Elevators market leveraging IoT, emerging green building trend
Escalators and elevators are considered integral to the urban landscape and are installed across various public and private places such as IT parks, hotels, retail outlets, residential and commercial buildings and restaurants. The vendors operating in the global elevator market are competing on the basis of modernization, installation and maintenance services for establishing stronghold in the market.
Rapid urbanization and the increasing geriatric population, combined with the modernization of the existing elevators are the primary factors responsible behind the strong growth of the global elevators market. According to Transparency Market Research (TMR), the global elevators market is poised to exhibit annual growth of 7.4 percent through 2023. Expanding at this pace, the market is likely to reach $330.45 billion by that point; it had a valuation of $181.50 billion in 2015, according to a press release.
The emerging trend of green building is boosting the installation of energy-efficient elevators around the world. Considering this, as commercial and residential buildings worldwide become more intelligent, the demand for efficient elevator and escalator systems will continue rising, thereby driving down costs incurred on maintaining building operations, TMR found. The technological advancements will allow people travel further and more efficiently without physically tiring themselves.
Furthermore, with leading players in the market operating new technologies such as coated steel belts, intended to enable easy replacement of conventional cable ropes thus allowing more efficient operations. The conjunct effect of these drivers together is set to augment the growth of the global elevators market over the next few years.
Experts project the prominent companies in the market to focus more on emerging economies in Asia Pacific, considering the robust development in the construction industries across these nations. Rapid urbanization, expansion of the hospitality sector and the increasing geriatric population have been fuelling demand for elevators in Asia Pacific. The market is witnessing lucrative opportunities in India, China and Japan.