Elevators Market: Smart Elevators to Hold the Market Share!

“In the next few years, top players in the market are expected to lay more focus on emerging economies, which, owing to the high rate of development of their construction sectors, are expected to be the most promising investment locations for the elevators industry,” states a TMR analyst. TMR estimates that the global elevators market will expand at a 7.4% CAGR in terms of revenue from 2016 to 2023. Expanding at this pace, the market, which held an opportunity of US$181.50 bn in 2015, is expected to rise to US$330.45 bn by 2023. The market is expected to exhibit a 6.3% CAGR in terms of volume over the same period.

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Smart Elevators to be Most Promising Product Variety

Of the two key varieties of elevators presently in the market: conventional elevators and smart elevators, the segment of conventional elevators leads with a substantial margin. The segment held a nearly 75% share in terms of volume and a nearly 80% share in terms of volume of the global market in 2015. However, owing to the energy efficiency, enhanced security, wireless connectivity, and other technologically advanced features of smart elevators, their share in the global market is expected to see a sizeable rise by 2023. In terms of geography, Asia Pacific, which accounted for a dominant 34% revenue and 50% volume share in the global market in 2015, is also expected to remain the dominant regional market in the next few years.

Rising Popularity of Green Buildings to Facilitate Demand for Energy-efficient Elevators

Owing to the rising awareness regarding the harmful environmental impact of the vast amount of greenhouse gas emission and energy and resource consumption associated with the construction industry, the demand for green construction has gained more prominence lately. The rising numbers of green construction projects, which utilize natural resources efficiently and thereby lower impact on the environment as well as utility bills, is a key factor that will drive the increased demand for energy-efficient elevators globally. The global elevators market, which is chiefly driven by rising urbanization and the burgeoning construction industry in developing economies, will thus see a major shift from conventional to smart, energy-efficient elevators in the near future.

Stringent Maintenance Requirements and Safety Standards Hamper Market Growth

The global market for elevators is restrained to a certain extent owing to the overemphasis on regulatory measures and associated approvals that are required from a number of government agencies. A large number of government regulations and policies that govern the safety standards of elevators compel elevator manufacturers to adhere by strict standards and certifications, a factor that has emerged as a challenge to the growth of the elevators market. Additionally, strict government legislations pertaining to the import and export of heavy equipment are also hindering the growth prospects of the elevators market globally.

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This release was published on openPR.