Elevator Market size worth around USD 95 Bn by 2027
Published Date: February 10, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Elevator Market size is set to surpass US$ 95 billion by 2027, according to a new research report by Global Market Insights, Inc.
The elevator industry is undergoing technological disruptions with the introduction of smart elevators, cableless elevators, and emergency elevators. The presence of IoT-based platforms and virtual reality has made it possible to analyze data in real-time. This will again improvise installation & maintenance activities in the sector. Such transformation will positively affect global market size during the forecast period.
Growth in the construction output of the Middle East & African countries is likely to spur the elevator market share. Construction contracts were reported to be the highest in Saudi Arabia, which increased from USD 41,788 million in 2016 to USD 57,134 million in 2018, followed by the UAE with USD 52,254 million and Qatar accounting for USD 26,924 million for the same years. This will increase building & construction activities across the Middle East, which will support the product usage.
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Stringent regulations on elevators will create necessities for renovating the existing infrastructure globally. Government bodies have provided standards, such as EN 81-20, 29 CFR 1917.116, and ASME A17.2-1960, that cover safety guidelines for a variety of escalators & elevators. These regulations also specify an annual maintenance schedule for different countries, further enhancing the usage.
Browse key industry insights spread across 260 pages with 328 market data tables & 26 figures & charts from the report, “Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Machine room-less lifts is projected to exhibit around 3% CAGR through 2027 due to their higher energy efficiency. The key features of this product, such as low energy consumption, less space requirements, low maintenance cost, and reliability, are driving its popularity in the elevator sector. The proliferation of mid-rise structures & buildings in emerging countries will create necessity for MRLs.
The residential sector is poised to report a substantial share of more than 50% in building & construction segment by 2027. Increasing construction of private homes, apartments, and skyscrapers in the Middle East and Asia Pacific is fueling the segment growth. These regions have been witnessing a sudden spurt in the number of people living in cities and urban centers. This trend has led to an acute shortage of accommodation in many countries, resulting in the construction of new buildings for residential purposes.
Presence of aging elevators across Europe will propel new installation & service demand
The Europe elevator market demand will witness above 1.5% CAGR during 2021 to 2027. Around half of the escalators & elevators in the region have surpassed their lifespan of 20 years, which is driving the requirement for modernization in the European countries. Additionally, the mature construction sector in the UK and Germany will boost the modernization & maintenance market demand.
The growing acceptance of technologically advanced products in the regional market is estimated to drive sector development. In 2017, thyssenkrupp installed its first-ever MULTI horizontal-vertical system at the East Side Tower, Berlin (Germany). Such strategies are supporting the growth of elevator companies in European, which will increase the market revenue.
The key participants in the elevator market are Schindler, thyssenkrupp AG, KONE, Hitachi, OTIS, Hyundai, KLEEMAN, Toshiba, Orona, Eita, and others.