Latest Developments in Elevator Market in the World.
The market size of the elevator, escalator equipment, and services was 86 billion US Dollars in 2012.
Generally Elevator Market in the World
The prediction growth of the market was almost six percent annually through 2017. Elevator market share worldwide depends on trends. In comparison to China’s market in other countries, the growth speed of the elevator market in China is the fastest. Total elevator sales on a per-unit basis were nearly 900.000 units. Nearly 30 percent of the world’s demand was made up by China. In 2012, %58 of the world’s new elevator units were established in China. Moreover, the market potential of the elevator industry was huge with an increasing rate being observed in India. Central and South America are also expected to experience strong growth this year, with the help of the growth capacity of Brazil.
The rapid expansion of cities and urban areas in the Middle East, especially in Turkey, has affected economic and infrastructural growth. As a result of this, the elevator market has the potential to grow in this region. In Turkey, thirty thousand new elevators or escalators were established per year. The elevator and escalator market size reached 500 million US Dollars in 2016. Turkey is the 3rd largest market country in the world, showing Turkey’s achievement in this field. Furthermore, other developing markets will contribute to the increase of the elevator sector.
However, increases in the market size in Western Europe and Japan were below the world average. Demand for elevators and escalators has grown fast during the last five decades, and production and service speeds have become very important. Nevertheless, significant increases will be expected in these countries (Western Europe and Japan) in the 2017 to 2022 period. In Western Europe, the modernization and repair service market for elevators is big enough. On the contrary, new unit installations instead of modernization increase in developing countries.
The elevator Industry Growth Expectation is %6
Research and Markets, one of the World’s most significant market research companies, has announced the report ” Escalator and Elevator Market According to Type, Service, Elevator Technology and End User Industry-Global Prediction for 2021″. According to the report, a %6 growth is expected.
The escalator and Elevator Market, after total spending of 88,78 billion $, is predicted to increase to 125,22 billion $ with a CAGR of %6,01. Rising demand for the Asian-Pacific region and different types of wide-range usage in the market support the demand.
The Elevator Modernization Market has additional proposals about the “2016-2021 Prediction Report” according to:
- Type (Traction or Hydraulic)
- Components (Controlling Device, Door Equipment, Power Unit)
- Modernization (Fully, Gradual)
- End-User (Residence, Commercial, Nautical, Industrial).
The global elevator modernization market is analyzed according to parameters of demand, supply, end-user, and supplier. The elevator modernization market, which consists of geared and gearless traction and hydraulic elevators, is categorized as market components, type, end-user, and territory. As the whole market is presented with the key countries from different regions, European Market was shown as a dominant market that has a good share of the total of 2015.
With the application of the Security Norm (SNEL) to Europe’s mostly existing elevators of old and high buildings, it is guessed that Asia-Pacific will be the fastest-rising market. The high increase in the number of residences in this region is the reason for this big market share. Depending on the rise of the middle-class population and various use of elevators and escalators, China and Indian markets will also be profitable.
As the machine room-less (MRL) technique is considered new technology, it is indicated in the report that the MRL-type market is expected to be the fastest-growing one. The best elevator companies in the world spend so much money on development. MRL technology also provided a downsizing of the size of the traction elevators. This new product which is preferred at so many buildings all around the world as a standard has so many advantages. When compared to hydraulic elevators, MRL has great energy efficiency and is getting rid of a hydraulic oil tank that is helpful for money and environmental issues.
These are the news and predictions about the elevator market and the escalator industry. What will 2021 bring is not so much clear. The ISF Elevator Company is closely following the developments in the industry. You can count on our expertise in the everything elevator industry. For more information and assistance, please contact us.
ISF Elevator – Content Producer