Elevator Rope Market size is estimated to surpass USD 800 million by 2026, according to a new research report by Global Market Insights Inc.
Increasing efforts from government bodies across regions, to develop construction sector will provide opportunities to product manufacturers in projected timeframe. For instance, Indian government has undertaken strategic steps such as Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart Cities project, Jawaharlal Nehru National Urban Renewal Mission (JNNURM), etc. to develop urban infrastructure within the country.
Similarly, Saudi Arabia has launched Vision 2030, which aims at building construction industry in less oil-depending nations over near term. Such initiatives will further drive elevators sales around the globe, which will again drive elevator rope market share in coming decades.
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Proliferation of elevators in end-user industry will drive product sales
Increasing elevators demand around the globe will further drive the elevator rope industry growth over coming years. Globally, elevators market revenue is expected to be approximately USD 135 billion by the end of forecast timeframe. Rising urbanization & industrialization in developing nation will propel elevator ropes demand in near future. These developments will enhance elevator rope market growth by 2026.
However, these ropes face significant challenges from other products including, internal substitutes, rope-less elevators, etc. Growing adoption of carbon fiber and synthetic fiber based ropes will impact demand for conventional ropes by 2026. Major manufacturers are adopting rope-less technologies in order to enhance customer experience as well as minimize energy consumption. These will further create need for rope-less technology in the elevators industry in the foreseeable future.
Browse key industry insights spread across 216 pages with 220 market data tables & 26 figures & charts from the report, “Elevator Rope Market Size By Core Type (Fiber Core [FC], Independent Wire Rope Core [IWRC]), By Functionality (Traction/Hoist, Governor, Compensation), By Elevator Type (Machine room [MR] elevator, Machine room less [MRL] elevator, Hydraulic Elevator), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Independent wire rope core (IWRC) segment will be reaching at approximately USD 300 million by 2026. These products are gaining significant attention in taller buildings owing to their excellent strength. Growing energy efficient structures popularity across the world will create demand for high speed elevators, that will again drive IWRC usage in elevators over next few years.
Energy efficient structures will boost product demand for compensation application
Compensation segment will be growing at rate of about 5% in elevator rope market between 2020 and 2026. This segment is rapidly gaining popularity in buildings where elevator distance exceeds more than 30 meters of height. Further, these ropes balances the elevator car’s weight through counterweights and provide equal load distribution on sheaves & motor drives.
Machine room elevator segment will have the largest chunk of total market over projected time frame. This will be owing to growing need for the high speed elevators over past few years. These type of products are majorly found in building areas requiring vertical travel distance ranging from 70 meter to 600 meters. Moreover, growing demand for energy efficient buildings will stipulate elevator ropes sale by 2026.
Middle East & Africa elevator rope market demand will be witnessing significant growth over 2020 to 2026 due to increasing construction of taller structures and buildings in major countries. For instance, UAE reported more than 90 towers, having at least 200m of height by the end of 2017, which will be growing further in near future. Apart from these, increasing urbanization, young workforce, population, etc. are enabling construction industry demand in this region. These trends will further stimulate market demand by 2026.
Some of the key product manufacturers participating in elevator rope market share are Bekaert, DSR, Tokyo Rope Mfg. Co., Ltd., PFEIFER DRAKO, Usha Martin, Gustav Wolf and BRUGG Lifting. These player strategically invest into expansion of their manufacturing facilities in order to offer stiff competition to other player. For example, WireCo invested USD 14 million to expand its facility based in the U.S. for wire rope products. The strategic purpose of this initiative was to boost penetration of wire ropes in the local market.
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