Elevators are equipment used for vertical transportation of people or goods between floors of buildings, or other structures. An elevator is generally powered by an electric motor, which either counterweights a system such as hoist and drives traction cables, or pumps hydraulic fluid for raising cylindrical piston such as a jack.
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According to recently published report by FactMR, the global Market for Elevators 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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According to the report, residential sector will continue to be the most lucrative for elevator manufacturers, whereas demand will be steady in the commercial and industrial segments. The report also projects that North America will remain the largest market for elevators during the assessment period, whereas demand will grow at a steady pace in Asia Pacific excluding Japan (APEJ). On the basis of service type, demand for new elevators is projected to be higher than maintenance & repair and refurbishing segments.
Toshiba Corporation, Honda Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Lifan Industry (Group) Co. Ltd, Yamaha Motor Co., Ltd., Wuxi Kipor Power Co. Ltd., Hyundai Motor Company, Briggs & Stratton Corporation, Ryobi Limited, and Subaru Corporation are expected to be recognized as leading manufacturers of elevators in the global market during the forecast period.
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Global Elevators Market Expectations & Growth Trends Highlighted until 2026
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