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Global Elevators and Escalators Market Report 2022: Smart Elevators & Escalators Come to the Fore Offering New Level of Performance - ResearchAndMarkets.com

The "Elevators and Escalators - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Elevators and Escalators Market to Reach $77.2 Billion by 2026

Rapid urbanization in developing regions, particularly in countries such as India, Nigeria, and Indonesia, is projected to add a steep increase in demand for elevators. The elevators and escalators market is witnessing an increasing trend among manufacturers towards sustainability, and environmental preservation in sync with the rising demand for systems that are more eco-friendly, and produce less noise and harmful emissions. Manufacturers are also incorporating advanced technologies, mechanisms and solutions for enhancing productivity and maximizing safety.

Advanced technological equipment that includes replacement of older generation inefficient DC drives with more energy efficient drive systems producing lower heat as well as delivering higher energy efficiency; incorporation of new materials such as polyamide, synthetic Aramid ropes to reduce weight of cars as well as the rope system in order to reduce the energy required to hoist it; replacement of older generation lighting systems with latest high efficiency lighting with significantly lower energy footprint; incorporation of auto-cutoff functionality to cut down on energy during idle phase; launch of new elevator designs such as MRL elevators that offer significant savings with respect to energy; and replacement of inefficient conventional mechanical relays with microprocessor based technologies are anticipated to bring paradigm shift in the market in near future.

Amid the COVID-19 crisis, the global market for Elevators and Escalators, estimated at US$66 Billion in the year 2022, is projected to reach a revised size of US$77.2 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Elevators, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$72.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Escalators segment is readjusted to a revised 2.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $7 Billion in 2022, While China is Forecast to Reach $19.5 Billion by 2026

The Elevators and Escalators market in the U.S. is estimated at US$7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$19.5 Billion by the year 2026 trailing a CAGR of 3.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.6% respectively over the analysis period.

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For more information about this report visit https://www.researchandmarkets.com/r/f5j6yu

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