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Clifton, New Jersey, Jan. 03, 2023 (GLOBE NEWSWIRE) — Growth drivers for the global escalator and elevator market are the rising number of skyscrapers in major cities. These new premises demand multiple installations of elevators, whether residential or commercial. With the technological advancements made, smart elevators are also transforming into reducing energy consumption. The aging population residing in residential buildings requires these elevators for soft movement. However, the pandemic caused economic instability and halted construction activities throughout the world, which hindered market growth. High maintenance and repair costs are another major restraint. The future opportunities lie in the new wireless technology elevators and escalators that reduce the use of electrical wiring, along with green technology elevators and escalators. Compliance with regulatory standards that differ from country to country or region to region is a challenge for manufacturers and buildings. The increasing number of accidents or casualties while using elevators and escalators is another major concern.
The adoption of smart elevators would reduce this dependency and consumption rate. Elevator manufacturers are manufacturing elevators for mid- and high-rise buildings that are energy-efficient and incorporate smart controls, hardware, and other systems that consume low energy. Furthermore, growing environmental concerns have increased demand for green, environmentally friendly products. Consumer expectations for value-added products are steadily shifting toward premium green building materials for elevators, escalators, and moving walkways. The use of green building materials can help reduce emissions significantly. These materials help save energy. Attain sustainability, reduce emissions, and conserve the environment.
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The advent of elevators has paved the way for skyscrapers like the Burj Khalifa, which was earlier limited to seven or eight floors. The high-rise buildings have had a socio-economic impact on the cities, helping them to develop and become more accessible. The elderly and handicapped populace can easily access the higher floors without relying on anyone. Elevators have changed the living standards of the rich and the poor over time. The rich now prefer to live on a higher floor than in earlier times, when they preferred a lower floor due to easy access through elevators. Elevators occupy nearly 70% of the market, as they are used by passengers or as freight lifts. Elevators have also made the smooth movement of goods to upper floors not requiring much labor force.
Moving walkways are in huge demand and are expected to grow robustly at a growth rate of 6.35% over the forecast period. The rise in the number of installations of moving walkways is due to their cost-effectiveness, comfortability, safety, and ability to quickly transport people. Increased investments and swift mobility in the construction industry are the major drivers for walkway installations across airports, shopping malls, railway stations, and subway stations, and they continue to grow further. An increase in passenger traffic at airports due to increased consumer spending on air travel has given rise to higher demands for moving walkways. The only limiting factor is its high maintenance and repair costs.
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Elevators, escalators, and moving walkways are complex systems with thousands of moving parts that require specialized knowledge to maintain and repair the most recurring issues like malfunctioning doors, problems with elevator automation systems, worn-out cables or parts, and problems with hydraulic systems. Performing routine maintenance on elevators is required to ensure the safety of passengers and all other users. A breakdown can interrupt business operations and cause operational losses and reputational damage. However, fixing or replacing broken elevators is costly and may cost tens or hundreds of thousands of dollars. Regular maintenance and repair can prevent such breakdowns and increase the useful life of these assets. Moreover, there are regional regulations stipulating the frequency of maintenance and inspections for these machines, which have to be performed by certified professionals. However, from a cost-effective perspective, the maintenance of elevators is often outsourced to servicing companies that specialize in elevator maintenance.
Elevator modernization or lift modernization is the up gradation of important parts of the equipment, to improve safety standards and performance that has deteriorated over time. Usually, elevator modernization affects the turning motors and controller equipment, hoist machinery, electrical components, and motors, with very few cases involving aesthetics. Elevator modernization can improve performance, making them more efficient and reliable, saves maintenance costs as all the old parts are replaced, lowers energy costs, reduces electromagnetic noise, and improves reliability, and aesthetics. This is especially important for smart building automation systems. Modernization is certainly an investment that pays off in the long run.
Middle East & Africa region to register the highest growth rate of 7.14% over the forecast period owing to innumerable construction projects planned in forthcoming years. UAE, Abu Dhabi & Dubai boasts the tallest skyscrapers in the world which create huge demands for elevators and escalators. The new airport construction projects will further demand moving walkways in the region. The influx of tourists in the MEA region is another growth factor for the rise in demand for escalators, elevators, and moving walkways. The region leads in the installation of new and smart technology elevators & escalators.
The Asia-Pacific region dominates the global elevator and escalator market with more than 45% market share and is expected to continue growing with increased smart city projects planned during the forecast period. The industrial sector will gain significant impetus during the forecast timeline, owing to the rising foreign investments and increasing rollouts of government-backed initiatives in countries like India and China, focusing on the expansion of industrial infrastructure in the region. The Pacific Asia Lift (Elevator) and Escalator Association were formed to serve the needs of the lift (elevator) and escalator industry in the Asia Pacific region and cover twenty-four Asia-Pacific countries.
The presence of well-established players in the North American region is a critical reason behind the flourishing market, especially in the U.S. The focus of the region on energy consumption and boosting green energy in the region is expected to trigger the solid growth of the North American elevator and escalator market. All nationwide laws governing elevator maintenance are set by the Occupational Safety and Health Administration and the American Society of Mechanical Engineers.
In South America, the construction of low- to mid-rise commercial complexes, office buildings, and residential projects is projected to increase the requirement for elevators across the region. Additionally, the increasing construction of shopping malls and multiplex buildings is fostering the market through the services offered in these infrastructures. To capitalize on these growth opportunities, market players have adopted strategies to inculcate diversity in their product portfolios.
Germany and the United Kingdom together drive the growth of the elevator and escalator market in Europe. The increased development of advanced products by manufacturers and the development and renovation of high-rise buildings will also create new growth opportunities for the market in this region. ELA (European Lift Association) represents the lifts, escalators, and moving walkway associations active in the European Union (EU) or the European Free Trade Area (EFTA), whether they are national associations or sector-specific associations. The government extends the current recognition of CE-marked equipment for an additional two years in the United Kingdom, states the Lift and Escalator Industry Association.
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Considered in the Report
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Elevator and Escalator Market Outlook
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Type
5.2.5. By Service
5.2.6. By End User
6. North America Elevator and Escalator Market Outlook
6.1. Market Size by Value
6.2. Market Share
6.2.1. By Country
6.2.2. By Type
6.2.3. By Service
6.2.4. By End User
6.3. US Elevator and Escalator Market Outlook
6.3.1. Market Size by Value
6.3.2. Market Share
18.104.22.168. By Type
22.214.171.124. By Service
126.96.36.199. By End User
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