Market players are focusing on introducing a varied range of products to aim for a broad range of end-users.
DUBAI, UAE / ACCESSWIRE / November 30, 2020 / Future Market Insights: As per FMI, the global elevator and escalator market is slated to record a 6.6% CAGR over the assessment period, 2020-2030. The growth is primarily attributed to the rapid expansion of building and construction activities across the globe. Players operating in the market are focusing on innovative technologies to make their products eco-friendly and safer. Although the recent outbreak of COVID-19 has ensued in weakening market growth, the market is anticipated to recover with the reopening of construction sites.
"Companies are introducing innovative technologies that offer more advanced functionalities in elevator and escalator, this will generate lucrative growth opportunities for the market in the approaching years." says the FMI analyst.
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Elevator and Escalator Market - Key Highlights
East Asia will be the front runner in the global elevator and escalator market.
Commercial industry will remain the lucrative end-user industry throughout the forecast period.
Elevators will reflect a positive growth trajectory among other products over the projected period
Passenger lifts will remain in the leading position due to their high efficiency, noise-free, the capability of controlling optimum traffic, and easy maintenance.
New system installation is acquiring significant traction among the end-users.
Elevator and Escalator Market - Drivers
Progression in the IoT technology is catering to the overall market growth due to the growing incorporation of innovative facilities
Safety solutions presented in elevators & escalators are bolstering the market growth.
The exponential development of the building and construction sector has been a major growth promotor for the global market.
Elevator and Escalator Market - Restraints
Complex mechanisms for installation, handling, and maintenance can create bottlenecks for widespread adoption.
Need for experts' handling and the high price associated with the maintenance can hinder the market growth.
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COVID-19 Impact on the Market
The plummeting real estate activities post lockdown as a result of COVID-19 has negatively impacted elevator and escalator market growth. However, as the elevator and escalator are considered the backbone of any building, their production is anticipated to pick up after the short-term letup once recovery begins. With some of the prominent market players reviewing designs to provide immediate solutions, the market will gain momentum in the approaching years.
Some notable players in the global elevator and escalator market are Aritco Lifts AB, EMAK Elevator, DOPPLER S.A., Hyundai Elevator Co. Ltd, Fujitec Co., Ltd., Kone Corporation, KÖHLER Elevator GmbH., Orona Group, Mitsubishi Electric Corporation, Schindler Holding Ltd., Sanyo Elevator (Zhuhai) Co., Ltd., Sigma Elevator Company, Schumacher Elevator Company, Toshiba Elevator And Building Systems Corporation, Stannah Lifts Holdings Ltd, Otis Elevator Company and Thyssenkrupp AG.
Key players such as Orona Group, Fujitec Co., Ltd., Sigma Elevator Company, and others are investing launch an extensive product range to target the end-users.
About the Study
The study offers readers a comprehensive assessment of the elevator and escalator market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of 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 stations, commercial complexes, offices & institutions, industrial), hospital, infrastructure & construction, transportation & logistics), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights