LONDON--(BUSINESS WIRE)--The new hydraulic elevators market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the hydraulic elevators market.
"One of the primary growth drivers for this market is the Lower Maintenance Costs and Higher Safety,” says a senior analyst for the Industrials industry at Technavio.
Hydraulic elevators are highly preferred for residential operations because of their lower maintenance costs. These elevators are safer than traction elevators, where the car is always suspended in the air. Moreover, the entire load of the elevator is sustained by the hoist mounted on the machine room. As the hoist in the machine room is fastened to the building structure, the load is shared by the building pillars. Rescue operations can also be easily conducted in hydraulic elevators. Such advantages will influence the hydraulic elevators market growth during the forecast period.
As the markets recover Technavio expects the hydraulic elevators market size to grow by USD 586.46 million during the period 2020-2024.
Hydraulic Elevators Market Segment Highlights for 2020
- The hydraulic elevators market is expected to post a year-over-year growth rate of 1.34%.
- Hole-less hydraulic elevators are used in applications wherein drilling a hole for cylinders is not feasible.
- These elevators are less-rigid as they are installed above the ground. Mitsubishi Electric and Schumacher Elevator Co. are some of the major companies that are offering hole-less hydraulic elevators.
- Market growth in this segment will be faster than the growth of the market in the holed hydraulic elevators and roped hydraulic elevators segments.
- 42% of the growth will originate from the APAC region.
- The rapid urbanization and the expansion of suburban areas, which contribute to the increasing construction of low-and mid-rise buildings in the region, will significantly influence the growth of hydraulic elevators market size.
- China and India are the key markets for hydraulic elevators in APAC. Market growth in this region will be slower than the growth of the market in North America.
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- The hydraulic elevators market size is expected to accelerate at a CAGR of over 1% during the forecast period.
- The hydraulic elevators market is segmented by Type (Hole-less hydraulic elevators, Holed hydraulic elevators, and Roped hydraulic elevators) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is concentrated due to the presence of few established vendors holding significant market share.
- The research report offers information on several market vendors, including Bucher Industries AG, CIRCOR International Inc., Delta Elevator Co. Ltd., GAL Manufacturing Company LLC, KLEEMANN HELLAS SA, Mitsubishi Electric Corp., Schindler Holding Ltd., Schumacher Elevator Co., thyssenkrupp AG, and United Technologies Corp.
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