Global Elevator Equipment and Services by Product, Market and Region, 7th Edition
NEW YORK, Oct. 30, 2017 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05166525
The Chinese market, which accounted for 27% of the total in 2016 will return to strong growth through 2021 after a brief lull between 2014 and 2016, following trends in new construction activity.
The Indian elevator market will see among the fastest growth of any major market, fueled by strong construction activity growth.
Similar developments will support strong advances in the growing urban areas of the Africa/Mideast region.
Key Findings in the Global Elevators Study:
New Installations of Passenger & Freight Elevator Units to Surpass Previous Peak
New passenger and freight elevator installations peaked in 2014 and declined in 2015 and 2016, largely due to declines in Chinese residential demand; nevertheless the country accounted for more than half of all new units installed worldwide in 2016.
Through 2021, demand for new units in China is expected to improve substantially, along with new elevator sales in India and other developing countries.
Developed regions can, on the whole, expect only small increases in new passenger and freight elevator demand going forward.
There, the best opportunities are in replacement and upgrade elevator installations, as well as ongoing maintenance services.
Building Codes & Design Trends Support Sales in the Dominant Nonresidential Market
The nonresidential market accounts for a larger share of the global elevator market than the residential market.
Nonresidential demand is supported by intensive use of elevators, escalators, and moving walkways in such buildings as train stations, airports, stadiums, and shopping malls, all of which can expect ongoing advances in developing markets.
Furthermore, elevators are often required in many types of nonresidential buildings -- codes such as the Americans with Disabilities Act (ADA) in the US and EN81-70 in the European Union, support elevator demand in nonresidential markets.
Opportunities exist in the residential market as similar codes requiring elevators apply to multifamily housing.
Increasing urbanization and the corresponding need to build upward will also boost demand. However, a strong preference for single-family housing over multifamily housing in some developed markets such as North America and Australia limits residential demand in those areas.
Energy Efficiency & Tall Building Technologies Drive Product Development
In recent years, efforts to improve the efficiency of elevators and escalators have supported research and development by major elevator equipment suppliers.
While regenerative braking in elevators is increasingly commonplace, companies continue to improve regenerative drives in escalators and moving walks, reducing their standby energy consumption.
Additionally, innovations in destination control systems use computerized systems that direct passengers and elevator cabs to take the path of least energy consumption.
The construction of ever-taller skyscrapers spurs the development of a variety of innovative technologies, from high-speed elevators to KONE UltraRope carbon fiber cables, ThyssenKrupp MULTI rope-free magnetic technology, and others that increase the available travel distance of elevators.
Study Coverage
This study presents historical demand data (2006, 2011, 2016) and forecasts (2021) by product (passenger & freight elevators, escalators & moving walks, parts & other equipment, installation services, modernization & repair services), market (residential, nonresidential), elevator unit data (elevator stock and new elevator unit demand) and world region and major country.
This study also evaluates shipments, international trade, and company market share and competitive analysis on major industry participants including Hitachi, KONE, Mitsubishi Electric, Otis Elevator (United Technologies), Schindler, and ThyssenKrupp.
Read the full report: https://www.reportlinker.com/p05166525
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