Impact of COVID-19 on Elevators and Escalators Market Growth, Segments, Size, Industry Analysis and Opportunities 2026
Capitalizing on the emerging technology, the construction industry is increasingly installing vertical staircases in order to offer convenience travelling around the building. Escalators allow travelling vertically upstairs and downstairs the building without any waiting interval. As these modes of travelling through the building accommodate large number of people, construction industry is increasingly installing staircase travel system.
According to Transparency Market Research, the global elevators and escalators market is expected to represent a value of over US$ 133,800 Mn by the end of 2026.
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Speedy and Convenient Navigation in the Building to Boost Installation
Construction industry underwrites the economic, residential and social economic infrastructure for the population globally. Increasingly focus on offering convenience to travel through different floors of the buildings has led the constructors to install escalators and elevators during the construction process. Airports, shopping malls and underground train station are some of the common sights for elevators and escalators. Installation of the elevators and escalators also allows the disabled customers to travel through various floors conveniently. Moreover, patients of arthritis could experience inflammation and pain while walking and climbing long range of stairs. Traveling throughout the building via elevators and escalators is expected to provide convenience to the patients of arthritis, disabled and old aged customers. Such factors are expected to impact growth of the global elevators and escalators market positively.
Adoption in Government and Financial Institutions to Impact Market Growth
Moreover, escalators and elevators allow the end users to quickly navigate in the building, which further contributes towards speedy completion of operations and process. Growing need for speedy processes has led to surge in adoption of the escalators and elevators in the government agencies and financial institutions. Installation of the escalators and elevators continue to remain a safe and fastest mode of travelling through different levels of building.
Escalators are increasingly installed in the hotels, airports, shopping centers, public building, transit systems and trade centers. A new trend witnessed in the construction industry includes installing weatherproof escalators outside the building. Various residential and commercial buildings are opting to install elevators. Due to comparatively less space inside the building, constructors are increasingly installing escalators outside the building to offer convenience to the people of different age groups.
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Aviation Industry to Underscore Lucrative Growth Opportunities
Apart from installing the top to bottom landing escalators, the construction industry is further focusing on installing horizontal escalators in the airports that enables the tourists and travelers to carry huge loads and luggage to their platforms conveniently. In order to offer more convenience to the passengers in the airport, the constructors are increasingly installing flat and inclined escalators or travolators. Inclined moving walkways are also witnessed to be used for transportation of luggage to the aircrafts and ships. Surge in demand for convenient transportation of passenger’s luggage is expected to rev up installation of the elevators and escalators globally.
New Equipment Services to Represent a Leading Segment
Surge in the number of construction projects is expected to rev up demand for installing new equipment globally. On the basis of service type, the new equipment segment is expected to represent the highest revenue growth, accounting for a value of over US$ 30,200 Mn by the end of 2026. In contrary, the maintenance & repair service type segment is expected to register a significant CAGR throughout the forecast period.
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Based on application, the commercial segment is expected to generate significant revenues, recording a value of over US$ 10,300 Mn by the end of 2017. However, the industrial application segment is expected to reflect a robust CAGR during the forecast period.
Competition Tracking
Leading market players operating in the global elevators and escalators market include Otis Elevator Company, Kone Corporation, Schindler Group, Thyssenkrupp AG, Fujitec, Hitachi, Ltd., Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation, Hyundai Elevator Co., Ltd., SJEC Corporation, Shanghai Mechanical, Canny Elevator and Kleeman Hellas SA.
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