Penetration of Novel Technologies AI and IoT Sets New Growth Paradigms for Elevator & Escalator Market; Passenger Elevators to Continue to Remain at fore, Projects New Study by TMR
ALBANY, New York, March 12, 2020 /PRNewswire/ -- The growing penetration of next-generation technologies such as IoT and AI resulting in design innovations and technological upgrades manifests spiraling growth of elevator and escalator market. Leveraging these cutting-edge technologies, elevators and escalators have transformed into 'smart elevators' for valuable real-time insights. The consistent use of IBM's Watson IoT Platform by KONE - a leading name in the elevator space - is a case in point.
https://mma.prnewswire.com/media/1085206/Transparency_Market_Research_Logo.jpg
"With integration of such cutting-edge technologies, serving benefits for alerts of maintenance schedule and problem detection, and monitor of operation patterns of elevators and escalators for real-time insights to building and maintenance personnel, the elevator and escalator market is predicted to chart massive growth to be valued at ~US$ 141.7 bn by 2027," Say TMR analysts.
Key Takeaways in Elevator & Escalator Market Study
-- Passenger type elevator segment under product type category to continue
to maintain its dominance over the forecast period between 2019 and
2027. Design and technological innovations for energy efficient
passenger elevator is a plus for the growth of passenger product type
segment.
-- Maintenance & repair under service type category is estimated to
dominate the elevator and escalator market within the forecast
timeframe.
-- Escalators feature higher scope of design innovation as compared to
elevators.
Explore the study on Elevator & Escalator Market (Service; New Installation [Product Type, End Use, and Region]; Maintenance & Repair; and Refurbishing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/elevator-escalator-market.html
Elevator & Escalator Market: Key Driving Factors and Growth Avenues
The report sheds light on key forces for the thriving elevator & escalator market. Some of the key ones are pointed below:
-- Rapid design innovations for elevators in recent years is a key factor
resonating with magnificent growth of elevator & escalator market.
Replacing conventional steel ropes with carbon fibers is one such
innovation, with the latter featuring eco-friendliness and higher
durability. Faster travel speed and reduced electricity consumption are
some other plus of carbon fiber ropes in elevators.
-- Massive investments in real estate in developing countries is a positive
factor for the growth of elevator & escalator market. Besides,
investments for commercial establishments in both developed and
developing countries accentuates growth of elevator & escalator market.
Furthermore, over the past few years, double-digit growth of residential
real sector segment in developing economies leading to installation of
new elevators and need for maintenance services is boosting the growth
of elevators & escalators market.
Download PDF Brochure - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=76157
Elevator & Escalator Market: Regional Outlook
Asia Pacific presently dominates the global elevator & escalator market. Massive volume of construction in China, which includes commercial and residential buildings, is the key factor behind growth of elevator & escalator market in the region.
Also, supportive government policies for setting up elevator and escalator manufacturing unit's boosts growth of elevator & escalator market in the region.
Analyze Elevator & Escalator market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Elevator & Escalator Market: Competitive Landscape
The vendor landscape of elevator & escalator market is slightly fragmented. Key share in the elevator & escalator market is held by large companies that provide combined installation and maintenance services. Focus on adoption of cutting-edge technologies for development of 'smart elevators' is likely to consolidate foothold of large companies in the elevator & escalator market.
Nonetheless, small and medium-sized companies, mostly operating at domestic level, bear prominence due to their comprehensive maintenance contract service model.
Prominent names in the elevator & escalator market include KONE Oyj, Hitachi Ltd., Fujitec Co. Ltd., and Schindler Group among others.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/76157
The elevator & escalator market is segmented as follows:
Elevator & Escalator Market, by Service
-- New Installation
-- Maintenance & Repair
-- Refurbishing
Elevator & Escalator Market, by Product Type
-- Elevator
-- Escalator
Elevator & Escalator Market, by Elevator Type
-- Passenger Elevators
-- Freight Elevators
Elevator & Escalator Market, by Escalator Type
-- Step Type
-- Belt Type
Elevator & Escalator Market, by End-use
-- Residential
-- Commercial
-- Offices
-- Hospitals/Care
-- Hospitality
-- Others
-- Mix Block
Elevator & Escalator Market, by Region
-- North America
-- Europe
-- Asia Pacific
-- Middle East & Africa
-- South America
Explore Transparency Market Research's award-winning coverage of the Global Consumer Goods and Services Industryhttps://www.transparencymarketresearch.com/factory-automation-industrial-control-market-research-reports.html:
Elevator Market - The Global elevator market is expected to reach US$ 151.26 Bn in terms of revenue by 2026, expanding at a CAGR of 11.1% from 2018 to 2026. Asia Pacific is projected to show the fastest growth rate during the forecast period due to the increase in number of high rise buildings and rapid urbanization.
Limb Elevator Market - Key factors driving the limb elevator market include increase in the number of accidents across the globe and rise in the incidence of knee transplants and ankle surgeries. Demand for limb elevators in developing countries is increasing rapidly.
Bucket Elevator Market - The bucket elevator market is driven by various factors such as rise in industrialization and urbanization and increase in demand for bucket elevators from industries such as food, agriculture, pulp & paper, lime, cement, mining, power, steel, and others.
Screw Elevator Market - The screw elevator market is anticipated to expand at a significant growth rate in the coming years. There has been an increase in the usage of screw elevators in various industries such as food processing, cement, agriculture, coal, slag grinding, chemical plants, and desulfurization industry due to rapid industrialization and technological advancements in manufacturing technologies and processing equipment.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Mr Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
Blog: https://tmrblog.com/
SOURCE Transparency Market Research
