Elevator Market size is slated to exceed USD 120 billion by 2028, according to a new research report by Global Market Insights Inc.
The Middle East countries have been witnessing rising developments in the construction sector over the past few years. Saudi Arabia is leading in construction development followed by the UAE, Kuwait, Qatar, Bahrain, and Oman. Construction activities are likely to rise in the coming years with many ongoing projects. Such trends are bolstering the elevator industry growth.
The ongoing coronavirus pandemic resulted in a decline in the elevator market in terms of revenue in 2020. The growing number of coronavirus cases has contracted the building & construction output across the world. Major countries announced lockdowns and adopted social distancing norms for containing the spread of the virus during the initial period of the pandemic. This has further created a delay in major commercial and residential construction projects. The market is projected to gradually stabilize post-2021, which can be attributed to the removal on suspension of construction activities and a decline in the number of active cases worldwide.
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Browse key industry insights spread across 330 pages with 354 market data tables & 22 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), By Installation (New Installation, Maintenance & Modernization), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
MR traction elevators will remain a popular choice
MR traction elevator market revenue is expected to reach USD 55 billion by 2028. MR traction elevator are suited for mid-rise & high-rise buildings owing to their much higher travel speeds than hydraulic & pneumatic elevators. Geared MR traction elevators have a moderate initial cost of installation, maintenance cost, and energy efficiency. Gear-less MR traction elevators have a higher initial cost, moderate maintenance cost, and less energy-efficient than geared product types. The rising number of mid-rise & high-rise buildings in the Middle East and Asia Pacific will be the major growth enabler of these elevators. The energy efficiency of these elevators has also led them in substituting hydraulic & pneumatic elevators in recent years.
Rising industrial development will propel the market growth
Industrial application is set to account for more than 50% of the revenue share by 2028. Industrial elevator applications include vertical good transportation in production plants, warehouses, etc. Hydraulic and pneumatic lifts are mostly used in the industrial end-use sector as they have a better load-carrying capacity and low initial installation costs. Traction elevators are also used in this industry. The pace of industrial development in Asia Pacific countries has been picking up in the last two decades.
The rising prevalence of new maintenance technologies and strict safety regulations will augment the elevator maintenance & modernization segment growth in the future. Increasing renovation activities will generate huge opportunities for market expansion.
Demand in the construction sector in developed regions, such as North America, has reached consistency compared to developing regions. Hence, the major demand for the elevator market in these regions will rise owing to maintenance, repair & after-sales service along with a considerable demand for new installations. Rising trends in residential construction are a primary driver in the booming construction industry growth. Hence, North America will showcase a strong growth potential, in terms of contributing to rising elevator services demand.