Increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure in key economic cities have propelled Singapore’s elevator business to new height
Chicago, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, Singapore elevators & Escalators Market will grow at a CAGR of over 3% During 2022-2027. Increased urbanization, rising demand for high-rise structures, and government focus on infrastructure in key economic cities have propelled Singapore’s elevator business to new heights. Green Buildings Innovation Cluster (GBIC) is the initiative to increase the green building penetration across the nation that will create more opportunities to adopt energy- efficient technologies in vertical transportation.
Singapore Elevator and Escalator Market Report Scope
MARKET SIZE BY NEW INSTALLATIONS (2028)
2.6 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021)
2.0 thousand units
MARKET SIZE BY INSTALLED BASE (2028)
89.8 thousand units
MARKET SIZE BY MODERNIZATION (2028)
MARKET SEGMENTATION BY CARRAIGE TYPE
Passenger and Freight
MARKET SEGMENTATION BY CAPACITY
2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USER
Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)
MARKET SEGMENTATION BY MACHINE TYPE
Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
Smart Nation Initiative and Rising Resale Value to Boost Demand
Elevators are becoming more common in the building business as they become the primary forms of transportation for people seeking to travel to higher floors within buildings, and it is especially beneficial for people with mobility issues.
As of March 2020, the government of Singapore allotted $43.5 billion (€38.5 billion euro) investment in sustainable infrastructure, subways, and light rail as a part of smart nation initiative, which will create demand for elevators.
Installing an elevator in residential sectors allows to enjoy convenience and luxury. Home elevators has lot of features that include easier mobility access to elderly and physically disabled and can be sold as a benefit to the potential buyer.
Elevators consume less time, and it is easier to move heavy and bulky objects. This is also helpful to children and older people facing challenges moving up and down the stairs. Elevators reduce cases of common accidents such as falling down the stairs or children tripping over stair rails.
•The Lift Upgrading Program (LUP) is one of HDB’s three programs to revitalize mature housing estates and to provide residents with some solutions to some of their more pressing needs. One concern in HBD blocks that are older than 30 years, may be the lack of lift access on all floors as older blocks tend to have lifts that only stop on certain floors. Through the LUP, older flats can be fitted with new lift shafts and lifts to allow residents on every floor to access the lifts, thereby laying the worries of new buyers to rest.
•Manufacturing companies in Singapore began more than 1,300 initiatives to modernize and change their companies through Enterprise Singapore during the lockout period between January and August 2020. In comparison to the same period in 2019, this indicates a 65% rise. Technology implementation, automation, remote monitoring, and digitalization solutions were the primary transformational areas.
•The Building Maintenance and Strata Management (BMSM) Act is a regulatory framework specifying the regular and proper maintenance of lifts and escalators, to ensure that they are safe for use. The existing lift and escalator maintenance provisions under the BMSM Act will be ported over to the Building Control Act (BC Act). Some of the new changes would include Plan Submission requirements for Elevators & Escalators.
•Ministry of National Development Committee of Supply has unveiled various initiatives to accelerate the built environment sector's transformation. These include the upgraded Green Mark Incentive Scheme for Existing Buildings, the new Integrated FM/Aggregated FM Grant, and more money for the Cities of Tomorrow Program and the Green Buildings Innovation Cluster Program. Existing programs like the iBuildSG Joint Scholarship and Sponsorship Scheme and the Productivity Innovation Project Incentive Scheme have also been extended. The government will invest $184 million to speed up industrial transformation toward a built environment sector that is more robust and prepared for the future.
•Top 4 prominent vendors including KONE, Mitsubishi, Schindler, TKE account for 36% of market share in Singapore.
Other Prominent Vendors
CA M&E Elevators
Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
34 Persons and Above
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