Elevator & Escalator Market 2027: Future Growth and Opportunities | Techsci Research

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Elevator Escalator Market Exploring
Opportunities with Market Size and Growth
Projections
The global elevator and escalator market reached
a value of USD 82473.94 million in 2021, and it
is projected to expand at a CAGR of 4.91 during
the forecast period, according to the TechSci
report titled "Elevator Escalator Market -
Global Industry Size, Share, Trends,
Competition, Opportunity, and Forecast, 2027."
The market is expected to experience growth due
to various factors, such as the construction of
taller buildings, the increasing popularity of
fast- paced lifestyles, and greater capital
investment in the real estate industry. In
addition, elevators and escalators are no longer
considered a luxury, but rather a necessity, as
people demand ease and comfort facilities in
urban areas. The demand for updated aesthetics
in both residential and commercial buildings is
also contributing to the market's growth.
Moreover, governments of
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several developing nations are investing in
infrastructural development to transition their
cities into smart cities, automate building
operations, and accommodate the growing urban
population, which is expected to provide a
significant boost to the global market.
Furthermore, several key players in the market
are introducing technologically advanced
products, such as ultra-high- speed elevators,
to cater to the needs of skyscrapers. Hitachi,
for instance, recently delivered elevators
capable of achieving speeds of up to 1260 m/min
to the Guangzhou CTF Finance Center in China. All
of these factors are expected to drive growth in
the global elevator and escalator market
throughout the forecast period. Browse over 285
market data Figures and 25 Tables spread through
442 Pages and an in-depth TOC on "Global
Elevator Escalator Market"- https//www.techsci
research.com/report/global-elevators-and-
escalators-market/2461.html The Global Elevator
and Escalator Market is categorized based on
type, service, end-user, elevator technology,
elevator door type, regional distribution, and
competitional landscape. Elevator, escalator,
and moving walkways are the three types of
products available in the market. The elevator
segment is expected to grow significantly with a
CAGR of 5.02 during the forecast period, due to
the increasing construction of high-rise
residential and corporate buildings. The market
is segmented based on service into new
installation, maintenance repair, and
modernization. New installation is projected to
dominate the market due to the expansion of
high-rise residential buildings and growing
commercial sectors. An increase in new projects
for skyscraper construction also bolsters the
market growth. Additionally, the focus of
governments on building smart
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• cities and rapid infrastructure development is
  expected to increase demand for elevator and
  escalator installations.
• The global market is segmented based on end-users
  into residential, commercial, institutional,
  infrastructural, and others. The residential
  segment is anticipated to dominate the market
  with a share of 52.74 in 2021. The expanding
  commercial buildings and office spaces in
  metropolitan cities have boosted the installation
  of elevators and escalators. The rising
  investments in healthcare infrastructure have
  also increased the demand for such products.
• Additionally, shopping complexes, hotels, and
  restaurants are increasingly installing
  elevators and escalators to provide ease of
• commuting within the premises, which is
  bolstering their usage in the commercial sector.
• In terms of elevator technology, the market is
  segmented into traction, hydraulic, and machine
  room-less traction. Traction technology is the
  leading segment, with a market share of 79.35 in
  2021. Traction elevators use flat steel belts,
  which are lighter in weight due to their carbon
  fiber core and high-friction coating. These flat
  belts can work for a prolonged period without any
  oil or lubricant, making traction elevators
  widely used in commercial and residential
  buildings.
• A partial list of major market players in the
  Global Elevator Escalator Market includes
• Otis Worldwide Corporation
• Schindler Group.
• KONE Corporation
• Mitsubishi Electric Corporation
• TK Elevator GmbH

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• Hitachi, Ltd.
• Fujitec Co., Ltd.
• Hyundai Elevator Co., Ltd.
• Toshiba Elevator and Building Systems Corporation
• Canny Elevator Co., Ltd.
• Orona S. Coop.
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• Customers can also request for 10 free
  customization on this report.
• The leading manufacturers in the global elevator
  and escalator market are making substantial
  efforts toward achieving sustainability in their
  processes, products, and services. The companies
  are increasingly working on updating and
  maintaining their Environment Management System
  (EMS), duly certified under ISO 14001. By using
  suitable and eco-friendly materials in the
  manufacturing of elevators and escalators along
  with the adoption of industrial automation, the
  companies commit to minimize their carbon
  footprints. In addition, increasing
  technological advancements and the growing
  customer focus on high-end design is driving the
  demand for smart elevators.
• Smart elevators, also known as green or
  energy-efficient elevators, are equipped with
  high-end security features such as Radio-
  frequency identification (RFID), biometrics,
  touch sensors, and a voice-operated command
  system. New entrants are advised to launch
  energy-efficient elevators and escalators in
  order to establish their name in the market,
  said Mr. Karan Chechi, Research Director with
  TechSci Research, a research based global
  management consulting firm.

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Elevator Escalator Market Global Industry
Size, Share, Trends, Competition, Opportunity
and Forecast, 2017-2027 Segmented By Type
(Elevator, Escalator Moving Walkways), By
Service (Maintenance Repair, New Installation
and Modernization), By End User Industry
(Residential, Commercial, Institutional,
Infrastructural Others), By Elevator Technology
(Traction, Hydraulic Machine room-Less
traction), By Elevator Door Type (Automatic and
Manual), By Region has evaluated the future
growth potential of Global Elevator Escalator
Market and provides statistics information on
market size, structure and future market growth.
The report intends to provide cutting-edge market
intelligence and help decision makers take sound
investment decisions. Besides, the report also
identifies and analyzes the emerging trends
along with essential drivers, challenges, and
opportunities in Global Elevator Escalator
Market. Download Free Sample Report-
https//www.techsciresearch.com/sample-report.aspx
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