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Edition: 17; Released: February 2022
Executive Pool: 9334
Companies: 114 – Players covered include Canny Elevator Co., Ltd.; Fujitec Co., Ltd.; Hitachi Ltd.; Hyundai Elevators Co., Ltd.; Johnson Lifts Private Limited; Kleemann Hellas S.A.; KONE Oyj; Mitsubishi Electric Corporation; Shanghai Mitsubishi Elevator Co., Ltd. (SMEC); Otis Elevator Company; Otis Electric Elevator Co., Ltd.; Sigma Elevator Company Limited; Savaria Corporation; Schindler Group; SJEC Corporation; ThyssenKrupp Elevator AG; Toshiba Elevator and Building Systems Corporation; Yungtay Engineering Co. Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Elevators, Escalators); Service (New Installation, Maintenance & Repair, Modernization)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Elevators and Escalators Market to Reach $77.2 Billion by 2026
Elevators and escalators (E&E) are ubiquitous machines installed in most constructions ranging from residential, commercial, and industrial sites to hospital and academia buildings, to general infrastructure sites such as metro stations. With modern architectural technologies enabling the widespread construction of skyscrapers erected hundreds of feet above the ground, elevators and escalators designed to transport people from floor to floor, have become crucial elements that make living and working in these buildings practical. Rapid urbanization in developing regions, particularly in countries such as India, Nigeria, and Indonesia is projected to add a steep increase in demand for elevators. The elevators and escalators market is witnessing an increasing trend among manufacturers towards sustainability, and environmental preservation in sync with the rising demand for systems that are more eco-friendly, and produce less noise and harmful emissions. Manufacturers are also incorporating advanced technologies, mechanisms and solutions for enhancing productivity and maximizing safety.
Advanced technological equipment that includes replacement of older generation inefficient DC drives with more energy efficient drive systems producing lower heat as well as delivering higher energy efficiency; incorporation of new materials such as polyamide, synthetic Aramid ropes to reduce weight of cars as well as the rope system in order to reduce the energy required to hoist it; replacement of older generation lighting systems with latest high efficiency lighting with significantly lower energy footprint; incorporation of auto-cutoff functionality to cut down on energy during idle phase; launch of new elevator designs such as MRL elevators that offer significant savings with respect to energy; and replacement of inefficient conventional mechanical relays with microprocessor based technologies are anticipated to bring paradigm shift in the market in near future. Amid the COVID-19 crisis, the global market for Elevators and Escalators estimated at US$66 Billion in the year 2022, is projected to reach a revised size of US$77.2 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Elevators, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$72.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Escalators segment is readjusted to a revised 2.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7 Billion in 2022, While China is Forecast to Reach $19.5 Billion by 2026
The Elevators and Escalators market in the U.S. is estimated at US$7 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$19.5 Billion by the year 2026 trailing a CAGR of 3.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR. While a major portion of revenue for E&E market in developing regions such as Asia-Pacific is generated from new installations, majority of revenue for E&E market in developed regions such as the US and Europe is generated from upgrades and service maintenance. The huge demand for new installations in Asia-Pacific primarily stems from urbanization and new constructions in the region, particularly in China and India. The revenue mix for E&E in the US and Europe is skewed towards service maintenance and upgrades primarily due to the already well-established installed base of E&E in these developed economies. More
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