Elevator & Escalator Market to expand at a CAGR of 7% | 2023-2031; as COVID-19 Pandemic Continues to Expand Quickly

People Flow Solutions for Elevators Increase Footfall in Public Places amid Coronavirus

Innovative measures, such as contact-free operation of lifts via smartphone apps and elevator air purifiers are helping companies in the elevator & escalator market emerge strong during the coronavirus outbreak. Lift majors Kone and Johnson are rolling out safety measures such as remote calling of elevators using WhatsApp to prevent the spread of the COVID-19 virus.

The restricted movement of people in public places has slowed down sales and repair business of elevators. Hence, companies in the elevator & escalator market are introducing people flow solutions that are being used at metro stations and in residential buildings. These solutions include elevator remote calling feature using WhatsApp, which omits the need to touch contaminated buttons and displays.

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Pros, Cons of Hydraulic Elevators and Its Significance in China

High security, extraordinary shaft utilization, and low civil engineering requirements are some of the advantages of hydraulic elevators. However, in several cases, motor noise, hydraulic oil leak, and high installation costs are hampering the sales of hydraulic elevators. As such, the prevention of over-speeding and loss of control are contributing to the popularity of hydraulic elevators. These elevators do not require a machine room and the foundation pit can also be very shallow.

Low requirements of civil construction for hydraulic elevators are grabbing the attention of users in China. However, these elevators are not preferred in high-rise buildings in China, owing to high population density. As such, it is necessary to have high skills and experience in installation workers to establish hydraulic elevators.

Traction Elevators versus Pneumatic Elevators: Which is Better?

New trends in elevators and escalators, such as smart lifts, traction elevators, and pneumatic elevators are creating value grab opportunities for manufacturers. Traction lifts are found to travel faster than hydraulic lifts, and can be used in both high-rise and mid-rise buildings. Hence, companies in the elevator & escalator market are pushing the sales of traction elevators in high-rise buildings of China, owing to high population density.

Pneumatic elevators, on the other hand, are being highly publicized, since they use vacuum and a valve to move the elevator car upward and air to move it. Manufacturers in the elevator & escalator market are targeting pneumatic lifts for places where there is a limited passenger footfall. These lifts are being designed in wheel-chair accessible mode.

Moving Walkway Solutions Gain Prominence at New Airport Projects, Shopping Malls

The elevator & escalator market is slated to clock a favorable CAGR of 7% during the forecast period, as companies are shifting their manufacturing capabilities to moving walkway solutions. Hitachi’s moving walkways are acquiring popularity as futuristic technology to move a large number of people with least waiting time. Stakeholders are taking cues from such companies to increase the availability of horizontal and inclined moving walkways that offer flexibility to clients for using them in different environments.

Emergence of new airport projects, launch of shopping malls in tier 1 & tier 2 cities, and renovations of railway stations are fueling the demand for moving walkway solutions. Such trends are translating into revenue opportunities for companies in the elevator & escalator market.

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Next Gen Mobility Solutions Offering Time, Energy Efficiencies in Urban India

The elevator & escalator market is projected to surpass the revenue of US$ 66.3 Bn by 2031Automatic door solutions and human insight-driven designs are being preferred by users. Companies such as thyssenkrupp are gaining prominence in India for the next gen solutions namely MULTI, ropeless elevators, and their cloud-based predictive maintenance service.

Companies in the elevator & escalator market are increasing efforts to develop state-of-the-art systems that offer time and energy efficiencies. These modern solutions are being preferred for the urbanization and transformation of smart cities in India. Companies are broadening their revenue streams in passenger boarding bridges and intelligent gate systems.

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