- The key vendors in the elevator and escalator market in Russia 2015-2019 are KONE, Otis, Schindler, and ThyssenKrupp
London, 3 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the elevator and escalator market in Russia 2015-2019. The rising demand for energy-efficient elevators and escalators is a key trend observed in this market. The commitment of the construction industry toward sustainable development has triggered the demand for energy-efficient equipment. Features such as energy regeneration, automatic light shutdown in idle state, and other energy-saving technologies are in high demand in the elevator and escalator market in Russia. This market is expected to grow at a CAGR of 10.08% during the forecast period of 2014-2019.
Development of the construction sector in Russia is a major factor that promotes growth in this market. Since the country is set to host the 2018 FIFA World Cup, a number of new sports stadiums and arenas are being constructed and are due for 2017-2018. Also, the renovation of old stadiums and the advent of new projects will boost the demand for escalators and elevators in this region. Apart from the aforementioned reasons, the construction of new high-rise buildings and complexes in this region are also expected to augment the demand for escalators and elevators in Russia.
“There is high demand for energy-efficient products in the elevator and escalator market in Russia, triggered by the commitment of the construction industry toward sustainable development. Vendors in the market are increasing their R&D activities to develop products with minimum energy requirements,” says Faisal Ghaus, Vice President of Technavio Research.
“Otis and KONE, for instance, are working to ensure that they meet the current energy-saving requirements with regard to both function and design. Features such as energy regeneration, automatic light shutdown in idle state, and other energy-saving technologies are in high demand in the elevator and escalator market in Russia.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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