London, 16 December 2015: Technavio, the independent tech-focused global research firm, has published a report on the strategic assessment of emerging technologies for elevators and escalators, which is expected to grow at a CAGR of 12.23% during the period of 2014-2019.
The growth of the global elevator and escalator market is being boosted by the steady growth of the construction market in both developed and developing economies across the globe. The large scale urbanization across the globe has resulted in an eminent rise in demand for high-quality public infrastructure, urban residential developments, as well as commercial spaces such as shopping malls.
“Use of circular elevator systems will help in reducing the number of shafts being installed in the building. The increase in the number of elevator cabins within one shaft will help in utilizing and optimizing the space more efficiently,” says Faisal Ghaus, Vice President of Technavio.
“Circular elevator systems are a type of conveyor belt that will move continuously up and down a building in a circular manner. The increase in the number of elevator cabins in one shaft helps in increasing the capacity of an elevator system exponentially.”
To define the market circumstances 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.
If you are interested in more information on this topic and our upcoming research on the Strategic Assessment of Emerging Technologies for Elevators and Escalators 2015-2019, please send an e-mail to media@TechNavio.com.
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