PUBLISHER: DataM Intelligence | PRODUCT CODE: 1325376
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1325376
Global Elevators and Escalators Market reached US$ 84.4 billion in 2022 and is expected to reach US$ 140.6 billion by 2030, growing with a CAGR of 6.6% during the forecast period 2023-2030.
The construction sector is tremendously growing, which includes multi-story complexes and skyscrapers. Elevators are an essential component of such structures, that enable vertical mobility and make them practical and functional. The increasing number of building constructions contributes to the growth of the elevator industry.
Several countries in the Asia-Pacific are heavily investing in infrastructure development, which includes airports, transportation hubs, metro systems and commercial centers. These infrastructure projects require advanced and efficient vertical transportation systems, that drive the growth of the elevator and escalator industry. Companies in the region are consolidated covering nearly 60.1% share.
For instance, On 4 July 2023, Hitachi Elevator Engineering (Hong Kong) secured a significant order from Sun Hung Kai Properties Limited for the Hong Kong West Kowloon Station complex. The order includes a total of 160 elevators, escalators and moving sidewalks. It consists of 115 elevators, including 22 high-speed elevators, 41 escalators, four moving sidewalks, a destination floor reservation system and the FI-700 elevator management system. These systems will ensure efficient elevator operations within the complex.
Furthermore, Hitachi Elevator (China) Co., Ltd. will manufacture the units and delivery is scheduled to be completed by December 2024. This order represents the largest in Hong Kong for elevators and escalators from the Hitachi group.
Rising Adoption of Smart Elevators
Rapid advancement in the growth of urban areas and the construction of buildings has created high demand for efficient vertical transportation. Smart elevators provide enhance security and efficient management systems for managing transportation in highly dense populated areas. The Smart elevator also focuses on efficient energy and tries to reduce carbon footprints.
The global movement towards smart cities has driven the adoption of smart and connected elevators, which are remotely monitored. For instance, On 13 April 2023, In India, the government's Smart Cities Mission advanced the adoption of technology. India's Smart Cities Mission majorly focuses on sustainable development and aims to create replicable models for smart cities across the country. A large number of projects have already been completed and the government is actively working on many more.
Rising Investments in Commercial Sector
Investments in escalators for metro stations focus on enhancing passenger experience, optimizing crowd management and ensuring accessibility for all commuters. The installation of escalators helps to alleviate congestion during peak hours leading to reduce waiting times and improving the overall efficiency of metro systems.
The government is heavily investing in commercial projects, For instance, On 18 Jun 2023, The international terminal (T2) metro station of Mumbai's Colaba-Bandra-Seepz Metro corridor is set to feature the tallest escalators in India. Surpassing the height of the escalators at Delhi Metro's Janakpuri-West station, which currently holds the national record of 15.6 meters, the escalators at the T2 metro station will be even taller.
Energy Consumption and Technical Failure
Elevators consume significant amounts of energy, particularly during peak usage periods. The energy consumption of escalators can also be substantial. The environmental impact of elevators and escalators includes carbon emissions from electricity generation and the resources used in their construction and maintenance.
Smart elevators and escalators, while offering advanced features and connectivity, are dependent on technology. Technical failures, software glitches, or cybersecurity risks affect their operation and compromise user experience and safety. These factors decrease the demand for elevators and the escalator market.
The pandemic has accelerated the adoption of touchless technologies in elevators and escalators. Contactless buttons, voice-activated controls and foot-activated sensors have been introduced to reduce the need for physical contact and enhance hygiene. These factors boost the growth of the elevator and escalator market during COVID-19.
The need for maintenance and inspection has been reduced with the implementation of remote monitoring and maintenance systems. These systems enable real-time monitoring of elevator and escalator performance and allow for timely maintenance and issue detection without the need for on-site visits leading to improving the market during the pandemic phase.
Russia-Ukraine War Impact
Companies operating in Russia and Ukraine face challenges related to market access, pricing and establishing partnerships with international manufacturers. Political tensions and economic uncertainties divert attention from safety regulations and enforcement. This may result in less stringent adherence to safety standards, potentially impacting the reliability and safety of elevators and escalators.
Sanctions and political tensions affect the availability and accessibility of maintenance and service providers for existing elevators and escalators. This could lead to challenges in ensuring their smooth operation and timely repairs. These factors hinder the growth of the elevators and escalators market in this region.
The global elevators and escalators market is segmented based on type, service, technology, end-user and region.
Innovative Solution for Residential Buildings
Elevators help optimize space utilization in residential buildings. By vertically connecting different levels, elevators enable the construction of taller buildings, maximizing the available land area. Elevators in residential areas prioritize safety and security which has increased the segmental growth covering 1/3rd globally. They are equipped with safety features such as emergency stop buttons, alarm systems and sensors to prevent accidents.
ICARE Lifts System, formerly known as Sagar Construction Lifts, for instance, On 9 Dec 2022, unveiled three new products at the ACETECH 2022 exhibition, showcasing their commitment to innovative and safe elevator designs. The company is well-known for its cutting-edge mechanisms and premium customer service in the elevator industry.
One of the standout products launched is a series of machine room-less and low-pit elevator designs specifically designed for residential complexes or homes. These elevators feature a slim 300-mm pit, eliminating the need for a separate machine room. The compact and stylish design of these elevators caters to the space constraints often found in residential units.
Technology Advancement in Asia-Pacific
Asia-Pacific has various advancements in elevator and escalator technologies which have made it cover more than 52.2% globally. Manufacturers are developing innovative solutions such as smart elevators that includes control systems, energy-efficient components, predictive maintenance capabilities and enhanced safety features. These technological advancements boost demand for the elevator and escalator market.
Mitsubishi Electric has production and development in manufacturing, installation services and maintenance services of elevators and escalators. They have established themselves as a renowned brand in the industry since 1931. They have been involved in various industrial projects such as Sunshine City in Ikebukuro and Landmark Tower in Yokohama and showcasing their expertise in high-quality and high-speed elevators.
Mitsubishi Electric's elevators incorporate advanced technologies like the Poki-Poki-Motor high-efficiency motor and inverter technology. As they have achieved remarkable milestones, including the installation of an elevator in the Shanghai Tower capable of traveling at speeds of up to 1,230 meters per minute.
The major global players include Otis , KONE Corporation, Schindler Holding Limited, Hitachi, Mitsubishi, Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group.
The global elevators and escalators market report would provide approximately 69 tables, 66 figures and 181 Pages.
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