macro-economic and micro-economic factors. As children, old aged people and arthritis patients experience pain and discomfort while climbing the long range of stairs, constructors are increasingly integrating enhanced solutions to travel through the building. Increasing demand for convenient and speedy mode of navigating through various levels of buildings will continue to boost installation of elevators and escalators globally.
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Attributed to rapid navigation through the multi-story buildings, installation of elevators and escalators will continue to increase. Growing need for fast progress and operations in various government agencies and banking institutions is further expected to rev up demand for elevators and escalators globally. As travelling through the elevators and escalators is a comparatively faster option, the employees can conveniently speed up the process and operations by navigating comparatively fast.
A recent trend observed in the construction industry is that various commercial and residential buildings are increasingly installed with weatherproof elevators outside the building. Moreover, due to less space within, constructors are installing weatherproof elevators outside the building. These factors are expected to contribute towards the global market growth of elevators and escalators throughout the forecast period.
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Sales to Remain High through Commercial Application
Increasing demand for constructions has led to surge in the installation of new equipment in various buildings globally. In terms of revenue, the new equipment service type segment is projected to witness the highest growth, recording more than US$ 30,200 Mn by 2026-end. On the other hand, the maintenance & repair service type segment is projected to reflect a healthy CAGR during the forecast period.
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By 2017-end, the commercial application segment is projected to generate significant revenue, recording more than US$ 10,300 Mn. In contrary, the industrial application segment is projected to reflect a healthy CAGR throughout the forecast period.
Major players in the global market of elevators and escalators 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., Canny Elevator, Kleeman Hellas SA and Shanghai Mechanical.
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