Selbyville, Delaware, Feb. 16, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the elevator market which estimates the market valuation for elevator will cross US$ 95 billion by 2027. Luxury homeowners emphasizing on enhanced interior designs and aesthetics will propel equipment usage.
The elevator market will exceed at 2.5% throughout the study period. However, the product will face stringent challenges owing to high costs of installation & maintenance, which will slow down the overall industry development. The average lifecycle of residential products can vary between 20 to 25 years, which can undergo annual or semi-annual repair works. However, the rising construction of taller buildings worldwide will boost product installation during the projected timeframe.
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The hydraulic & pneumatic equipments will generate a market revenue of over USD 18 billion at the end of the projected period. These products are suited for small buildings with two to eight stories and are capable of traveling at 200 feet/min. Hydraulic & pneumatic equipment have low initial and repair costs when compared to other products. The energy consumption and leakage of hydraulic fluids are major drawbacks that restrain the usage of these products throughout the study timeframe.
The industrial end-user segment will register steady growth in the global elevator market during the projection timeframe. Elevators are utilized for a variety of industrial units including production plants and warehouses for the transportation of goods. Growth in industrial outputs across major Asia Pacific countries will enhance equipment sales in the study timeframe.
The North America elevator industry is likely to witness 1.8% CAGR during 2021 to 2027. Growing public & private sector investments in the U.S. construction sector will chiefly drive the industry growth across North America. In December 2020, the U.S. reported over USD 1.49 trillion of construction work done, which was 5.7% higher than that of the amount spent in December 2019. The increasing expenditures by private players in real estate along with the rising government focus on renovating old infrastructure will boost the regional share of elevator.
The elevator market comprises key manufacturers including Fujitec, Kone, Mitsubishi Electric, Otis, Schindler, Hitachi, thyssenkrupp AG, Express Lifts Ltd., Escon, Toshiba, Glarie, Hyundai, Shenyang Yuanda Intellectual, Eita, and Orona.
Some major findings of the elevator market report include:
- An increasing number of building units worldwide will pave way for new elevator installation in the market over the projected timeframe.
- MRL elevator to rapidly gain momentum in the sector, which will be subjected to enhancement in skyscrapers construction during the projected period.
- Building & construction will be witnessing decent progress in global market over projected timeframe. Development in the housing sector along with remodeling activities of aging infrastructures will propel segment growth.
- China will dominate the global market size throughout the study period. The presence of a large number of construction companies at the regional-level together with robust construction expenditures will drive the country share.
- Efforts to drive a green vertical transportation system will drive the share of modernizing elevators globally during the study timeframe.
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Chapter 2 Executive Summary
2.1 Elevator industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Product by end-user trends
2.1.3 Industry trends
2.1.4 Regional trends
Chapter 3 Elevator Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2017 – 2027
3.3 Industry ecosystem analysis
3.3.1 Profit margin analysis
3.3.2 Value addition at each stage
3.3.3 Distribution channel analysis
3.3.4 Vendor matrix
3.3.4.1 List of key raw material suppliers
3.3.4.2 List of key manufacturers/suppliers
3.3.4.3 List of key/potential customers
3.3.4.4 List of key service providers
3.4 Raw material analysis
3.5 Innovation & sustainability
3.5.1 Patent analysis
3.5.2 Technology landscape
3.5.3 Production process
3.5.4 Future trends
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Development in the Asia Pacific building & construction industry
3.6.1.2 Elevator maintenance and service market growth in Europe and North America
3.6.1.3 Booming construction activities in the Middle East
3.6.2 Industry pitfalls & challenges
3.6.2.1 High installation and maintenance costs
3.7 Regulatory landscape
3.7.1 China
3.7.2 Europe
3.7.3 U.S.
3.8 Growth potential analysis
3.9 Competitive landscape
3.9.1 Company market share, 2020
3.9.2 Brand analysis
3.9.3 Key stakeholders
3.9.4 Strategic dashboard
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 Regional price trends
3.11.1 Cost structure analysis
3.11.1.1 R&D cost
3.11.1.2 Manufacturing cost
3.11.1.3 Raw metal & equipment cost
3.11.1.4 Distribution cost
3.11.1.5 Operating cost
3.11.1.6 Miscellaneous cost
3.11.2 Price by product
3.11.3 Price by end-user
3.12 PESTEL analysis
3.13 COVID-19 impact on the global elevator industry
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.