[192 Pages Report] Elevator and Escalator Market is expected to witness growth of ~6.6% CAGR during the forecast period from the year 2020 to 2030. Expansion of the building and construction industry has been a chief driver of the global elevator and escalator market. Elevators and escalators being an integral part of the residential as well commercial buildings are witnessing an impressive surge in demand all over the world.
Advancement in the Internet of Things (IoT) technology is further catering to the market growth with the rising incorporation of ultra-modern facilities starting from elevator safety solutions to elevator air purification equipment.
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Despite their complex mechanisms for installation, handling, and maintenance, the demand for elevators and escalators in residential, commercial, hospital, transportation, and other sectors is growing. According to Future Market Insights (FMI), the global elevator and escalator market is expected to rise at ~6.6% CAGR during the forecast period from the year 2020 to 2030.
Rising Demand from Construction Industry
According to FMI, the expansion of the construction industry will spur the elevator and escalator market growth during the forecast period, from the year 2020 to 2030
With the rising population and urbanisation, the building & construction industry is growing exponentially. Elevators and escalators, being an integral part of construction industry, is experiencing a surge in demand across the world.
Modern-age elevators often come with an extensive range of features such as various load capacities (low, medium, and high), safety features, hygienic solutions, high reliability in terms of load carrying as well as various emergency services, making them efficient for broad range of applications starting from residential complex to industrial sectors.
The advanced IoT technology has enabled the elevator and escalator manufacture to offer diverse services and solutions such as air purifying system, sanitisation facility, emergency calling and connectivity solutions, and others. As a result the demand for elevators and escalators is sky-rocketing worldwide.
Elevators and Escalators Market – Bolstering Growth for Safety Solutions
Various safety features such as emergency evacuation feature, safety brakes, door closing devices, door sensors, door restraints, pit buffers, and others result in more sophisticated elevators and escalators services which is aiding to the Elevators and Escalators Market growth.
With the technological advancements, the industrial and commercial sectors are incorporating modern safety features in the escalators such as skirt brushes in order to prevent objects being caught in the escalators, step level monitors, missing step monitors, handrail motion detectors, sensors to trigger automatic shutdown in emergency, and others.
As the new-age safety solutions are making the elevators and escalators more reliable and efficient in handling emergency conditions, the market is witnessing significant growth all over the world.
Key Segments
Product Type
- Elevator
- Hydraulic
- Traction
- Machine
- Room Less
- Vacuum
- Escalator
- Step Type
- Belt Type
- Cleat Type
- Spiral
Load Type
- Passenger
- Freight
- Observation
- Others
Installation
- New
- System
- Installation
- Retrofit
End Use
- Residential
- Low Rise Building
- Mid Rise Building
- High Rise Building
- Commercial
- Hotels
- Airports
- Subway Station
- Commercial
- Complex
- Office & Institution
- Hospital
- Infrastructure & Construction
- Transportation &Logistics
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa
- Japan
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Elevators and Escalators Market – Key Challenges
The entire process cycle of elevators and escalators, starting from manufacturing to installation,installation, is costly and needs expert handling. As elevators and escalators are used in various places, starting from residential complex to big industrial buildings, they need timely maintenance, up-gradation, as well as other services as and when required, which are time consuming and also need technical knowledge. Because of these factors, the elevators and escalators are yet to be popular among the small to medium residential buildings, institutions, and others.
The outbreak of a novel coronavirus in the recent year has affected the elevator and escalator market negatively because of various factors such as closed manufacturing units during lock down, economic constraints, unavailability of raw materials and manpower, decrease in demand, and others.