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Written by Shalu Dhama » Updated on: October 23rd, 2024
IMARC Group's report titled "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" the global elevator and escalator market size reached US$ 154.0 Billion in 2024. Looking forward, IMARC Group expects the elevator and escalator market to reach US$ 239.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.89% during 2024-2032.
The rise in construction activities, growing investment in infrastructure development, particularly in developing countries, the increasing emphasis on energy-efficiency and sustainability, the adaptation of smart technology into elevators and escalators, and the growing geriatric population represent some of the factors that are propelling the market.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/elevator-escalator-market/requestsample
Factors Affecting the Growth of the Elevator and Escalator Industry:
The growing demand for elevator and escalator systems on account of the thriving construction industry is offering a positive market outlook. In addition, there is a rise in the number of residential buildings, offices, complexes, airports, and shopping malls due to rapid urbanization across the globe. Apart from this, these systems provide enhanced convenience and mobility to people. Moreover, they assist in saving time by efficiently moving large number of people from one level of a building to another level, which is impelling the market growth.
Technological advancements in elevator and escalator systems, such as the integration of the Internet of Things (IoT) connectivity, to provide predictive maintenance solutions is bolstering the growth of the market. In addition, predictive maintenance technology monitors equipment health, minimizes downtime, and enhances the reliability of these systems. Besides this, energy-efficient features like regenerative drives and recover and reuse energy assist in reducing operating costs and environmental impact. These advancements enhance user experience, increase safety, and promote sustainability, making elevator and escalator systems essential in modern buildings and urban infrastructures.
The rising demand for eco-friendly elevator and escalator systems to maintain environmental sustainability is strengthening the growth of the market. In line with this, eco-friendly models incorporate energy-efficient technologies, such as regenerative drives and light emitting diode (LED) lighting, to reduce power consumption. They can also minimize carbon emissions and lower operational costs for building owners. Additionally, the rising focus on green building practices and energy conservation is propelling the market growth. Furthermore, people are increasingly seeking environment-friendly solutions that align with modern sustainability standards.
Leading Companies Operating in the Global Elevator and Escalator Industry:
Elevator and Escalator Market Report Segmentation:
By Type:
Elevators represented the largest segment due to the rising number of high-end residential spaces.
By Service:
New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.
By End Use:
Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.
Market Breakup by Region:
Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.
Global Elevator and Escalator Market Trends:
Key manufacturers are investing in research and development (R&D) activities to meet the safety requirements of people. The integration of features like redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is impelling the market growth.
Regular maintenance is crucial to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Furthermore, the rising focus on updating new elevator and escalator systems with advanced systems is propelling the market growth.
Other Key Points Covered in the Report:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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