According to a newmarket report published by Industry Probe (www.industryprobe.com) titled ‘Service Elevator Market (Deck Type –Single Deck and Double Deck; Destination Control – Smart andConventional; Building Height – Low Rise, Mid Rise, High Rise; End-use –Residential, Commercial, Mix Block; Speed – Less than 1m/s, Between 1 to 3 m/s,Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10m/s; Application – Passengers,Freight) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’, the Service Elevator Market was valued at US$ 55.07 Bn in 2018 and isexpected to expand at a CAGR of 10.7% from 2019 to 2027.
Service Elevator Market include leading Keyplayers like Otis Elevator Company, Electra Elevators, KONE Oyj ,Mitsubishi Electric Corporation,Fujitec Co., Ltd., Thyssenkrupp AG, Hitachi, Ltd., Toshiba Corporation, Hyundai Elevator Co., Ltd. , Schindler and More
Read Full Report @ https://www.industryprobe.com/report-desc-overview.php?id=MjIz&name=Elevator-Market
As per the report, skyscraperswith height of more than 300 m need to be installed with elevators with higherspeed range of more than 10 m/s for efficient movement of people in thebuilding. Buildings such as BurjKhalifa, Shanghai Tower, and One World Trade Center are equipped with thesehigh speed elevators. Commercial segment with buildingheight of more than 100-150m are installed with elevators with speed of 1 m/sand between 1-3 m/s. Residential buildings of height of more than 200m infuture would prefer to install elevators with speed of more than 5 m/s due toneed for high speed elevators in high rise buildings. The elevator speedsegment of more than 5 m/s is expected to hold a share of 15% in terms ofvolume, says Industry Probe analyst.
The Service Elevator Marketreport anticipates that the rise in aging population is contributing toincreasing demand for accessible housing and infrastructure. Also governmenthelp in affordable housing for residential and commercial projects have led torapid development of infrastructure. This contributes to demand for elevators. Demandfor residential properties has surged due to increased urbanization and risinghousehold income. The cities in ASEAN are continually focusing on improvingurban planning and building capabilities in resource rich regions and majorcities with good communication and transportation systems to attract domesticand foreign direct investment, which in turn is driving urban growth in thisregion. However, the rising cost of steel and the shortage of many of the alloysthat go into products such as stainless steel are affecting not only the cost ofmanufacturing the products, but also forcing manufacturing companies to seekalternate materials, thus impacting the production and supply of high riseelevators.
In terms of speed, adoption of elevatorswith speed between 1-3 m/s is the highest and is expected to grow at a goodgrowth rate in the coming years. Residential segment with building height ofless than 100-150m install elevators with speed less than 1 m/s, and between1-3 m/s. Investments in healthcare, manufacturing, educational facilities,hospitality, and housing projects continue to drive the growth of this segmentin the world. Increase in demand for elevators with speed of 4-6 m/s is heavilydependent on investment in commercial construction.
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