Elevators and escalators: Key research findings
- Growing preference for multipurpose and MRL elevators to spur market growth during the forecast period
- Construction of 28 new high-rise buildings to impel the prospects for growth in this market
Technavio has added a new report on the elevator and escalator market in Canada, to its engineering tools portfolio. Technavio market research analysts estimate this market to post a slow but modest CAGR of nearly 2% by 2019.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“Thanks to the recent shift in consumers’ preference towards energy efficiency, the demand for multipurpose and machine room-less (MRL) elevators is continually growing. These elevators are generally incorporated in mixed-use buildings as they aid in the efficient utilization of the available space. Multipurpose and MRL elevators provide the flexibility required for handling different types of passenger and cargo traffic in mixed-use buildings and are, therefore, incorporated into such structures to effectively manage space and to bring down the total cost of operation,” says Navin Rajendra, Lead Analyst, Engineering Tools, Technavio research.
The elevators segment will be the primary revenue contributor in this market as the construction of new high-rise residential buildings involves the augmented use of elevators. These high-rise buildings require efficient elevators, such as multipurpose and MRL elevators, for the smooth movement of passengers and goods. Also, the ability of these elevators to effectively manage passenger traffic will result in its increased implementation in high-rise buildings during the forecast period.
Elevator and escalator market in Canada by product
Source: Technavio, 2015
A segment to look out for is the elevator segment, which analysts predict is going to grow due to the increasing construction of high-rise buildings in this region. The key vendors analyzed in this market study are Otis, ThyssenKrupp, Schindler, and Kone.
More detailed analysis is available in the Technavio report Elevators and Escalators Market in Canada – Market Analysis 2015-2019.
We can customize reports by other regions and specific segments upon request.
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