SAN FRANCISCO, December 4, 2018
SAN FRANCISCO, December 4, 2018 /PRNewswire/ --
The global Elevator and Escalator Market is anticipated to grow at a significant CAGR of close to 8% by 2022. The commercial market for elevator and escalator market is on a rising verge since urbanization is expanding across cities that demand fully developed commercial spaces and residences. In addition, rise in geriatric population acts as a catalyst in the making of elevator and escalator during a construction project. The construction activities took a higher traction in the emerging economies in the last 15 years. From the safety perspective, these equipment are now looked upon with much reliability. Elevator and escalator market is driven by rapid urbanization and rise in construction of commercial spaces. Rise in manufacturing units for elevators and escalators is likely to boost the market growth during the forecast period. In addition, technological advances in the maintenance and modernization equipment stimulates the market growth during the forecast period. Rise in aging population and government initiatives are most likely to complement the market growth.
The market is highly segmented based on capacity such as 450kg-1150 kg, 1150kg-1500kg and more than 1500kg to 2000kg. By function, the market is segmented into moving walkaway and moving stairs. Based on carrier type, the market is segmented as freight and passenger. By application segment, the elevator and escalator market is segmented into transportation, parking, hotel and residential. Elevator and escalator market is geographically segmented as North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are anticipated in a significant market growth during the forecast period owing to modernization infrastructure and the need for upgradation. North America market is likely to gain a higher growth rate due to technological presence, rapid urbanization and advanced construction for commercial spaces. Middle East and African regions are likely to gain a moderately high growth as the infrastructural scenario is now changing and modern methods of construction are been pursued. Though, Middle East is a fast growing region in the elevator and escalator market it still exhibits untapped potential for growth opportunities. The key players profiled in the elevator and escalator market are ThyssenKrupp AG, United Technologies Corporation, OTIS Corporation, Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation, Hyundai Elevator Co Ltd, Fujitec, Hitachi Ltd, Kone Corporation and Schindler Holding Ltd. This market research report presents a comprehensive analysis of the global elevator and escalator market by products such as elevators and escalators. The report also presents a detailed analysis of the market's growth prospects across regions such as the Americas, APAC, and EMEA.
Access 126 page research report with TOC on "Elevator and Escalator Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-elevator-and-escalator-market-2018-2022
In terms of geographic regions, EMEA accounted for the majority share of the elevator and escalator market during 2017. Factors such as growth in the construction industry and popularity of smart elevators will trigger the growth of the lift and escalator market in this region during the next four years.
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