Elevator and Escalator Market Size, Growth Analysis, Opportunities, Top Manufacturers & Forecast to 2021-2030
As increasing construction of government structures including, residential complexes, airports, hotels, offices, and banks are growing, both in developed and emerging countries, the need for more lifts and escalators is growing. Due to the outbreak of the COVID-19 pandemic, countries had to enforce lockdown that halted the progress of constructions of new properties and households. Due to that, the demand for elevators and escalators has decreased.
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Business and multi-block tendency is growing. The building of mixed-block high-height structures has grown. Mixed blocks might include huge residential complexes, offices, stores, serviced apartments, showrooms, hotels, and casinos. The demand drives the growth of elevators and escalators.
Stringent government laws and policies controlling lifts and escalators safety requirements have forced manufacturers to comply with stringent criteria and certifications. Nearly half of the fatal lift incidents involve employees involved in elevator maintenance or repair. However, passenger accidents are of utmost importance. These elevators & escalators maintain protection from these accidents by strict maintenance requirements and safety regulations. Lifts & escalators manufacturers are expected to comply with the safety requirements needed by the various areas.
Industries such as oil & gas, petrochemical, manufacturing, energy & power, automotive need machines to lift heavy objects. Therefore, the demand for elevators is high in these industries. Manufacturers should work on improving the elevators by adding new features.
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COVID-19 Impact Analysis:
Due to the outbreak of the COVID-19 pandemic, countries had to enforce lockdown that halted the progress of constructions of new properties and households. Therefore, the demand for elevators and escalators decreased. The construction sites and other commercial places were the bulk buyers of these systems. The elevator and escalator market witnessed a dip in production as sufficient labors were not available to continue the production process. The sales procedure couldnot complete as there was unavailability of service personnel for installing the system.
The key market players profiled in the report include Kone Corporation, Mitsubishi Electric Corporation, ThyssenKrup AG, Hitachi Ltd, Hyundai Elevator Co, Ltd., Toshiba Elevator and Building System Corporation, Stein Limited, Gulf Elevator & Escalator Co, Ltd, Electra Ltd, and Schindler Management Ltd.
Key Segments Covered:
○ Elevator Type
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Key Benefits of the Report
○ This study presents the analytical depiction of the elevator and escalator industry along with the current trends and future estimations to determine the imminent investment pockets.
○ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the elevator and escalator market share.
○ The current market is quantitatively analyzed from 2020 to 2030 to highlight the elevator and escalator market growth scenario.
○ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
○ The report provides a detailed elevator and escalator market analysis on the basis of competitive intensity and how the competition will take shape in coming years
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