Published By : 26 Sep 2016 | Published By : QYRESEARCH
Elevators and escalators have become an integral part in the modern landscape. They are installed in various public and private buildings such as hotels, residential and commercial buildings, IT parks, restaurants, and others. The rapid urbanization and increasing geriatric population are identified as the key factors fuelling demand from the market. Transparency Market Research predicts the global elevators market to exhibit a CAGR if 7.4% between 2016 and 2023. Expanding at this rate, the market is projected to reach US$330.45 bn by the end of 2023, from a valuation of US$181.50 bn in 2015.
Leading Players in the Market are looking to Capitalize on Untapped Potential of Asia Pacific
The leading players such as KONE Corporation, Schindler Holding Ltd., Fujitec Co. Ltd., and others operating in the global elevators market are currently focusing on capitalizing on opportunities prevalent in Asia Pacific. With the construction sector across countries such as India, China, Japan, and Singapore reporting tremendous growth, the installation of smart elevators across these countries is projected to increase rapidly.
Enterprises Focusing on IoT to Gain Dominance in Global Market
Besides exploring mergers and acquisitions, the most prominent names in the industry are experimenting with novel technologies to make elevators perform more conveniently and easy to maintain. For instance, leading companies are looking to use the cloud technology and architecture to share resources in a more efficient manner. They are also experimenting with IoT and integrating the tenets of the same to their elevator design to capitalize on opportunities in India, Japan, China, and other countries in Asia Pacific.
Otis Elevator has recently won a contract to provide 169 elevators for Xiamen International Trade Group’s housing project. Besides this Huawei has been experimenting with cloud technology to establish a stronghold in the Asia Pacific elevators market. Moreover, the companies are also expected to significantly gain from the emerging trend of green building.
The growing awareness regarding the harmful impacts of greenhouse gas emission, the construction industry is looking for greener alternatives to make buildings more energy-efficient. This factor is expected to fuel demand for energy-efficient elevators around the world.