LONDON--(BUSINESS WIRE)--Technavio’s latest elevators and escalators market in Turkey report highlights three key emerging trends predicted to impact market growth through 2019. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Major international players such as ThyssenKrupp, Otis, Schindler, and Hyundai, dominate the elevators and escalators market in Turkey. Apart from these major international vendors, the key domestic players include Tromp and Edoux. The construction market in the country has been experiencing steady growth since 2013, and as a result, multiple construction projects are underway in the country, especially in the transport and healthcare infrastructure sectors. Technavio researchers predict the elevators and escalators market in Turkey will reach close to USD 972 million in revenue by 2019,” said Soumya Mutsuddi, one of Technavio’s lead industry analysts for construction research.
Technavio’s market research study identifies the following three emerging trends expected to propel the growth of the elevators and escalators market in Turkey:
- Increase in export of elevator and escalator equipment
- Increase in electric elevator installations
- Increased focus on safety in elevators and escalators
Increase in export of elevator and escalator equipment
The elevator and escalator market in Turkey is characterized by the presence of a number of domestic manufacturers. The country is in close proximity to Europe as well as the Middle East. The construction industry in the Middle East, especially UAE and Qatar, is experiencing unprecedented growth in the construction of high-rise buildings, resulting in an increased demand for elevator and escalator equipment.
Similarly, with the growth of the construction industry in Russia and Iraq, especially in the high-rise construction sector, the demand for elevator and escalator equipment in these countries is expected to increase over the next four years. Because of this rising demand, the export of elevator and escalator equipment to Iraq and Russia is also anticipated to increase. As of 2014, Turkey exported more than USD 6.5 million worth of elevator and escalator equipment to Iraq and around USD 5 million worth of elevator and escalator equipment to Russia. Apart from these countries, Turkish manufacturers mainly export elevator and escalator components and equipment to Bulgaria and Iran.
Increase in electric elevator installations
Electric elevators have become a preferred choice among construction companies. Electric elevators dominated the market with a market share of 89% in 2014. The demand for energy-efficient elevators has significantly increased over the past few years. Energy efficiency is achieved when motors installed in electric elevators are used to overcome friction through a lifting action performed by counterweights.
It has become evident to users that energy-efficient elevators are more economical in the long run. Hence, in terms of carriage, electrical lifts can carry much more weights when compared to hydraulic elevators. Most of the energy consumed in these elevators mainly originate from heating, cooling, ventilation, and lighting systems.
In hydraulic elevators, the energy that is used to perform the lifting action goes completely unutilized, as elevators use a pump system that helps lift the cabin. It pushes a cylinder of fluid on a piston while lifting the cab.
Increased focus on safety in elevators and escalators
The elevator and escalator market in Turkey witnessed a number of fatal elevator and escalator accidents during the 2012-2014 period. To overcome risks involved in the installation of faulty equipment, the government of Turkey has therefore increased its focus on safety standards. Inspectors all across the country are actively engaged in rigorous inspection of installed elevator and escalator equipment, especially in public buildings.
Equipment that do not comply with safety standards are given a red label and are sealed by inspectors. In 2014, the inspectors of Erzurum, a city in Eastern Turkey identified more than 1,500 elevators that pose potential safety hazards and sealed them off.
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