Rockville , Aug. 01, 2023 (GLOBE NEWSWIRE) -- The market revenues for construction elevators was held at US$ 684.8 Million in 2022 and are anticipated to grow at a CAGR of 4.7% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 1.1 Billion. 2000 Kg to 4000 Kg capacity of construction elevators dominates the Construction Elevators market with a projected CAGR of 4.1% from 2023 to 2033.
The construction industry plays a vital role in global economic development, infrastructure growth, and urbanization. As countries worldwide strive to modernize their infrastructure and meet the demands of a growing population, there has been a notable increase in spending on construction equipment. For instance, the global construction equipment market is estimated to be US$ 157 Billion in 2023, which grew from US$ 148 Billion in the previous year.
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The growth in the global construction equipment market value is expected to pave the way for the construction elevator market. As these elevators play a crucial role in providing vertical transportation for workers and materials on construction sites, especially in high-rise buildings and large-scale infrastructure projects.
The construction industry is witnessing a shift towards rental services as a cost-effective and flexible solution for accessing construction equipment. For instance, the construction equipment rental services market was held at US$ 118 Billion in 2021 and is estimated to be over US$ 147 Billion in 2023. This is significantly influencing the collaboration of construction elevator manufacturers with rental service companies to expand their geographical presence. This also influences the sales of construction elevators by rental service companies to provide these elevators for temporary use in the construction project.
Renting construction elevators provides a cost-effective alternative for construction firms, especially those with limited budgets or short-term projects which ultimately increases its adoption from small construction firms.
The construction industry is becoming more environmentally conscious with a focus on reducing carbon emissions, conserving energy, and minimizing waste. Sustainable construction practices prioritize energy efficiency to reduce energy consumption and carbon emissions. Construction elevators equipped with energy-efficient motors, regenerative drives, and intelligent control systems help minimize energy consumption during vertical transportation.
Manufacturers are developing construction elevators with eco-friendly components and finishes, contributing to the adoption of sustainable construction practices. For instance, manufacturing companies like Alimak have a range of construction elevators with lower energy consumption. As the construction industry continues to prioritize sustainability, the market for construction elevators that support sustainable practices is expected to grow, offering environmentally friendly and efficient vertical transportation solutions for construction projects.
Country-Wise Analysis
Market research on construction lifts in the United States:
The market in the US is anticipated to increase by US$ 83.4 million in absolute terms, reaching a value of US$ 274 million. From 2018 to 2022, the market in the United States experienced a negative CAGR of -2.9%, and from 2023 to 2033, it is anticipated to increase at a CAGR of 3.4%.
Competitive Analysis:
Key players in the construction elevators market are:-
- Alimak Group AB,
- Brand Safway,
- PEGA HOIST,
- STROS,
- Spartan Engineering Industries,
- Gaoli Engineering Machinery,
- XL Industries,
- Electroelsa Srl and GEDA GmbH.
Some of the recent developments in the Construction Elevators market are:
- In August 2022, Alimak Group completed the acquisition of crane and hoist service provider Tall Crane Equipment LTD. The purchase price of the company was announced to be 27 million Canadian dollars on a cash and debt-free basis. The acquisition aimed to expand Alimak’s regional presence in the crane and hoist business.
- In July 2023, VINCI Construction and XL Industries continued their collaboration for the SEINE building with the implementation of a second LL 2500 formwork lift by XL Industries. The tool was assembled in one day to assist the construction activities efficiently.
- In June 2022, a US manufacturer of hoists announced the launch of its new line of material hoist and transport platform MC 1600 VFD. This new version is the only version with two interchangeable basket options and runs on MC 1600 VFD.
- In March 2023, German construction hoists manufacturer GEDA GmbH and French crane company Uperio continued their long-standing collaboration from 2018 with Uperio adding the GEDA’s transport platform to its range.
Segmentation of the Construction Elevators Market:
- By Material Type :
- Up to 2000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 2000 Kg to 4000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 4000 Kg and above
- up to 150 m
- 150 to 250 m
- more than 250 m
- Up to 2000 Kg
- By Buyer Type :
- Construction Companies
- Rental Services
- By Elevator Life Stage :
- New Elevators
- Used Elevators
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Middle East & Africa
- Oceania
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Construction Elevators Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the Construction Elevators market by Capacity (Up to 2000 Kg, 2000 Kg to 4000 Kg, and 4000 Kg and above), by Buyer Type (Construction Companies and Rental Services), by Elevator Life Stage (New Elevators and Used Elevators) and by Region (North America, Latin America, Europe, East Asia, South Asia and ASEAN, Middle East and Africa, and Oceania) - 2023 to 2033.
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