December 20, 2019
According to a new report titled ‘Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By Industry (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available at MarketStudyReport.com, global elevator market size will be worth USD 135 billion by 2025.
Global elevator market trends will be largely driven by a booming construction sector in the Middle East region. This can be attributed to increased investment in building & construction and infrastructure development projects in the region. The region invested close to USD 40 billion in construction projects during 2018. Robust economic growth, evolving urbanization trends, growing population, upsurge in young workforce, and favorable regulatory framework are the major factors behind recent developments in the regional construction. Middle East has mapped out construction projects worth more than USD 1 trillion over the next decade as part of its regional diversification plan.
Hydraulic & pneumatic type elevator market will garner over USD 25 billion by 2026, exhibiting a steady 3% CAGR over the forecast period. The product finds extensive application in low- and medium-rise buildings with 2 to 8 stories and can move at a top speed of 200 feet or 61 meters per minute. Factors such as lower installation and maintenance costs, easy installation and compactness will accelerate the product demand in the near future.
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Industrial segment will record a CAGR of 3% during the projected timeframe. Elevators are used in industrial settings to transfer operators and goods vertically within different levels of the plant. Hydraulic & pneumatic elevators are generally preferred in industries owing to factors such as lower costs and better weight carrying capacities. Growing industrialization in emerging economies such as China and India will certainly accelerate the growth of industrial segment in the forthcoming years.
Thyssenkrupp AG, Express Lifts Limited, Escon Elevators Pvt Ltd., Eita Elevator Sdn Bhd, Mitsubishi Electric Company, Hitachi Ltd., and Hyundai are some of the prominent industry players operating in the global elevator market. Mergers & acquisitions, collaborations, and R&D investments are a few key strategies adopted by industry participants to boost their share in the global elevator market.
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