ID: MRFR/CO/1075-HCR | February 2021 | Region: Global | 112 pages
The escalators are considered as the transporting machines that are installed in the commercial, residential and industrial spaces owing to the ease of transportation of the people or heavy loads. The escalator market value is expected to surpass USD 5,146 million by 2022 while registering a healthy CAGR of over 5.3%. The escalator market growth is increasing owing to the adoption of IoT-based technologies that are efficient in carrying out the operation efficiently. The IoT technology helps in collecting, exchanging, and analyzing the data acquired from the different devices. The IoT-enabled escalators are efficient in communication between the devices and allow the users to operate using mobile applications. Such advancements in the escalator industry are driving the overall industry in recent years.
The vendors are designing the escalators with machine room-less technology for efficient operation and smooth ride. Such factors are highly preferred in the residential sectors and thereby increasing the overall growth of the escalator industry.
COVID 19 Analysis:
Like several industrial verticals, the construction and the building industries were facing decline owing to the reduced workforce and restrictions in movement. The raw materials required for the construction were not transported as per demand and there was severe restriction for the laborers to gather at the construction site. Such factors have hindered the utilization of escalators in construction activities. Also, the escalators were not operating considering the spread of the COVID virus in the malls and shopping areas. Therefore the escalator market value has been affected significantly during the pandemic.
The declination of the economic condition of several countries has also significantly affected the overall growth of the escalator industry during the pandemic.
The rapid migration of huge populations from the rural regions to the urban regions and the continuous expansion of the urban regions are considered as the major market drivers of escalator market growth. Rapid urbanization has increased the demand for high-rise buildings and structures and the demand for sophisticated housing.
A recent report from the United Nations Department of economic and social affairs states that over 60% of the world population is expected to be moved to the urban regions with higher living standards and facilities by the year 2030. Such reports are leading to the increased escalator market growth in recent years. Therefore the economic condition of the developing regions is also expected to increase during the forecast period.
The emergence of green engineering technology has aimed to drive maximum performance and operation with minimal energy wastage and energy optimization. The energy emitted is then collected and are utilized for the building itself for later usage. Such building projects are gaining momentum in developing countries and are adopted in the countries that are trying to develop smart cities. Such factors are increasingly adopting the automated and modern elevators as well which manages to operate efficiently with minimal operational costs. Such factors are presenting lucrative opportunities for the escalator market growth during the forecast period.
Prominent market players are increasing the overall investment in the escalator market growth and are adopting innovative technologies in recent years. Moreover, the vendors are also providing solutions that are customized according to the construction activities. Such factors are considered as the major opportunities for escalator market growth.
The increasing number of emergencies due to the faulty mechanisms and improper design of the escalators in the commercial and industrial sectors are also hindering the overall growth of the escalator industry. Similarly, the lack of skilled professionals for operating the industrial escalators is leading to emergencies in major cases. Poor maintenance and lack of safety measures are also hindering the escalator market growth.
The amount of energy consumed for the operation of the industrial elevators and escalators is considered as the major restraining factor of the escalator industry.
The infrastructure developments are highly influenced by the economic condition of the countries; therefore the declining economic growth significantly affects the growth of the escalator industry.
The production of the escalators is highly capital intensive and the emerging market players have to face the higher initial investment required for the installation and setting up according to the facilities. Such factors are considered as the major challenges in the escalator industry.
Cumulative growth analysis:
The escalator market value was at USD 6007 million in the year 2020 and it is expected to surpass the market value of over USD 7522.9 million by the year 2027 while registering a CAGR of over 3.0% during the forecast period. The growth rate estimates are done by considering the growing demand in the residential sectors. The growing urbanization and changing lifestyle of the population are propelling the demand for sophisticated infrastructure and residential units. Such factors are increasing the escalator market growth in recent years. On the other hand, the construction industries are increasingly adopting new technologies to enhance productivity, which is presenting lucrative opportunities for the overall growth of the escalator industry in developed countries.
Moreover the governmental plans in developing the countries by altering numerous infrastructures such as dams, bridges, highways, ports, and educational institutions. Such factors are bolstering the overall growth of the escalator industry in recent years.
Value chain analysis:
The escalator market value is highly influenced by the development in the commercial sectors and construction sectors. The residential segment is currently holding a higher market share owing to the increasing population and urbanization across the globe. Moreover, the rise in the real estate industry across the developed regions is boosting the overall growth of the escalator industry. In the countries like Africa, the demand for the expansion of the areas such as retail, hospitality, commercial sectors, healthcare, and residential areas are rapidly increasing which are stimulating the overall growth of the escalator industry.
Similarly, governmental development projects, such as airports, metro expansions, and social infrastructure in developing countries like India are considered as the major market drivers of the escalator industry. For instance, Jewar airport and expansion of the metro are some of the key developments in Noida, Delhi which is the capital city of India. Such rapid infrastructure developments carried out by governmental organizations are some of the key factors that are propelling the overall growth of the escalator industry.
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Currently, the Asia-pacific region is showcasing a higher growth rate over other potential regions. The region possesses several growth opportunities which include, the rapidly growing population across the region is propelling the demand for residential facilities. Therefore the increasing growth in the residential, commercial, and institutional across the region combined with the favorable economic development are some of the key driving factors of escalator market growth across the region. China is considered the largest market shareholder concerning the escalator market accounting for about 70%. On the other hand, European countries, North America are holding a 15% market share which is primarily due to the favorable economic condition and the demand for sophisticated infrastructure development.
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|Market Size||2030: Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Ingredients and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||includeKone Corporation, Thyssenkrupp AG, Dover, Fujitec, Hyundai, Mitsubishi, Sigma, Schindler, Otis, Omega|
|Key Market Opportunities||
|Key Market Drivers||To show rapid economic and infrastructural growth.|
Frequently Asked Questions (FAQ) :
Major escalator market drivers are rapid urbanization, high demand for security, growing construction business, huge investment, technological advancement, and several others.
The types in discussion for escalator market are parallel, multi parallel, spiral type, crisscross and others.
The segments of escalator market are residential and commercial.
The players of the escalator market are Thyssenkrupp AG, Kone Corporation, Fujitec, Dover, Mitsubishi, Sigma, Schindler, Otis, Hyundai, Omega, and others.
The restraints for the escalator market would be high maintenance cost and installation cost.
The market value of the escalator industry was at USD 6007 million in the year 2020 and it is expected to surpass the market value of over USD 7522.9 million by the year 2027 while registering a CAGR of over 3.0% during the forecast period.