SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Elevators and Escalators - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 9334
Companies: 916– Players covered include Canny Elevator Co., Ltd.; Fujitec Co., Ltd.; Hitachi Ltd.; Hyundai Elevators Co., Ltd.; Johnson Lifts Private Limited; Kleemann Hellas S.A.; KONE Oyj; Mitsubishi Electric Corporation; Shanghai Mitsubishi Elevator Co., Ltd. (SMEC); Otis Elevator Company; Otis Electric Elevator Co., Ltd.; Sigma Elevator Company Limited; Savaria Corporation; Schindler Group; SJEC Corporation; ThyssenKrupp Elevator AG; Toshiba Elevator and Building Systems Corporation; Yungtay Engineering Co. Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Elevators, Escalators); Service (New Installation, Maintenance & Repair, Modernization)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Abstract-
Global Elevators and Escalators Market to Reach $77.1 Billion by 2026
Elevators and escalators (E&E) are ubiquitous machines installed in most constructions ranging from residential, commercial, and industrial sites to hospital and academia buildings, to general infrastructure sites such as metro stations. With modern architectural technologies enabling the widespread construction of skyscrapers erected hundreds of feet above the ground, elevators and escalators designed to transport people from floor to floor, have become crucial elements that make living and working in these buildings practical. Amid the COVID-19 crisis, the global market for Elevators and Escalators estimated at US$66 Billion in the year 2020, is projected to reach a revised size of US$77.1 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Elevators, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$72.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Escalators segment is readjusted to a revised 2.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.8 Billion in 2021, While China is Forecast to Reach $19.5 Billion by 2026
The Elevators and Escalators market in the U.S. is estimated at US$6.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$19.5 Billion by the year 2026 trailing a CAGR of 3.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR. The market is witnessing an increasing trend towards sustainability, and environmental preservation in sync with the rising demand for systems that are more eco-friendly, and produce less noise and harmful emissions. Manufacturers are incorporating advanced technologies, mechanisms and solutions for enhancing productivity and maximizing safety, right from replacing older generation inefficient DC drives with more energy efficient drive systems producing lower heat as well as delivering higher energy efficiency to incorporation of new materials such as polyamide, synthetic Aramid ropes to reduce weight of cars as well as the rope system in order to reduce the energy required to hoist it.
Global Escalators Segment to Reach $7.2 Billion by the Year 2026
Global market for Escalators is estimated at US$6.4 Billion in 2020, and is projected to reach US$7.2 Billion by 2026 reflecting a compounded annual growth rate of 2.4% over the analysis period. Europe constitutes the largest regional market for Escalators segment, accounting for 26.7% of the global sales in 2020. Asia-Pacific is poised to register the fastest compounded annual growth rate of 3.3% over the analysis period, to reach US$1.4 Billion by the close of the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com
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