Global Elevator Equipment & Service Market 2020-2027

Global Elevator Equipment & Service Market 2020-2027

Bonafide Trust 20-06-2022 162 Pages Figures : 88 Tables : 86
Region : Global Category : Manufacturing & Industry Industrial Automation & Engineering

Global elevator equipment & service market will reach $154.0 billion by 2027, growing by 5.6% annually over 2020-2027 owing to the rising urbanization, upswing in digitalization, increasing geriatric population, growing construction and maintenance/upgrade activities. It is anticipated that the market will expand as a result of developing economies' increased infrastructure spending. Additionally, the UNCTAD Trade and Development report covers over 40 developing nations with a focus on infrastructure initiatives. As a result, the market is anticipated to be driven by the growing government initiatives from various emerging nations to drive their economies, which are likely to result in the development of bridges, dams, and urban infrastructure growth such as roads, schools, ports, and airports. In the next five years, India, for instance, expects to invest USD 1.4 trillion in infrastructure. Additionally, the growth of smart cities is anticipated to propel the market. For instance, according to the Policy Forum, China invested around USD 30.4 billion in smart cities in 2018 and is projected to invest more than USD 59.9 billion by 2023. Additionally, the market is expanding as a result of the strong demand for high-speed elevators brought on by the expansion of skyscraper building. For instance, the 644-meter-tall Merdeka PNB 118 skyscraper that is being built in Malaysia. The highest structure in Southeast Asia is anticipated to be this tower. The established manufacturers are focusing on building sustainable products to attract environmentally conscious consumers. Green elevators have LED lights, recycled materials, and water-soluble paints. Furthermore, market vendors are focusing on using alternatives to rope and pulley systems, such as magnetic motors, which are gaining popularity among customers. Moreover, the recognition of such green products is attracting investments from the manufacturers. For instance, in 2018, the KONE solutions, including TransitMaster 140 escalator, KONE S MonoSpace, and KONE 3000 TranSys elevators, received Singapore green building product certificates with high ratings.

Elevators represent 2% to 7% of the total energy consumed in the whole building and have a significant scope of improvement regarding energy consumption. Thus, manufacturers are focusing on the development of energy efficient elevators. These elevators use less energy with the help of improved hardware controls and offer improved compactness. In addition, the surge in government initiatives to save energy is further expected to promote growth in the sales of energy-efficient products. For instance, the Swiss government announced the refurbishment of old elevators to result in energy efficiency in 2019, with Schindler Switzerland as its technology partner. Thus, it is likely to result in a high demand for proficient electricity elevators. The industry is anticipated to be affected by the growing worries about elevator and escalator accidents. Every year in the United States, accidents involving elevators and escalators result in more than 30 fatalities and 17,000 serious injuries, according to the Consumer Product Safety Commission and the U.S. Bureau of Labor Statistics. 60% of major injuries and 90% of deaths are attributed to elevator accidents. There are a lot of incidents where maintenance and repair workers are caught between the moving parts of escalators and elevators. However, it is anticipated that the incidents during repair and maintenance activities would decrease as workplace safety and security measures and training become more stringent. The industry is anticipated to be affected by the growing worries about elevator and escalator accidents. This  problem can be dealt with, by introducing better technology and safety systems. 

COVID-19 impact 
The COVID-19 pandemic created an unprecedented and difficult health emergency across the globe. As a safety measure, most of the prominent economies imposed a hefty and abrupt nationwide lockdown curbing the financial activities within the region. The sudden closure had a hard-hitting impact in the labor-intensive and highly volatile construction sector. This factor also reduced new construction and modernization activities, thereby hampering the sales and development of the global market. The reduced cash liquidity, uncertainty in public investments, and pessimistic approach of the established potential investors dipped the market growth. The disruption and complete breakdown of the supply chain of the manufacturing ecosystem have pivoted the degradation of the market across multiple regions. Numerous federal governments had mandated a temporary ban. The governments published immediate directives to shut the transportation of non-essential commodities, which created a massive imbalance between procurement of raw material for products and actual production at the manufacturing facilities. A complete disproportion in the supply and demand for raw materials has decreased the efficiency and output of the industry.

Highlighted with 86 tables and 88 figures, this 162-page report “Global Elevator Equipment & Service Market 2020-2027 by Offering (Equipment, Service), Product Type (Elevators, Escalators, Moving Walkways), Technology (Hydraulic, Traction, Climbing, Pneumatic), End Use (Residential, Commercial, Industrial), and Region: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire global elevator equipment & service market and all its sub-segments through extensively detailed classifications. 

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global elevator equipment & service market in every aspect of the classification from perspectives of Offering, Product Type, Technology, End Use, and Region. 

By Offering
     • Elevator Equipment
          •    Passenger & Freight Elevators
          •    Escalators & Moving Walkways
          •     Parts & Accessories
     • Elevator Service
          •     Installation Service
          •     Maintenance & Repair Service
          •     Modernization & Upgrade Service 

By Product Type
     • Elevators
     • Escalators
     • Moving Walkways

By Technology
     • Hydraulic Elevators
          •    Conventional Hydraulic Elevators
          •     Hole-less Hydraulic Elevators
          •     Roped Hydraulic Elevators
     • Traction Elevators
          •    Geared Traction Elevators
          •    Gear-less Traction Elevators
          •    Machine Room-Less Elevators
     • Climbing Elevators
     • Pneumatic/Vacuum Elevators

By End Use
     • Residential Use
     • Commercial Use
     • Industrial Use
     • Other End Uses

By Geography
     • North America (U.S., Canada, and Mexico)
     • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
     • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
     • South America (Brazil, Chile, Argentina, Rest of South America)
     • MEA (UAE, Saudi Arabia, South Africa)

For each aforementioned region and country, detailed analysis and data for annual revenue ($ bn) are available for 2017-2027. The breakdown of all regional markets by country and split of key national markets by Offering, Product Type, and End Use over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Fujitec Corporation Limited, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kleemann Hellas S.A., Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company Limited, ThyssenKrupp AG, Toshiba Elevator and Building Systems Corporation,

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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