DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Elevators and Escalators Market by Type, Service, Elevator Technology, & End-use Sector - Global Forecast to 2021" report to their offering.
The elevators & escalators market size will grow from USD 88.78 billion in 2015 to USD 125.22 billion by 2021, at a CAGR of 6.01%. The demand for the market is supported by the increasing demand in Asia Pacific and wide application in diverse end-use industries.
The machine room-less (MRL) technology is projected to be the fastest-growing segment in the next five years. The machine room-less elevator technology is a relatively new technology and is the result of technological advancements. This technology has resulted in a significant reduction in the size of the electric motors that is used with traction equipment.
This design is being adopted by buildings across the world and is becoming the standard product. There are several benefits attached to the machine room-less elevators; they save a significant amount of energy (estimated at 70-80%) as compared to hydraulic elevators and eliminate the cost and environmental concerns that are usually associated with a buried hydraulic cylinder filled with hydraulic oil.
The Asia-Pacific market is projected to be the fastest-growing market during the forecast period. It is also projected to have the largest market share due to the increasing commercial and residential spaces in the region. The markets of China and India are projected to be lucrative due to their rising middle-class population and varied application of the elevators, escalators, and moving walkways in several end-use industries.
- Rapid Urbanization
- Improvements in Construction Industry
- Changing Demographic Trends
- Uncertainty and Risk Around Global Economy
- High Maintenance Costs
- Adoption of Green Building Codes and Energy-Efficient Products
- Development of Innovative Technologies and Rising Demand for Smart Elevators
- Compliance With Standards and Regulations
- Electra Ltd.
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Kone Corporation
- Mitsubishi Electric Corporation
- Schindler Holding Ltd.
- Thyssenkrupp AG
- Toshiba Corporation
- United Technologies
For more information about this report visit http://www.researchandmarkets.com/research/jxrmfl/elevators_and