Elevator and Escalator Estimated Market at USD 94.8 Billion In the Year 2023, is Projected to Reach A Revised Size of USD 174.29 Billion by 2032, Growing at A CAGR of 7.0% Over the Forecast Period 2024-2032.The rise in government policies regarding Elevator and Escalator exploration and production reflects the recognition of its potential as an energy resource amidst increasing energy demand. Also referred to as shale gas, Elevator and Escalator is a form of natural gas trapped within underground rock formations with low permeability. These policies are driven by several factors, including the imperative of energy security, the pursuit of economic growth, and considerations regarding environmental sustainability. Governments worldwide are enacting stricter environmental regulations to ensure responsible extraction practices within the Elevator and Escalator industry.
Drivers:
Rapid urbanization, rising high-rise building, and expanding infrastructure investments in emerging nations are the main factors propelling the elevator and escalator industry. Growth is also fueled by the growing need in developed regions for the upgrading and retrofitting of old elevator systems. Furthermore, technological innovations are becoming more popular, such as smart elevators with IoT-enabled and energy-efficient capabilities. Market expansion is also supported by the growing emphasis on safety rules and accessibility in both public and private areas. The need for elevators in residential and medical facilities is being driven by the aging population, especially in industrialized nations, while escalator installations are being driven by the expansion of metro and airport developments globally.
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Opportunities:
The elevator and escalator market offers significant opportunities driven by rapid urbanization, the growth of smart cities, and increasing demand for high-rise buildings worldwide. The expansion of infrastructure in emerging economies, particularly in Asia-Pacific and the Middle East, presents a lucrative market for new installations. Additionally, the rising focus on energy-efficient and smart elevators integrated with IoT and AI technologies creates avenues for innovation. Modernization of aging systems in developed regions provides opportunities for retrofitting and upgrades. Further, the need for accessible solutions for an aging population supports market growth, as does the emphasis on safety and sustainability standards.
Segment Analysis:
The Elevator and Escalator Market is segmented into Product, Business, Application, and region. By Product, the market is categorized into Elevators, Escalators, and Moving Walkways. By Business, the market is categorized into New Equipment, Maintenance, and Modernization. By Application, the market is categorized into Residential, Commercial, and Industrial
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Global Elevator and Escalator Market, Segmentation
The Elevator and Escalator market is segmented based on Product, Business, Application, and Region.
Product:
Moving walkways, escalators, and elevators make up the elevator and escalator market segments. The industry is dominated by elevators because to the growing number of high-rise structures being built in cities and the development of energy-efficient elevator technology. Escalators play a major role in the market because they are frequently seen in commercial settings including malls, airports, and metro stations. For the convenience of passengers, moving walkways-albeit a tiny segment-are becoming more popular in major transit hubs. Product attractiveness is being increased by innovations such as regenerative motors, enhanced safety features, and smart elevators with IoT connectivity. The market is also supported across all sectors by the increased focus on modernization and maintenance services.
Business:
The market for elevators and escalators is divided into three segments: maintenance, modernization services, and new installations. The increasing construction of residential, commercial, and industrial structures has led to the dominance of the new installation market. Maintenance services, which provide a consistent source of income, are essential for guaranteeing the operational effectiveness and security of current systems. As buildings age and regulations change, modernization-which focuses on replacing outdated elevators and escalators with cutting-edge technology, energy efficiency, and safety features-is becoming more popular. The growing need for clever, energy-efficient, and space-saving solutions-particularly in cities with high-rise developments-is another factor propelling the industry.
Region:
The Asia Pacific market is being driven by the growing demand from China and India. The easy access of raw materials, cheap labor, and the comparatively stringent regulations in these developing countries are some of the factors propelling the industry. While the US is the largest market in North America, the three most significant markets in Asia Pacific are China, India, and Japan. The growing use of elevators and escalators in the infrastructure, commercial, and residential sectors of the area is expected to propel the market for these devices in Asia-Pacific. The demand for elevators and escalators is expected to increase throughout the projected period due to factors such as industrialization, a growing middle class, rising disposable income, and changing lifestyles.
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Some of The Leading/Active Market Players Are-
United Technologies (U.S.)
Schindler (Switzerland)
KONE CORPORATION (Finland)
Hitachi, Ltd. (Japan)
HYUNDAIELEVATOR CO., LTD. (South Korea)
Mitsubishi Electric Corporation(Japan)
Johnson Elevator Co., Ltd. (China)
FUJITEC CO., LTD (Japan)
Toshiba Corporation (Japan)
Schindler Management Ltd. (Switzerland)
ThyssenKrup AG (Germany)
Sigma elevator company (Thailand)
Electra Ltd (Israel)
Gulf Elevator & Escalator Co, Ltd (Japan)
Otis Elevator Company (US), and Other Major Players.
Key Industry Developments
In April 2024, Hitachi Energy revealed investments of over $1.5 billion to ramp up its global transformer manufacturing capacity to keep pace with the growing demand and support long-term plans and electrification efforts. The investments were intended to gradually expand the company's global transformer capacity by 2027 and were in addition to the $3 billion already announced to progress on the electrification of the energy system driven by the energy transition.
In October 2023, KONE Corporation, a global leader in the elevator and escalator industry, completed the sale of its Russia operations to Russia-based S8 Capital diversified Holding. The transaction had been approved by the relevant authorities, and with the closing of the deal, KONE was fully divested from Russia. The value of the transaction was not disclosed. The sale of the business followed KONE's announcement in March 2022 to cease deliveries and not sign new orders due to Russia's military actions against Ukraine. In June of the same year, KONE revealed its plans to divest its business and operations. At the time of closing the deal, KONE had employed approximately 300 people in Russia, and the business accounted for less than 1% of KONE's global sales.
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Key Findings of the Study
Elevator and Escalator Estimated at USD 94.8 Billion In the Year 2023, is Projected to Reach A Revised Size of USD 174.29 Billion by 2032, Growing at A CAGR of 7.0% Over the Forecast Period 2024-2032
Moving walkways, escalators, and elevators make up the elevator and escalator market segments.
The Asia Pacific market is being driven by the growing demand from China and India.
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