LONDON--(BUSINESS WIRE)--Technavio analysts forecast the elevator and escalator market in Australia to grow at a CAGR of around 4% during the forecast period, according to their latest market research report.
The high demand for smart elevators and escalators is one of the major trends being witnessed in the elevator and escalator market in Australia 2018-2022. Smart elevators and escalators use several different sensors to detect and recognize various ongoing activities and take actions according to those activities.
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According to Technavio analysts, one of the key factors contributing to the growth of the elevator and escalator market in Australia is the advent of technologically advanced elevators:
Elevator and escalator market in Australia: Advent of technologically advanced elevators
The growing urbanization and the increased demand for cost-effective elevators in Australia have encouraged vendors to offer advanced products in the market. For instance, a major vendor provides image attentive sensors in its escalators. Apart from this, a rope free elevator system has also been developed by one of the key vendors.
According to a senior analyst at Technavio for research on construction, “KONE, a prominent vendor, provides the Ultrarope technology, which uses light-rope technology through a carbon fiber core and includes a high-friction coating. The Ultrarope technology allows elevators to travel up to one kilometer along with features such as less space consumption, significant cuts in moving mass, and low energy consumption.”
Elevator and escalator market in Australia: Segmentation analysis
The elevator and escalator market in Australia research report provides market segmentation by product including elevators and escalators. It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the elevators segment held the largest market share in 2017, contributing to over 88% of the market. The market share of this segment will decrease by nearly 1% by 2022. However, this product segment will dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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