Elevators and escalators: Key market research findings
- Rise in construction activities
- Growth of escalators
Technavio has added a new market research report on the global elevators and escalators market, to its construction portfolio. The global elevators and escalators market is expected to grow at a CAGR of 12% between 2015 and 2019. Steady growth of the construction market in both developed and developing economies across the globe is a major factors boosting the demand for elevators and escalators. China is expected to dominate the global market for elevators and escalators during the forecast period owing to factors such as the steady economic growth of the country and rapid urbanization. This region singlehandedly accounted for more than 70% of the new installations across the globe and witnessed more than 590 thousand units of new elevator and escalator installations during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Rise in construction activities across the globe has pushed the construction companies towards reduction in their energy consumption. This has increased their need to attain green building certifications such as BREEAM and LEED for their projects. To reduce the energy consumption in construction projects, the manufacturers like Schindler, Otis, KONE, and ThyssenKrupp are launching energy-efficient elevators and escalators. These elevators and escalators save up to 60% more energy than conventional hydraulic elevators, and provide eco-efficiency to the infrastructure projects,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research
Technavio market research analysts estimate the escalators segment to show a higher market growth rate compared to the elevators segment during the forecast period. Major infrastructure development in growing economies like China and India is expected to result in this segment’s high growth rate of nearly 15% by 2019. Growing demand for escalators is due to their better suitability in commercial construction projects ad public infrastructure projects.
The leading vendors in the global elevators and escalators market include Fujitec, Hitachi, KONE, Mitsubishi Electric, Otis, Schindler, Toshiba Elevator and ThyssenKrupp.Since the global elevator and escalator market is an integral part of the global construction market, any increase in the construction activity around the world is expected to foster this market’s growth during the forecast period. Vendors in this market compete on the basis of elevator and escalator installation, maintenance, and modernization services to gain prominence in this market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Elevators and Escalators Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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