Expansion of the global elevators market is expected to remain influenced by soaring skyscraper construction activities, and rapid urbanization supported by advancements in technologies. In developed regions are further likely to augment growth of the market. This report, compiled by addition, replacement and maintenance activities associated with old elevators installed in Fact.MR, provides in-depth analysis of the global elevators market for the forecast period 2017-2026, offering key insights on the growth prospects of the market.
The global elevators market is expected to witness high growth throughout the forecast period due to growing urbanization and considerable increase in the geriatric population. The elevators market features among the industries that have highly capitalized the rapidly evolving field of technology. Ever increasing architectural and construction activities are expected to drive the elevators market. Elevators are widely used across several verticals such as industrial, residential and commercial places. They are conventionally installed at places such as railway stations, residential complexes, hospitals, metro stations, malls, office buildings, schools, and airports. Installation of escalators and elevators in high-rise and mid-rise buildings has become essential, thereby helping the market to gain momentum in the construction sector.
According to recently published report by Fact.MR, the global elevators market is poised to expand at 9.8% volume CAGR, during the forecast period, 2017-2026. The report further projects that by the end of 2026, more than 138,000 units of elevators are expected to be sold globally.
Vertical Expansion of Buildings to Entail High Demand for Elevators
With rapid growth in urbanization, construction companies and governments around the world are shifting their focus toward optimum utilization of spaces existing within urban areas. With urban population witnessing a significant upsurge, construction companies are increasing focusing on vertical expansion of buildings including low-, mid- & high-rise buildings. High rise buildings are increasingly prevalent in developed economies such as the U.S., the U.K and UAE, and make efficient utilization of spaces, accommodating large number of people within a confined land space in consequent vertical spaces. Globally, over 450 high-rise buildings are under construction, with nearly 400 high-rise buildings still in pipeline. Elevators deployed over a decade ago are pushing for modernization, as obsolete parts require replacement with new efficient and cost-effective parts. New elevators will also find immense application growing construction of high-rise buildings.
Development of Energy-efficient Elevators to Influence the Market Expansion
As building infrastructures of the future have potential to soar higher into the sky, developing new energy-efficient elevators is imperative to cater the sustainability goals. Keeping the same in mind, a leading company in elevators has developed a new design to revolutionize the way people get around in complex structure of current world’s skylines. This new & advanced elevator system is deprived of ropes and is capable of moving sideways along with the traditional vertical movement. The new innovation adheres to magnetic levitation technology, similar to that used in bullet trains of Japan, implying its efficacy in operating numerous cabins simultaneously in a constant loop. Replacing the ropes & counterweight systems with magnetic levitation uncuffs a considerable amount of building’s footprint. Facilities management are also likely to leverage this new technology, as it resolves other issues including maintenance costs and waiting times. Despite huge initial investment required for this new elevator technology, capitalizing on these elevators is expected to pay off on the back of its enhanced offerings and high operational efficiency.
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