Published on : Oct 19, 2016
The number of high-rise commercial and residential buildings is expected to increase in the next few years. This will propel the demand for elevators and escalators in many emerging nations. The rising building construction industry is expected to be the biggest contributor towards the growth of the demand for escalators and elevators. In the consumer goods industry, the global elevators and escalators market is expected to be one of the fastest growing markets.
Demand for Smart Elevators Continues to Increase
The increasing need for energy efficiency has boosted the demand for smart elevators. Most of the players operating in the construction industry are investing more on smart elevators to save on energy and support global warming. Conventional elevators are in more demand than the traditional ones.
Escalators and elevators have now become a part of the entire urban landscape and are consistently being installed in numerous private and public places including hotels, retail outlets, residential buildings, IT parks, commercial buildings, restaurants, and offices. Private and public places with multiple floors and long walking distance install elevators to enhance customer experience. The use of elevators in airports is increasing, which is another factor expected to propel the global elevators and escalators market.
Growing Urbanization to Benefit Global Market
Rapid urbanization has helped the global elevators and escalators market in many ways. The growing number of high-rise buildings with more than 20 floors is expected to boost the demand for double-deck elevators. The developments in green building have facilitated the use of energy-efficient elevators. The adoption of new technologies is expected to help key companies to add innovations in smart elevators.
The growing geriatric populations is another factor expected to propel the global elevators and escalators market. Although the global elevators and escalators market is growing at a considerable pace, it is predicted to be affected by stringent government regulations. However, continuous innovations and changing trends in elevators are expected to create new growth opportunities for key companies operating in the global market.