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Escalator Control Systems Market Emerging Economies Expected to Influence Growth until 2028 // Mitsubishi Electric Corporation, Thyssenkrupp AG, OTIS Elevator Company, Hyundai Elevator Co.Ltd
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Escalator control systems market is driven by the growing demand for smart, energy-efficient solutions from consumers. Businesses are developing need for installing smart solutions to better prepare them against threats and for the safeguarding of their properties. Rapid urbanization and industrialization globally is increasing the need for installation of escalators with escalator control systems in residential and commercial buildings, such as airports, malls, arenas, stadiums, railway stations and metro stations. The evolution of Internet of Things (IOT) is also driving the growth of Escalator Control Systems Market, as it helps in continuous monitoring of escalators. With the rapid increase of investments in the construction and infrastructure projects and the need for energy efficient driven solutions growing, escalator control systems market is expected to register great growth in the coming years.
On the other hand, the growth of escalator control systems may be hampered due to the number of accidents on the escalators. These factors may hinder the installation of escalators in residential buildings. However, since escalators are installed only as an option, these factors will not affect the growth of escalators and in turn the growth of escalator control systems market.
Escalator Control Systems: Regional Overview
Developed nations such as US and Canada are witnessing growth in technological advancement and the need to modernize the existing escalator installments by installing escalator control systems. Given the presence of developed and modern infrastructure, the escalator control system market will not register major growth rate in the region, but overhaul and maintenance of existing systems to reduce energy consumption will give the escalator control systems a moderate market share in the region. Europe and Dubai will also see similar growth in the escalator control systems market. Japan region too will not see any growth in the escalator control systems market as the country has witnessed construction boom during its bubble years when most of the present escalators were installed.
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Asia-Pacific region will witness the highest growth rate as well as major market share for escalator control systems in the forecast period, owing to the developing economies like China and India. The two countries are witnessing rapid industrialization and urbanization to keep up with the growing population and economic demands. The growth in the metro, airports and infrastructure projects in the two countries is expected to contribute towards the growth of escalator control systems market in the region. Africa is expected to show the least growth in the escalator control systems market during the forecast period. Given the poor economy, troubled politics and corruption in the region, there are no major developments in the infrastructure and construction industry in the region, pointing towards a slow growth for the escalator control systems market in the coming years.
Global Escalator Control Systems: Key Players
Examples of some of the market participants in the global escalator control systems identified across the value chain include Carlo Gavazzi, Hitachi, Ltd, KONE Corporation, Lester Controls Limited, STEP Electric Corporation, Mitsubishi Electric Corporation, Thyssenkrupp AG, OTIS Elevator Company, Hyundai Elevator Co.Ltd.
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