Dublin, May 12, 2022 (GLOBE NEWSWIRE) -- The "Escalators Market by Type, Industry Vertical and Solution: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global escalator market size was valued at $ 11,782.4 million in 2020 and is projected to reach $ 19,116.6 million by 2030, registering a CAGR of 4.5% from 2020 to 2030.
The increase in purchasing power of people in developing countries fuels the development of malls and other large retail outlets. Thus, positively influencing the escalators market, as they reduce overcrowding by enabling continuous movement. However, the requirement for frequent maintenance and high energy consumption are factors that constraint the growth of the market. Furthermore, government initiatives to boost public transport projects, such as metro rails and airports, significantly increase the demand for escalators.
The rise in global population and rapid urbanization has significantly increased the demand for commercial buildings such as IT parks and shopping malls. This has propelled the demand for escalators, as they enable continuous vertical movement of people. Furthermore, the rapid increase in population density in urban areas fuels the development of public transport systems, such as metros. The construction of new airports has also witnessed an increase in the past few years. These factors further drive escalators' market growth.
By type the market is segmented into parallel, multi-parallel, walkway, crisscross and spiral. Among these, the parallel segment accounted for the highest market share in 2020 and it is expected to witness significant growth during the forecast period, owing to an increase in demand from commercial buildings. The market is analyzed with respect to different applications in industrial verticals, such as commercial, public transit, institutional sector, and residential. The market is mainly driven by rise in demand for commercial space and increasing investments in public transport projects, such as metro rails and airports. However, factors such as the requirement for frequent maintenance and the high energy consumption of escalators have the potential to limit the growth of the market.
In 2020, Asia-Pacific dominated the global escalators, in terms of revenue, accounting for around half the share of the escalators industry, followed by Europe and North America. Moreover, the market in Asia-Pacific region is growing with high CAGR, owing to rise in commercial real estate projects and metro rail projects across the globe.
Furthermore, on the basis of industry vertical, the others segment is anticipated to grow rapidly, with a CAGR of 6.3% during the forecast period, owing to rapid development of metro rails in emerging economies.
For instance, according to India Brand Equity Foundation, India's metro rail network is expanding rapidly. As of November 2010, India has 637.2 km of metro rail in 13 cities and more than two dozen metro projects are in the planning phase. Furthermore, the 1st phase of Pune Metro Rail would cover 31.25 km and consist of 30 stations is built with a cost of US$ 1.67 billion and is expected to become operational in 2022. In addition, the modernization of existing railway stations in India has also positively influenced the escalators market.
However, during the COVID-19 pandemic lockdown, various manufacturers in the escalators had to stop their business in countries, such as China, the U.S., and India. This break directly impacted sales of escalators manufacturing companies. In addition, the initial lockdowns significantly reduced construction activities in many developing countries, which negatively influenced the growth of the market. However, the resumption of construction activities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of escalators companies.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging escalators market trends and dynamics
- Depending on type, the parallel dominated the escalators market forecast, in terms of revenue in 2020 and it is projected to grow at a significant CAGR during the forecast period
- By industry vertical, the commercial segment registered highest revenue in 2020
- Asia-Pacific is projected to register highest growth rate in the coming years
- The key players within the escalators market share are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the escalators industry
- The report provides an extensive analysis of the current trends and emerging opportunities of the market
Market Dynamics
Drivers
- Development in Real Estate Sector
- Rising Need for Efficient and Rapid Transit System
- Rapid Urbanization
Restraints
- Safety Issues Due to Poorly Maintained Equipment
- Lack of Skilled Workforce
- Stringent Government Regulations
Opportunities
- Emergence of Green Escalators
- Technological Advancements
Companies Mentioned
- Fujitec Co. Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- KONE Corporation
- Mitsubishi Electric Corporation
- Omega Elevators
- OTIS Worldwide Corporation
- Schindler
- TK Elevator
- Toshiba Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/gwadwi
