Elevator and Escalator Market Is Anticipated To Nearly Double By 2032, According To Future Market Insights
Companies operating in the elevator and escalator market are focusing on cutting-edge technologies to make their products safer and eco-friendly, finds Future Market Insights (FMI) in a recent study. Elevator and Escalator Market registering Y-o-Y growth of 6.6%. The market is projected to increase at a CAGR of 4.5% and attain a valuation of US$ 100.12 Bn by the end of 2030.
Some of the leading companies are incorporating IoT technologies in connected elevators and escalators. This has allowed them to control various parameters such as load capacity, frequency of usage, and others. Such technological improvements are expected to bode well for the overall market.
According to FMI, the elevator and escalator market is anticipated to witness growth of ~4.5% CAGR during the forecast period from the year 2020 to 2030.
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Infrastructural development witnessed across the world, besides increase in population is encouraging growth in the construction industry. This has been creating growth opportunities for the elevator and escalator market. Despite requiring expert handling and maintenance expenditure, the demand for elevators and escalators are projected to increase further in the coming years.
The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.
FMI offers an exhaustive overview of the elevator and escalator market along with its potential, growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
- Product-wise, elevator is expected to lead the market followed by escalator during the forecast period
- Load type-wise, passenger segment will exhibit hegemony in the coming years
- New system installation type is set to gain traction in the global market
- Commercial end use segment is projected to exhibit highest growth followed by the residential segment throughout the forecast period
- New-age IoT technology will cater to the steady market growth in the near future
- East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions
“As the building and construction industry is expanding rapidly, the demand for elevators and escalators is rising higher. To capitalize on prevailing opportunities, market players are launching novel cutting-edge technologies that offer more sophisticated functionalities in elevator and escalator. This is anticipated to create lucrative growth opportunities for the market in the coming years,” says an FMI analyst.
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COVID-19 Impact Analysis
The elevator and escalator market growth has been declining due to the novel coronavirus outbreak. As consumers have shifted their focus more on emergency services such as medical, diagnostic, pharmaceutical and others instead of building and construction sectors, the market growth rate has fallen temporarily.
Added to this, the factors such as non-operational manufacturing units, unavailability of labours, scarcity of raw materials, disruptive supply chain and logistics sector, financial crisis, job recession, and others have slowed down the progress of market.
According to FMI, the elevator and escalator market is set to recover by the first quarter of the year 2021.