Demand for Smart Intelligent Elevators & Escalators for Faster & Better People Flow in Supertall Skyscrapers that Make Up Smart Cities to Drive Growth in the Market

The global market for Elevators and Escalators is projected to exceed 1.2 million units in terms of new installations by 2024, driven by growing number of super tall skyscrapers worldwide and innovative elevator offerings that are shaping city landscapes’ through efficient, prompt, safe, smooth, and comfortable vertical transportation.

Rapid urban growth, increasing density, and quickly expanding skylines are crucial factors spurring innovations in elevator technology and creating growth opportunities for the global elevators market. Global urban population is forecast to exceed 6.5 billion by 2050, with a large growth percentage concentrated in Africa and Asia. Exponential increase in urbanization globally led to a remarkable evolution of skyscrapers in various cities offering higher levels of comfort, control, reliability, safety, security, and energy conservation. Newer challenges are helping newer technologies to be developed aimed at improving transportation efficiency and capacity while reducing elevator footprint and energy savings in buildings. Advanced elevator technologies, which represent the primary factor driving modernization and replacement of aging elevators and escalators across the world enable smoother ride of passengers, improved safety and logistics, consumes lesser energy, uses brakes that harness heat, adjusts air pressures to prevent ear blocks and mitigate excess vibration. Additionally, new elevator installations are supported by recovering construction activity, demographic changes, and increasing safety concerns.

Future growth in the market will be driven by growing demand for smart elevators that are equipped with smart access control, advanced and sophisticated security systems, and superior elevator hardware and software technologies. Intelligent Internet-connected elevators represent the future of vertical transport with the ability to alert companies regarding faults whenever they appear or even about to develop; advanced sensors that collect data regarding usage as well as other factors and transmit the same to an IoT and cloud-based platform for its processing and analysis as well as predicting maintenance requirements. Steady launch of innovative and advanced elevators and escalators that include but are not limited to high-tech systems that would enable users to control the elevators cabs using their mobile devices; running of multiple cabs in a single elevator shaft; faster elevators with impressive speed of 75.6 kmph; customized spiral escalator; hand sanitized escalator; sleeping elevator for achieving net-zero energy that can be activated through command to turn off the fan, lights and de-energize the drive; tweeting escalator, and elevator with a social media wall that display Facebook and Instagram posts, among others, are also poised to benefit market adoption in the coming years. Other important factors driving healthy growth in the market include rising prominence of energy efficient building solutions, increasing number of super tall buildings worldwide, rising investments in infrastructure projects worldwide, and growing prominence of ‘green infrastructure’.

As stated by the new market research report on Elevators and Escalators, Asia-Pacific represents the largest and the fastest growing market worldwide registering a CAGR of 5.8% over the analysis period. China and India currently represent two of the most important E&E markets worldwide with growing number of residential apartments to accommodate the rising middle class that demand better provisioned housing. China alones account for more than 50% of the global upcoming high-rise building projects. Middle East represents another important market with large number of new E&E installations expected in the region’s affluent urban locations. A large chunk of revenues from maintenance, modernization, and repairs are expected to stem from Japan, Europe, and the US, which flaunts the largest installed base of elevators worldwide.

Major players in the market include Canny Elevator Co., Ltd., Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators Co., Ltd., Johnson Lifts Private Limited, Kleemann Hellas S.A., KONE Oyj, Mitsubishi Electric Corporation, Shanghai Mitsubishi Elevator Co., Ltd., Otis Elevator Company, Savaria Corporation, Schindler Group, SJEC Corporation, ThyssenKrupp Elevator AG, Toshiba Elevator and Building Systems Corporation, and Yungtay Engineering Co. Ltd., among others.

The research report titled “Elevators and Escalators -  Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). Product segments analyzed include Elevators and Escalators.

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